Businesspeople and entities looking for new venture opportunities in Ohio frequently need to seek investors or other sources of funding. Regional centers are one type of investment group that aids in this. They are specifically used to secure investment dollars from individuals from outside of the United States. A case in which such money was secured is now the subject of a lawsuit.
In North Canton is located the campus of the former Hoover Company. A developer had intended to renovate this facility and worked with a regional center to amass sufficient funding in order to complete the project. However, now the lending entity is accusing the developer of being in default on the loan to the tune of $36 million. Further, the lender asserts that the bulk of that money is not able to be accounted for. As such, a lawsuit has been filed and a trial date set for the spring of 2018.
In addition to the dispute between the lender and the developer, other parties may be watching the situation closely. These types of investments come with a benefit to the foreign investors. Those individuals are granted special visas allowing them to live in the United States legally. Upon completion of the originally funded project and assuming two years has elapsed with their temporary residency in the U.S., they may be eligible to receive green cards.
Individuals or companies who find themselves facing uncertainties due to investment disputes may want to talk with an attorney. Understanding the potential challenges and opportunities to stay protected is important especially when there are multiple parties involved.
Source: Cleveland.com, “Lender claims misappropriation of funds at Stuart Lichter’s Hoover Co. campus redo in North Canton,” Michelle Jarboe, Jan. 27, 2017