Business Services Industry
Bank sues ex-operators of empty Detroit Marine Terminal; Port Authority searches for new tenant.(US Bank N.A.)
Crain's Detroit Business, August, 2004 by Strong, Michael
Byline: Michael Strong The Detroit/Wayne County Port Authority is trying to find a company to operate the defunct Detroit Marine Terminal in Detroit, while U.S. Bank N.A. has sued the former operators to collect a $7 million bond debt. U.S. Bank filed suit Aug. 9 in U.S. District Court in Detroit.
The suit asks the court to force Detroit Marine Terminals Inc. and the Detroit Port Development Corp. to pay the remaining $7 million on $9 million in bonds and continue security, insurance and utility service on the property. The lawsuit also seeks a receiver to ensure those tasks are completed. Detroit Marine Terminals closed its doors last September and decided to close permanently last spring when its prospects didn't look any better than last year. John...
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