The arbitration of Milan has expressed itself in favor of RCS, the Cairo group, in the dispute with the American fund Blackstone: there is the press release of the group
Arbitration was pronounced yesterday, although the final sentence is expected for the end of July. In the RCS-Blackstone contest that sees the American colossus opposed to the group led by Urbano Cairo, there is therefore the first victory of the president of Turin. RCS reported through a statement. “With reference to the dispute relating to the transaction (the” Transaction “) which in 2013 led to the sale and contextual lease of the real estate complex in Via Solferino / Via San Marco / Via Balzan (the” Property “), today the Arbitration Chamber of Milan has communicated to the parties the ruling by the Arbitral Tribunal composed of the Pres. Dr. Renato Rordorf and the co-arbitrators Proff. Vincenzo Roppo and Vincenzo Mariconda, of a Partial and not definitive award, and contextual preliminary investigation order“.
In the text we read. that the Arbitration has affirmed your own competence to decide on RCS applications (including compensation claims), rejecting all the related preliminary and preliminary exceptions raised by the buyer, who excluded the invalidity of the contracts with which the Transaction was concluded and which noted that the behavior of the buyer could give rise to compensation for the damage in favor of RCS, and to this end has arranged two technical consultations to ascertain the conditions in which RCS was in 2013, as well as the market value of the property, taking into account, among other things, all the conditions of the Transaction.
Not only that: as stated in the RCS press release, “the decision of the Arbitral Tribunal confirms that arbitration in Italy is the competent office to decide the dispute between the parties, and this differently from what was claimed by the buyer and the Blackstone funds, also in the lawsuit filed with the Supreme Court of the State of New York. The decision also shows that the action instituted by RCS, far from being even an “extortion act” (as, recklessly, repeatedly qualified by the counterparts), is worthy of further investigation, and could lead to compensation for the damage in favor of the Company“.
It’s still: “The Company recalls that the Award subject of this press release comes following the previous provision of 24 April 2019, also favorable to RCS, with which the Supreme Court of the State of New York had suspended (” stay “) the proceeding – established there by the buyer and by the Blackstone funds – pending the outcome of the arbitration in Italy. This award strengthens the Company’s position also before the Supreme Court of the State of New York, and shows that the opposing questions proposed there are without foundation “.