ISC, SunTrust Sue Each Other Over Solar Generator Deal Gone Bad
SEP 9, 2019 - 6:40 am
SunTrust Equipment Finance & Leasing and International Speedway Corp. (ISC), the parent company of Daytona International Speedway, have filed mutual suits against each other in the fallout of a deal with a third, now-bankrupt company, DC Solar, according to the The Daytona Beach News-Journal.
The News-Journal reported the suits resulted from a deal in which SunTrust purchased solar generators from DC Solar before leasing them back to DC, which, in turn, subleased them to ISC. But, according to SunTrust, the latter two companies failed to inform the equipment lessor of “secret addendums” added to the deal that could cost the company upwards of $46 million.
The News-Journal added that ISC subsequently sued SunTrust over funds it attempted to transfer to a different account with Bank of America, alleging the bank was withholding $7 million in transfers ISC asserts rightfully belongs to them.
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