We have been advised by our attorneys, Reed Smith, LLP, in Manhattan, that the Court of Appeals of New York has denied our Motion for Leave to Appeal the Appellate Division's decision granting Summary Judgment in favor of the insurance companies and denying Grandview's Motion for Summary Judgment.
The Board of Managers believes this is an unfortunate and inaccurate decision based on the facts of the Case. Grandview relied on its insurance companies, insurance broker, alarm company, and sprinkler company to assure that it was protected from a loss such as the disastrous fire of April 14, 2012. However, in one form or another, all of these entities had failed us.
Unfortunately, the Court did not find that sufficient issues of fact existed to warrant a re-hearing of the motions at the Trial Court level. This is a sad and unfortunate outcome for a difficult and lengthy litigation process on the subject of the insurance monies we believe were rightfully owed to Grandview and its members. In light of the Court's decision, there is no further legal recourse against the insurance companies. As such, no claim will be paid to Grandview.
This year we will not hold the Annual Meeting in August, instead, mailing will go out in November- December time frame. Any future updates will be shared on the website, stay tuned.