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Mall safe moving forward despite lawsuP.,
By DAVID PERSONS
The Coloradoan
The nearly vacant University Mall.
scheduled to be razed in favor of a `bi„
box" power center, will be sold Wednes-
day to an Englewood -based developmen.
company for $525 million despite a
pending lawsuit.
Gary S. Cohen, attorney for John and
Marilvn Stoddard, owners of the 33-year-
old mall, said the lawsuit filed by K&F
Development Co. will not hinder the sal,:
to DPC Development Co.
The purchase will proceed, Cohen said,
because K&F's recent effort to legally
block the sale was denied by District.
Judge John -David Sullivan.
Education
Alternative
school
options
explored
By JILL SAITO
The Coloradoan
Relocating the Core Knowledge
"There's nothing now to stop the sale
to DPC," Cohen said.
John Stoddard underwent emergency
quadruple heart bypass surgery Dec. 20
and is still recovering and unavailable for
comment. Marilyn Stoddard, on the ad-
vice of her attorneys, refused to comment
on the sale or the pending litigation.
The suit by K&F Development Co. was
filed Nov. 13 following five months of sale
negotiations between the Stoddards, HB
Investments LLC and its equity partner,
K&F Development Co. The negotiations
abruptly fell apart in early November, ac-
cording to court documents.
The court file details a tangled series of
negotiations, including modifications of
Business
the original agreement, missed deadlines
and title problems.
According to the K&F suit, the Stod-
dards provided K&F with acceptable title
documents on Nov. 1. Each side was to
finalize the agreement Nov. 5 and sign it
Nov. 6.
But K&F alleges that John Stoddard
informed it Nov. 6 that he decided to sell
the mall to someone else who agreed to
pay more than the $5 million purchase
price they had established. The Stod-
dards allegedly told K&F officials they
could still buy the mall if they would pay
a non-refundable $250,000 deposit and
increase the purchase price by more than
$500,000.
The K&F suit says the Stoddards en-
tered into a purchase agreement with
DPC Development Co. on Nov. 7.
K&F alleges the Stoddards breached
the July 10 contract by failing to resolve
title defects and by entering into a pur-
chase agreement with DPC without
K&F's written consent.
The Stoddards, in court documents, de-
fended their actions by claiming that HB
Investments, the original negotiating
pasty which signed the July 10 agree-
ment, never assigned in writing its intent
to have K&F take over the negotiations,
and therefore, K&F has no claim in the
dispute.
Andrew J. Petrie and Susan Nelson
Mickus, the Denver -based attorneys for
K&F Development Co., refused to com-
ment.
Andy Loewi, a Denver attorney who is
helping represent DPC Development Co.,
also declined to discuss the case.
In late 1995, mall officials announced
plans to convert the aging indoor mall
into a "big box" power center. Attempts to
locate a buyer/developer for the project
have been ongoing. W
Charge won't stop Olson
from taking oath of office
By SIEVE PORTER
The Coloradoan
An election complaint filed by de-
feated Larimer County Commissioner
Janet Duvall won't prevent the swear-
ing -in of Duvall's successor Tuesday, a
spokesman for the Colorado Depart-
ment of Administrative Hearings said
Wednesday.
Chief Adminis-
trative Judge Edwin
L. Felter Jr. said the
the hearing will be to have all parties
agree on a date for further proceedings
in the matter.
Felter said future hearings on the
matter may be held in Denver or Fort
Collins.
The election complaint was filed joint-
ly by Duvall and Bev Hall, chair of the
Latimer County
.�.•�<,ti1� Democratic Party.
Neither Duvall nor
Hall were available