Judge Rules in Favor of Bank Over Contractor in Boston Condo Suit

Total Page：16

File Type：pdf, Size：1020Kb

Reprinted from the online article featured on July 22nd, 2009 Judge Rules In Favor Of Bank Over Contractor In Boston Condo Suit BY PAUL MCMORROW | BANKER & TRADESMAN STAFF WRITER inchester contrac- closed soon after. It took paid monthly invoices. ment loan] advances will tor AJ Martini Inc. ownership of the project The suit was the most continue to have priority Wis out more than with a $17.5 million bid at significant challenge to over a lien.” $4.6 million after a Suf- auction. the state’s mechanic’s lien Martini sought $5.2 folk County Superior Martini sued TD Ban- law in more than a de- million in the suit, in- Court judge upheld a dis- kNorth, arguing that its cade, and reiterates what cluding $4.6 million for puted state statute, pro- bills should be paid be- many Bay State lenders unpaid work, and more tecting TD BankNorth fore the bank recouped have long assumed - that, than $600,000 in retainage from subordinating its money on its own devel- under normal circum- fees. Lauriat’s ruling only construction loan to Mar- opment loan. The con- stances, they can advance awarded Martini the re- tini on a now foreclosed- tractor said that the bank development loans over tainage fee. upon downtown Boston knew Broadluxe’s devel- mechanic’s liens and re- AJ Martini chairman condo development. oper was skating on dan- tain repayment priority. Paul Martini called the Martini was the con- gerously thin ice, but re- “The decision provides ruling “disappointing,” tractor on the Broadluxe mained silent. certainty to the lending and told Banker & Trades- condominium project at However, Judge Peter community and the de- man his firm is still con- 99-105 Broad St. in Bos- M. Lauriat ruled that, velopment community,” sidering its next step. He ton. Work began on the since the bank hadn’t said TD BankNorth’s at- noted that Lauriat found project in late 2005. loaned the developer any torney, Dennis McKenna, the bank had broken its Martini walked away money after the submit- a senior partner at Riemer contract when it withheld from the 44-unit condo tal of the disputed work & Braunstein. “This was information about the development in January orders, the bank’s prior- a very significant chal- health of the construction 2007, after the project’s ity was shielded by the lenge to how the lending loan, although Lauriat de- developer, Franklin Re- state’s mechanic’s lien community viewed [the clined to award damages alty Advisors, refused to statute. Lauriat also re- mechanic’s lien statute]. for that breach. pay Martini for more than jected an effort by Mar- It provides certainty that Charles Norton Jr., two months of work. TD tini to date its liens to the the statute will work as it president of Franklin Re- BankNorth, the holder of original date of the devel- was intended to work. It alty Advisors, had no com- the project’s $19 million opment contract, rather provides lenders with the ment when reached by construction loan, fore- than the dates of the un- certainty that [develop- Banker & Tradesman. n Reprinted with permission of Banker & Tradesman. This document may constitute advertising under the rules of the Supreme Judicial Court of Massachusetts..

Copy Link

Recommended publications

Application Activity
ANNUAL REPORT FROM THE SUPERINTENDENT OF THE BUREAU OF FINANCIAL INSTITUTIONS TO THE LEGISLATURE PREPARED BY THE STAFF OF THE MAINE BUREAU OF FINANCIAL INSTITUTIONS January 15, 2008 John Elias Baldacci Lloyd P. LaFountain III Governor Acting Commissioner, PFR Superintendent, BFI INTRODUCTION This edition of the “Annual Report from the Superintendent of the Bureau of Financial Institutions to the Legislature” describes the Bureau of Financial Institutions’ (“Bureau”) mission and role as Maine’s primary regulator of state-chartered financial institutions. In addition, this Report summarizes the condition of Maine’s financial institutions and some of the challenges facing the industry as well as its regulators. The Bureau is Maine’s primary regulator of state-chartered financial institutions. The statutory mission of the Bureau is to ensure the strength, stability and efficiency of the financial institutions that it regulates, encourage the development and expansion of financial services, ensure reasonable and orderly competition, protect consumers against unfair practices by institutions that provide consumer credit, provide consumer education, and encourage the development of economically sound credit practices. In 2007, the Bureau provided supervision to 49 state-chartered financial institutions. The financial institutions supervised by the Bureau in 2007 included credit unions, savings and loan associations, commercial banks, savings banks and limited- purpose banks. To ensure the safe and sound operation of these regulated entities and the protection of consumers, the Bureau is charged with enforcing the Maine Banking Code (Title 9-B) and the Maine Consumer Credit Code (Title 9-A). The Bureau’s code enforcement and supervisory efforts utilize a two-pronged approach.
