Spinosa must pay $202 million in Perkins Rowe dispute
Baton Rouge developer Tommy Spinosa and three of his companies were told by a federal judge to pay $202 million to the Ohio bank that loaned him $170 million for the Perkins Rowe mixed-use center.
U.S. District Judge James J. Brady also ruled that Spinosa must pay Cleveland-based KeyBank National Association an additional $32,510 in interest for each day the debt has remained unpaid since Aug. 15.
The Advocate reported that Mark R. Beebe, a New Orleans attorney who serves as Spinosa’s lead counsel in the 37-month-old case, said Tuesday the developer and his Perkins Rowe companies will ask the 5th U.S. Circuit Court of Appeals to reverse Brady’s decision.
“The Perkins Rowe defendants disagree with the court’s judgment in several respects,” Beebe told The Advocate. He said the most significant of those disagreements is over a 21-year-old decision by the U.S. Supreme Court that shows the dispute should have been litigated in state district court rather than federal court, the paper noted.
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