June 26, 2022

Wire Service Canada

Complete Canadian News World

Blackstone case: in Milan RCS appeal against arbitration award dismissed

The Milan Court of Appeal rejected the appeal by RCS against the Milan Arbitration Chamber’s judgment

There is news regarding the RCS-Blackstone case, the well-known legal issue relating to the sale of real estate located in Milan between Via San Marco and Via Solferino (in which Corriere della Sera is headquartered) which the publishing group sold in 2016 only to the US Trust to be leased back . The news today is that the Court of Appeal in the Lombardy capital has completely rejected the appeal lodged by RCS against the Milan arbitration chamber ruling. In May 2016, the Milan Award stated that RCS had sold the property for administrative reasons rather than out of necessity due to financial problems, and therefore there was no crime of usury on which RCS relied to seek compensation.

the story – The publishing group to which Urbano Cairo belongs gave seven reasons to show that the group’s economic hardships influenced the decision to sell real estate to Blackstone at prices well below its market value (In this connection, the arguments of Cairo and its lawyers are summarized). On the other hand, lawyers for the US fund emphasized the smooth running of the process. The game can now continue in America in the New York Supreme Court, which Blackstone has taken to claiming $600 million in damages from RCS for interfering with the subsequent sale of the property to Allianz.