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August 23, 2022, US Bankruptcy Court for New Jersey – BAK Advisors, LLC, as Liquidation Trustee of the Hollister Construction Liquidating Trust, sues Accordia Harrison Urban Renewal, LLC (“Defendant”) seeking construction lien over Accordia’s property situated at 700 Frank E. Rogers Boulevard, Harrison, New Jersey until $1,170,000.00 allegedly owed plus $500 per diem from July 14, 2022, is paid in full, together with interest and costs of this action.
According to the complaint, Hollister Construction Services, LLC (“Debtor”) was a substantial construction management firm. In 2017, Debtor Hollister and Defendant Accordia allegedly entered into a contract relating to a construction project (“HUB project”) at Accordia’s New Jersey property. Debtor Hollister and various subcontractors provided goods and/or services to the HUB project before the petition date.
Sometime after Debtor Hollister filed for bankruptcy in 2019, Hollister, Accordia and various subcontractors entered into a settlement agreement for payment of certain pre-petition and post- petition amounts due to Hollister and certain subcontractors on the HUB project. Accordia allegedly only made partial payment of the amounts due and dispute arose among the parties regarding the payments which were to be paid pursuant to the terms and conditions of a subsequent amendment to the settlement agreement. A second amendment was made to the agreement under which Accordia was to pay a settlement amount of $1,170,000 and if the settlement amount was not paid within seven days of the amendment, the settlement amount should increase by $500 per day until paid in full. When payment was allegedly not received, the Trustee decided to obtain a construction lien over the HUB project.
The Trustee alleges that Defendant Accordia is in material breach of the HUB project contract due to its alleged non-payments. The Trustee claims that he has filed with the County Clerk of Hudson, a construction lien claim in the amount of $1,170,000.00 plus $500 per diem until paid in full and seeks the court’s approval for entitlement to such claim.
BAK Advisors, LLC v. Accordia Harrison Urban Renewal, LLC (In re Hollister Construction Services, LLC), AP No. 22-01276, US Bankruptcy Court for New Jersey.