The Court: the sale in via Solferino is valid but possible damages in favor of Rcs


The arbitration between RCS and Blackstone continues. The dispute relating to the transaction which in 2013 led to the sale and contextual lease of the real estate complex in via Solferino, in Milan, arrived in the arbitration chamber and the court pronounced a partial and non-definitive award, and a contextual preliminary investigation order, announces the editorial group that also publishes the Corriere della Sera. The arbitral tribunal affirmed its competence to decide on RCS claims (including compensation claims), rejecting all the related preliminary and preliminary objections raised by the buyer; has excluded the invalidity of the contracts with which the transaction was concluded; he noted that the buyer’s behavior could give rise to compensation for the damage in favor of Rcs, and to this end he ordered two technical consultations. The opinions will have 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. The decision of the arbitral tribunal confirms that the arbitration in Italy is the competent venue to decide the dispute between the parties, and this unlike what was claimed by the buyer and the Blackstone funds, also in the case filed at the Supreme Court of the State of New York. Today’s decision shows that the action instituted by RCS, far from being even an extortion act (as, recklessly, repeatedly qualified by the counterparts), worthy of further investigation, and could lead to compensation for the damage in favor of the company .

The decision of the arbitration panel consistent with what the company had from the outset proposed to the buyer, out of court, before the establishment of the arbitration, underlines RCS in a note recalling when he had, in good faith, asked the buyer to start a proper dialogue aimed at restoring the balance in practice of contracts. The award, also notes RCS, follows the provision of 24 April 2019, also favorable to RCS, with which the Supreme Court of the State of New York had suspended the proceedings, which the buyer and the Blackstone funds had initiated pending outcome of the arbitration in Italy. This award strengthens the company’s position even before the Supreme Court of the State of New York, and shows that the opposing questions are without foundation and RCS serenely awaits the outcome of the preliminary investigation and judgment, respectful of the activity of the Arbitral Tribunal and confident that, in the affair concerning the property, it will be ascertained that the only damaged party was the company, in whose exclusive interest the Board of Directors has dutifully acted and will continue to act at each location.

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