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STATEWIDE REALTY v. FIDELITY MGT.

259 N.J. Super. 59 (1992)

611 A.2d 158

STATEWIDE REALTY COMPANY, A NEW JERSEY GENERAL PARTNERSHIP, JACK POMERANC, FRANK BLAICHMAN, JACOB BURSTYN, MONROE MARKOVITZ AND JESSE S. WEISSBERG, PLAINTIFFS, v. FIDELITY MANAGEMENT AND RESEARCH COMPANY, INC., A MASSACHUSETTS CORPORATION, FOR AND ON BEHALF OF ITSELF AND THE SEVERAL FIDELITY TAX-EXEMPT BOND FUNDS WHICH HOLD THE STATEWIDE BONDS, FIDELITY AGGRESSIVE TAX-FREE, PORTFOLIO, A MASSACHUSETTS BUSINESS TRUST, FIDELITY HIGH-YIELD TAX-FREE PORTFOLIO, A MASSACHUSETTS BUSINESS TRUST, NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY, A PUBLIC BODY CORPORATE AND POLITIC CONSTITUTING AN INSTRUMENTALITY OF THE STATE OF NEW JERSEY AND UNITED JERSEY BANK, A BANKING INSTITUTION OF NEW JERSEY, DEFENDANTS.

Superior Court of New Jersey, Law Division Union County.

May 11, 1992.

Attorney(s) appearing for the Case

Michael R. Griffinger and John T. Wolak, for Plaintiffs STATEWIDE REALTY COMPANY, a New Jersey General Partnership, JACK POMERANC, FRANK BLAICHMAN, JACOB BURSTYN, MONROE MARKOVITZ and JESSE S. WEISSBERG (Crummy, Del Deo, Dolan, Griffinger & Vecchione attorneys).

Bruce F. Metge and Kevin M. McGinty (Mintz, Levin, Cohn, Ferris, Glovsky & Popeo attorneys) and Joanne G. Eyler (Budd Larner Gross Rosenbaum Greenberg and Sade attorneys) for Defendants Fidelity Aggressive Tax-Free Portfolio and Fidelity High-Yield Tax-Free Portfolio.

ALLEY, J.S.C.

A. Findings of Fact

This case arises from the development and financing of the Vista Hotel near Newark International Airport. The hotel, which is operated by Hilton International under a management agreement, was constructed in the late 1980's after permanent financing had been arranged through an issue of $31,000,000 in unrated bonds of the New Jersey Economic Development Authority ("NJEDA...

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