[Show full text]
Case 4:08-Cv-40054-FDS Document 42 Filed 05/20/08 Page 1 of 21
Case 4:08-cv-40054-FDS Document 42 Filed 05/20/08 Page 1 of 21 UNITED STATES DISTRICT COURT DISTRICT OF MASSACHUSETTS _______________________________________ ) COMMERCE BANK & TRUST ) COMPANY, ) ) Plaintiff, ) Civil Action No. ) 08-40054-FDS v. ) ) TD BANKNORTH, INC., TD BANK ) FINANCIAL GROUP, THE TORONTO- ) DOMINION BANK, and COMMERCE ) BANCORP, INC., ) ) Defendants. ) _______________________________________) MEMORANDUM ON PLAINTIFF’S MOTION FOR A PRELIMINARY INJUNCTION SAYLOR, J. This is an action for trademark infringement. Plaintiff Commerce Bank & Trust Company (“Commerce Bank”) is a bank headquartered in Worcester, Massachusetts. In March 2008, defendants Toronto-Dominion Bank, TD Bank Financial Group, and TD Banknorth, Inc., announced plans to merge TD Banknorth with Commerce Bancorp, Inc. (“Commerce Bancorp”). Defendants have announced that they intend to rename the combined entities “TD Commerce Bank.” Commerce Bank has moved for a preliminary injunction against the defendants’ use of the “Commerce Bank” or “TD Commerce Bank” marks. The Court granted Commerce Bank’s motion in a preliminary injunction order dated May 7, 2008. This memorandum sets forth the basis for that decision. Case 4:08-cv-40054-FDS Document 42 Filed 05/20/08 Page 2 of 21 I. Factual Background A. Commerce Bank Commerce Bank is a bank headquartered in Worcester, Massachusetts, with twelve branches located in the central part of the commonwealth.1 It has operated continuously since 1955. It offers a wide variety of banking services to the public, including commercial and consumer loans and mortgages as well as various deposit products and services. It has more than 30,000 current customers; its deposit customers are heavily concentrated in Worcester County, with some number in adjoining Middlesex County.
[Show full text]
BOSTON RAIL CASE STUDY Page 1
Berner International Corp. Boston Rail Station Retrot’s Aesthetic, Green Design Oers IAQ & Energy Savings. BOSTON—Extending the TD Banknorth Garden’s commuter foot trac area 100 feet into the adjacent train shed relieved congestion, however it took innovative HVAC engineering and architecture to make the retrot an energy-saving and aesthetic solution. Previously, thousands of mass transit commuters were funneled into the cramped congested lobby/ walkway area of the Massachusetts Bay Transit Authority’s (MBTA) renowned North Station terminal inside the TD Banknorth Garden, the home of the NHL Boston Bruins and NBA Boston Celtics professional sports Engineering rm, franchises. The successful multi-million dollar expansion, developed and funded Cosentini Assoc. and by Delaware North Companies, Inc., the owner the TD Banknorth Garden, now greets commuters with a very energy-ecient indoor environment thanks to air architect, Sasaki Assoc. use curtains, proper building pressurization, and an innovative, but aesthetic HVAC supply sot system. air curtains and sots built Previously, the MBTA’s narrow 30-foot-wide lobby/walkway area’s trac spilled into the North Station train over into the automatic entry door sensor zones, thus exterior sliding double shed for trac solution at doors remained open continuously during rush hours resulting in signicant energy losses into the open-ended train shed. While the renovation’s main home of Boston Bruins and objective was better trac ow and a roomier waiting area, controlling energy losses through more ecient doorways was also a major concern. Boston Celtics. “We knew going into this project that one of the greatest challenges was saving energy for the client because many doors would be constantly open from continu- ous foot trac,” said Jerey Fleishman, HVAC project engineer, Cosentini Associ- ates, Cambridge, Massachusetts.
