Judge denies Port Authority of Guam's attempts to dismiss $14M award to YTK
Guam – The Port Authority of Guam is appealing a decision by Judge Anita Sukola that was issued Tuesday involving the dispute over a failed lease agreement with YTK Corporation. It’s the second time Port Authority sought the judge’s intervention on an arbitration panel’s award of $14 million to YTK.
Back in 2001, YTK and Port entered into a 45-year lease for YTK to build a fisheries facility at hotel wharf, but the contract was disputed after it was determined that any lease over 5 years must have legislative approval.
YTK sued and the case was dragged through both the lower and higher courts. Eventually, an arbitration panel decided on the matter and awarded YTK $14 million which is double the amount its new owners sought for a settlement of $7 million.
Judge Sukola first denied the port’s attempts to vacate the arbitration decision back in December but they sought a reconsideration of her decision. Yesterday, she denied the Port’s motion for reconsideration.
Read more: http://pacificnewscenter.com/judge-denies-port-s-attempts-to-dismiss-14m-award-to-ytk/