Recovery of Client’s Advance to Contractor
Affiliate of Forest City Ratner
Recovered a $700,000 advance made by an affiliate of client Forest City Ratner to an electrical contractor, who later withdrew when the parties could not come to terms on a final contract. Olshan persuaded the Judge that the work could not be substantiated, and the Court awarded a judgment for virtually all of the amount advanced. The award provides protection for developers when wayward subcontractors do not return funds that are advanced.