[Show full text]
Toronto-Dominion Bank Order Approving the Acquisition of a Bank
FEDERAL RESERVE SYSTEM The Toronto-Dominion Bank Toronto, Canada TD Banknorth Inc. Portland, Maine Order Approving the Acquisition of a Bank Holding Company The Toronto-Dominion Bank ("TD") and its subsidiary, TD Banknorth Inc. ("TD Banknorth") (collectively "Applicants"), both financial holding companies within the meaning of the Bank Holding Company Act ("BHC Act"), have requested the Board's approval under section 3 of the BHC Act [1. Footnote 1. 12 U.S.C. section 1842. End footnote.] to acquire Hudson United Bancorp and its wholly owned subsidiary, Hudson United Bank, both of Mahwah, New Jersey.[2. Footnote 2. Applicants propose to acquire the nonbanking subsidiaries of Hudson United Bank in accordance with section 4(k) of the BHC Act and the post-transaction notice procedures in section 225.87 of Regulation Y. 12 U.S.C. section 1843(k); 12 CFR 225.87. End footnote.] Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (70 Federal Register 56,166 and 57,876 (2005)). The time for filing comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. TD, with total consolidated assets of approximately $310 billion, is the second largest banking organization in Canada. [3. Footnote 3. Canadian asset data are as of October 31, 2005, and rankings are as of July 31, 2005. Both are based on the exchange rate then in effect. Domestic assets are as of September 30, 2005, and deposit data and rankings are as of June 30, 2005.
[Show full text]
TD Banknorth Inc. (Exact Name of Registrant As Specified in Its Charter) Delaware 01−0437984 (State Or Other Jurisdiction (I.R.S
FORM 10−K BANKNORTH GROUP INC/ME − BNK Filed: February 28, 2007 (period: December 31, 2006) Annual report which provides a comprehensive overview of the company for the past year Table of Contents PART I Item 1. BUSINESS 1 Item 1. Business Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 2. Properties Item 3. Legal Proceedings Item 4. Submission of Matters to a Vote of Security Holders PART II. Item 5. Market for Registrant s Common Stock, Related Stockholder Matters and Issuer Purchases of Eq Item 6. Selected Consolidated Financial Data Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations (In th Item 7A. Quantitative and Qualitative Disclosures about Market Risk Item 8. Financial Statements and Supplementary Data Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures Item 9B Other Information PART III Item 10. Directors, Executive Officers and Corporate Governance Item 11 Executive Compensation Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matte Item 13 Certain Relationships and Related Transactions and Director Independence Item 14 Principal Accounting Fees and Services PART IV. Item 15. Exhibits and Financial Statement Schedules SIGNATURES EX−12 (EX−12 CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES) EX−21 (EX−21 SUBSIDIARIES) EX−23.(A) (EX−23.(A) CONSENT OF ERNST YOUNG LLP) EX−23.(B) (EX−23.(B) CONSENT OF KPMG LLP) EX−31.(A) (EX−31.(A) SECTION 302 CERTIFICATION OF C.E.O.) EX−31.(B) (EX−31.(B) SECTION 302 CERTIFICATION OF C.F.O.) EX−32.(A) (EX−32.(A) SECTION 906 CERTIFICATION OF C.E.O.) EX−32.(B) (EX−32.(B) SECTION 906 CERTIFICATION OF C.F.O.) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
[Show full text]
Worcester Foundations and Corporate Giving Programs
