ZIMCOZambia Mining and Industrial Corporation
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In the documents filed today, Zimco asked Judge Shelly Chapman to allow sales to move forward, claiming that a pricing dispute with the building's senior lender at 1055 Park Avenue at 87th Street is holding up potential deals.
"We‘d like the apartment sales to move forward," Kevin Nash, lawyer for Zimco, told The Real Deal.
Zimco argued that prior to the Davis bankruptcy filing in December, it agreed that Prudential Douglas Elliman, who Davis hired as the third listing broker at the property, would be able to sell units at $1,600 per square foot.
But, Zimco lawyers say the current senior lender is refusing to give its consent to the sales.
Zimco's new filing is just the latest in a string of problems at the troubled project.
Davis had argued that Wrightwood prompted the default by cutting off his funding, leading him to borrow the $6 million from Zimco to complete the building.
The NCCM share structure was also reor ganised and the Zambian Government, again through MINDECO and later ZIMCO, acquired a 51% interest, ZCI acquiring the remaining 49%.
The project's launch event featured a panel discussion including Bissat and Raphael alongside leading industrialist and head of Malia Group Jacques Sarraf as well as Zimco Group General Manager Fouad Zmokhol.
City property records show a loan with a value of up to $6 million held by Midtown-based Zimco Holdings.
The way was finally cleared for the final share sale when, on March 31 1995, Finance Minister Ronald Penza announced the winding up of the Zambia Industrial and Mining Corporation (ZIMCO), which had overseen the Government's holdings in, or control over, some 150 companies.
And on 31 of this month, ZIMCO (the Zambia Industrial and Mining Corporation) will be wound up, putting another 7,000 people out of work.