Hinckley & Heisenberg LLP Obtains $8.4 million Arbitration Award for EB-5 Immigrant Investors against Tessler Developments and NCM USA Bronx
NEW YORK, NY, April 17, 2022 Senmer News Wire — The law firm of Hinckley & Heisenberg LLP has obtained a Final Arbitration Award in excess of $8.4 million on behalf of a group of investors against entities owned by Yitzchak Tessler, including NCM USA Bronx LLC, and Tessler Developments LLC. The plaintiffs made a qualifying investment of $6 million in accordance with the U.S. Citizenship and Immigration Services’ EB-5 Program.
On April 11, 2022, an arbitrator appointed by the American Arbitration Association determined that the NCM entities and Tessler Developments LLC were in breach of their contracts, and awarded the return of the investment funds. The arbitrator also determined that Defendants are obligated to pay Plaintiffs interest on the $8.4 million award at a rate of 9% per year until collection. George R. Hinckley, Jr. and Christoph Heisenberg secured relief for the plaintiffs at the arbitration hearings.
For information about the award (AAA Case No. 01-21-0003-8672) please contact Hinckley & Heisenberg LLP.
About the Parties.
Hinckley & Heisenberg LLP is a boutique civil litigation firm located in White Plains, New York. Information about the firm can be found at www.hinckley.org
Tessler Developments LLC is founded and owned by Yitzchak Tessler, who has developed over $2 billion worth of New York real estate, including ultra-luxury condominiums at 172 Madison Ave.
NCM USA, comprising of NCM USA Bronx, LLC, NCM USA Services Bronx, LLC and NCM USA Management, LLC, developed and operates the facility located at 390 Concord Ave, Bronx, NY 10454. NCM manufactures radiopharmaceuticals and distributes them to Positron Emission Tomography (PET) imaging centers throughout the New York Metropolitan Area.
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Source: Hinckley & Heisenberg LLP Obtains $8.4 million Arbitration Award for EB-5 Immigrant Investors against Tessler Developments and NCM USA Bronx
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