Worcester Foundations and Corporate Giving Programs Compiled by the Nonprofit Support Center, a project of Greater Worcester Community Foundation; users should verify the following information before submitting proposals. George I. Alden Trust 370 Main Street, 11 th Floor Patricia A. Fletcher Worcester, MA 01608 Warner S. Fletcher Tel 508-459-8005; Fax 508-791-6454 www.aldentrust.org George F. & Sybil H. Fuller Foundation 370 Main Street, 6 th Floor Trustees: Worcester, MA 01608 Warner S. Fletcher, Chair 508-755-1684 James E. Collins www.gsfullerfoundation.org Douglas Q. Meystre Gail T. Randall Trustees: Mark W. Fuller, Chair Fred Harris Daniels Foundation Janice Fuller www.bankofamerica.com/foundation Joyce I. Fuller Lincoln E. Fuller Trustees: David P. Hallock Fred H. Daniels II, President Diane H. Robbins Meridith D. Wesby, Vice President/Administrator Kelsa L. Zereski Jonathan D. Blake, Treasurer David A. Nicholson, Secretary Albert J. Gifford Charitable Trust Dwight C. Blake 370 Main Street, 11 th Floor Sarah Daignault Worcester, MA 01608 Chris Eaton 508-798-8621 Amy Key James Morse Trustees: Sarah D. Morse Warner S. Fletcher, Chair William O. Pettit, III Douglas Q. Meystre Gifford Brown Ruth H. and Warren A. Ellsworth Foundation 370 Main Street, 11 th Floor Francis A. & Jacquelyn H. Harrington Foundation Worcester, MA 01608 370 Main Street, 11 th Floor 508-798-8621 Worcester, MA 01608 508-798-8621 Trustees: Sumner B. Tilton, Jr. (Contact) Trustees: Joy Wetzel Hall Sumner B. Tilton, Jr. (Contact) Mark R. Wetzel Francis A. Harrington, Jr. Todd H. Wetzel James H. Harrington Phyllis Harrington The Fletcher Foundation 370 Main Street, 11 th Floor Worcester, MA 01608 508-798-8621 Trustees: Allen W.
[Show full text]
News Release 33 Edgemont Drive Presque Isle, ME 04769
Contact: Jason Parent Development and College Relations Office News Release 33 Edgemont Drive Presque Isle, ME 04769 Phone: (207) 768-2808 Fax: (207) 760-1101 July 11, 2008 [email protected] NR08067 Michael H. Kelley recognized with highest honor awarded by TD Bank Financial Group; selects NMCC Foundation as non-profit organization to receive cash award Aroostook County - Michael H. Kelley, vice president of business development and sales manager for TD Banknorth in Presque Isle was recently honored with the highest award given annually within the TD Bank Financial Group. Kelley was one of 74 employees presented with the Vision in Action award. The TD Bank Financial Group is headquartered in Toronto, Canada and has 74,000 employees in offices around the world. “Vision in Action recipients are, quite simply, the best of an outstanding group of employees. This is the highest honor TD Bank Financial Group awards,” said Ed Clark, President and CEO of TD Financial Group. “The award represents the highest level of achievement within the organization and celebrates extraordinary people who are committed to our vision and demonstrate our guiding principles.” To celebrate the achievement, Kelly and other award recipients and their guests were invited to a variety of recognition activities and events at the 2008 annual meeting held recently in Calgary, Alberta. In addition to recognition at the annual meeting, honorees select a non-profit organization to receive a $500 contribution from TD Bank Financial Group. Kelley, a 2000 graduate of the business administration program at Northern Maine Community College, selected the NMCC Foundation as the recipient of the donation.
