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Camden, NJ
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Camden
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April 04, 2015
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Sale of Campbell's Field in Camden to Settle Longstanding Lawsuit

"Officials on Friday released additional details of the Camden County Improvement Authority's pending $3.5 million purchase of Campbell's Field, including the fact that all of that amount will go toward Santander Bank, reportedly putting to rest years of litigation over unpaid loans," as reported by Jason Laday of South Jersey Times.

"According to Rutgers-Camden spokesman Michael Sepanic, while Rutgers University is the titleholder of the 6,700-seat waterfront ballpark, the school will not receive any of the sale's proceeds. The spokesman added that the Rutgers-Camden Scarlet Raptors athletic program will continue its agreement with the Camden Riversharks -- a professional minor-league baseball team, and the park's primary tenant since its opening in 2001 -- to use the field after the sale."

"Rather than go to Rutgers, the $3.5 million will be paid to Santander Bank, a "senior lender" in the Campbell's Field project, to help settle longstanding litigation."

"The bank in 2013 filed a lawsuit seeking more than $4 million from Cooper's Ferry Development Association Baseball Properties, a subsidiary of Cooper's Ferry Partnership, and the Rivershark's ownership group, Camden Baseball, charging that they have fallen far behind on their loan payments."

See link to full article below.
Source:
NJ.com Article
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