Courtesy of Benzinga.
NorthStar Realty Finance Corp. (NYSE: NRF) announced today that the Court of Appeal of the State of California issued a unanimous decision in NorthStar’s favor overturning a judgment against a subsidiary of NorthStar in an amount in excess of $50 million, inclusive of costs.
Albert Tylis, Co-President and Chief Operating Officer commented, “As a result of this decision, we will reverse the $20 million reserve that was previously recorded, receive $26 million of previously restricted cash that we posted as collateral in connection with the appeal and obtain reimbursement of certain costs. We are extremely pleased to announce a win in this case and we look forward to investing this additional cash into the new and exciting opportunities that we are seeing.”
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