[Show full text]
TD Banknorth to Expand Its Presence in Northern New Jersey with the Acquisition of Interchange Financial Services Corporation
TD Banknorth to Expand Its Presence in Northern New Jersey with the Acquisition of Interchange Financial Services Corporation Majority Shareholder TD Bank Financial Group Supports Strategic Complement to Recent Hudson United Acquisition Toronto, April 13, 2006: As announced earlier in a joint press release, TD Banknorth Inc. (NYSE: BNK) has entered into a definitive agreement to acquire Interchange Financial Services Corporation (“Interchange”) (NASDAQ: IFCJ), the parent company of Interchange Bank, for US$480.6 million in an all cash transaction. The deal is subject to approval by shareholders of Interchange, as well as customary regulatory approvals. "We are pleased to continue our expansion in the wealthy and dynamic market of northern New Jersey," said William J. Ryan, TD Banknorth Chairman, President and Chief Executive Officer. "This is an excellent complement to our recent acquisition of Hudson United." “This transaction is a perfect fit for TD Banknorth and TD Bank Financial Group is pleased to support another transaction that moves us closer to our shared vision of a U.S. growth franchise,” said Ed Clark, President and Chief Executive Officer of TD Bank Financial Group. On a pro forma basis, the acquisition of Interchange will position TD Banknorth as New Jersey’s 9th largest bank and the 5th largest in Bergen County based on total deposits. What this means for TD Bank Financial Group The cash for the transaction will be financed primarily through TD Banknorth's sale of approximately 13 million shares of TD Banknorth common stock to TD Bank Financial Group (TDBFG), TD Banknorth's majority shareholder, at a price of US$31.17 per share, for a total of approximately US$405 million.
[Show full text]
Hockey East All-Time Tournament Results
HOCKEY EAST ALL-TIME TOURNAMENT RESULTS 1985 1990 UNH 4, Northeastern 4 QUARTERFINALS QUARTERFINALS CHAMPIONSHIP (Boston Garden) (two games, mini-game) (best-of-three series) Boston U. 3, UMass Lowell 2 #5 Lowell def. #4 UNH, 7-6, 4-8, [1-0] #1 BC def. #8 Merrimack, 3-1, 3-6, 8-5 MVP: Dwayne Roloson, UML (Sr., G) #2 Boston U. def. #7 Maine, 7-4, 4-2 #2 Maine def. #7 Lowell, 7-3, 16-0 #3 Providence def. #6 Northeastern, 3-2, 3-0 #3 Boston U. def. #6 Northeastern, 3-4, 5-2, 5-3 1995 SEMIFINALS (Providence Civic Center) #5 UNH def. #4 Providence, 1-5, 2-0, 7-4 PLAY-IN #9 UMass 5, #8 BC 4 Providence 5, Boston U. 2 SEMIFINALS (at campus sites) QUARTERFINALS #1 Boston College 6, Lowell 5 Maine 3, Boston U. 1 (single game elimination) CONSOLATION (Providence Civic Center) Boston College 5, UNH 4 (OT) #1 Maine 7, #9 Massachusetts 4 Boston U. 6, Lowell 4 CHAMPIONSHIP (at Boston College) #2 Boston U. 4, #7 Merrimack 3 CHAMPIONSHIP (Providence Civic Center) Boston College 4, Maine 3 #6 Providence 3, #3 UNH 2 (OT) Providence 2, Boston College 1 (2OT) MVP: Scott LaGrand, BC (Fr., G) #5 UMass Lowell 5, #4 Northeastern 2 MVP: Chris Terreri, Providence (Jr., G) SEMIFINALS (Boston Garden) 1991 Boston U. 4, UMass Lowell 2 1986 QUARTERFINALS Providence 7, Maine 3 QUARTERFINALS (single game elimination) CONSOLATION (Boston Garden) (two games, total goals) #8 Northeastern 6, #1 Boston College 5 Maine 6, UMass Lowell 0 #6 Lowell def.
[Show full text]
Td Banknorth Government Banking
GOVERNMENT BANKING and the use of FEDERAL HOME LOAN BANK LETTERS OF CREDIT to secure public deposits FAQs for Customers This method of protecting deposit balances relies upon the creditworthiness of the Federal Home Loan Bank, a triple A rated credit, to pay to the customer the value of the customer’s deposits up to the value of the LOC if a bank were to be unable to administer or pay against the customer’s accounts and balances. The LOC will protect the customer’s balances either on an individual account basis or on a relationship basis. To assist customers in understanding the use of letters of credit to secure their deposits, the following questions and responses are included, as is a history of the federal home loan bank system taken from its website http://www.fhlbanks.com/ where further details can be found. What is a Federal Home Loan Bank? The Federal Home Loan Banks are government-sponsored enterprises, federally chartered but privately capitalized and independently managed. Each Federal Home Loan Bank is governed by a board of directors made up of industry directors elected by member institutions and public-interest directors appointed by the System's federal regulator, the Federal Housing Finance Board. Each Federal Home Loan Bank is capitalized by the capital-stock investments of its members and its retained earnings. Members purchase stock in proportion to their borrowings from the Federal Home Loan Bank, their holdings of mortgages and mortgage securities, and their assets. The Federal Home Loan Banks meet all their costs from earnings, including the costs of raising funds jointly in the capital markets.
