Tuesday, June 16, 2009

Destiny's Destiny?

A sketch of proposed Destiny USA

Developing Story

SYRACUSE, N.Y -- Attorneys representing the developer of Destiny USA, Robert Congel, will be in state Supreme Court today.

The developer is taking Citigroup to court because of the bank’s decision to suspend Destiny’s multimillion dollar loan. Congel claims Citigroup is retracting the loan because of the bank’s own financial problems.

Citigroup stopped advancing money, alleging the developer failed to use its own money or obtain additional financing to cover additional costs. So far, Citigroup has loaned the project around $85 million.

NCC News reporter Leigh Paterson is following the story. It will be updated here throughout the day.

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