[Show full text]
Bank Notes November 2007
F e d e r a l R e s e r v e B a n k o f B o s t o n B A N K N O T E S • Edited by Anne McElroy • November 2007 Vol. XXXVI, No. 11 TD Bank Financial Group to Acquire Commerce Ledyard Financial Group, Inc. of Hanover, NH, Bancorp acquired Ledyard National Bank of Norwich, VT, on Toronto-Dominion (TD) Bank Financial Group of October 5, 2007. (Internal sources, 10/19/07) Toronto, Canada, and owner of TD Banknorth, announced its on October 2, 2007, announced its plans to Mechanics Cooperative Bank of Taunton, MA, acquire Commerce Bancorp, Inc. of Cherry Hill, NJ. completed its acquisition of Bridgewater Cooperative Bank The $8.5 billion (U.S.D.) cash and stock deal will of Bridgewater, MA, on November 1, 2007. (Internal Sources, 11/02/07) create the seventh largest bank in North America, based on the number of branches. The merged entity will have Mutual Security Credit Union, Inc. of Wilton, CT more than 2,000 branches in North America and completed its acquisition of Technology Groups Federal approximately one-quarter of a trillion dollars in deposits – Credit Union of Watertown, CT on September 1, 2007. marking the first time a bank has had a critical mass in (Internal Sources, 10/05/07) both the United States and Canadian markets. With the merger, anticipated to be finalized in March New Hampshire Thrift Bancshares, Inc. (NHTB) of or April of 2008, TD Bank will expand its market share in Newport, NH, announced on October 1, 2007, that it New York, New Jersey, Connecticut, and Pennsylvania, completed its acquisition of First Community Bank, of while entering the Virginia, Delaware, Washington, D.C., Woodstock, VT.
[Show full text]
SEC Complaint in This Matter
Counsel of Record: Amy J. Greer Mary P. Hansen (MH-9947) Securities and Exchange Commission Philadelphia Regional Office 701 Market Street, Suite 2000 Philadelphia, PA 19106 Telephone: (215) 597-3100 Facsimile: (215) 597-2740 UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Civil Action No. v. 07-cv-2743 JOSEPH GALAMB, Defendant. COMPLAINT Plaintiff Securities and Exchange Commission ("Commission"), 701 Market Street, Philadelphia, Pennsylvania, 19106, alleges as follows against defendant Joseph Galamb, who lives in Marlboro, New Jersey: SUMMARY 1. This matter involves unlawful insider trading in the securities of Hudson United Bancorp ("Hudson United") by defendant Joseph Galamb, a former employee of Hudson United, on the basis of material, nonpublic information concerning a merger announcement involving Hudson United and TD Banknorth, Inc. ("TD Banknorth"). 2. On July 7, 2005, Galamb, then an Assistant Vice President of Hudson United, purchased 1,450 shares of Hudson United stock after learning information that led him to conclude that a public announcement of an acquisition of Hudson United was imminent. The merger agreement was publicly announced on July 12, 2005, and on that day the price of Hudson United stock increased 11 percent. Galamb realized profits of $7,125 from his illegal trading. 3. By knowingly or recklessly engaging in the conduct described in this Complaint, defendant Galamb violated and, unless restrained and enjoined, will continue to violate Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. § 78j(b)] and Rule 10b-5 [17 C.F.R. § 240.10b-5] thereunder.
[Show full text]