Home » RCS, the Court of Appeal rejects the appeal on the award in favor of Blackstone for the office in via Solferino

RCS, the Court of Appeal rejects the appeal on the award in favor of Blackstone for the office in via Solferino

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RCS, the Court of Appeal rejects the appeal on the award in favor of Blackstone for the office in via Solferino

MILANO – The Court of Appeal of Milan, with a sentence filed on Wednesday 8 June, “wholly” rejected the “appeal proposed by Rcs MediaGroup spa” in the case between the same group and Kryalos Sgr spa, which had as its object the appeal on the “awards arbitration “on the sale of the real estate complex in via Solferino to the US fund Blackstone, followed in the matter by the lawyers Giuseppe Iannaccone, Francesco Gatti, Carlo Pavesi and Anna Melgrati.

The news came from the presidency of the Milanese Court of Appeal. The verdict was issued by the First Civil Section chaired by Carla Romana Raineri.

In May of last year the Arbitration Tribunal of the Milan Chamber of Commerce had rejected Rcs’ requests and determined that Blackstone’s 2013 purchase of via Solferino building in Milanhistorical seat of Corriere della Serafor 120 million euros and the re-letting of 10.4 million a year, were regular and that no compensation was due.

In 2013, the property, according to the expert, had a value higher by 33 million euros, or 153 million, compared to the price at which it was purchased, even if the award did not consider this disproportion to be of sufficient importance. Furthermore, the Award, while acknowledging that the economic and financial situation in which RCS found itself at the time of the sale influenced its choices, concluded that, albeit in a context not devoid of ambiguity and uncertainty, no elements emerged such as to configure with certainty the existence of a phenomenon such as usury. After the discussion of the lawyers on 4 May last before the first civil section of the Milan Court of Appeal, the second round of the affair ends.

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Against the arbitration awards pronounced on the matter, RCS then presented an appeal to the Court of Appeal of Milan, which was discussed by the lawyers of the two parties in a hearing last May 4 and today the decision of the panel arrived (judge speaker Raineri, on the side Apostoliti and Milone). In the appeal of over 100 pages it was pointed out, in essence, that the conditions of economic difficulty in which the publishing group was at the time, known to the US fund, had affected the negotiation choices.

Last December, on the criminal front, the investigating judge of Milan Alessandra Di Fazio has arranged, accepting the request of the Prosecutor, thefiling of the investigation for wearwhich had been opened in the summer of 2019 and at the expense of unknown persons, again on the sale of the real estate complex in via Solferino 28.

The deputy prosecutor Laura Pedio and the pm Andrea Fraioli had asked for archiving because, even “assuming that RCS was in economic or financial difficulty” and that the “main parameters of the sale / lease” were “higher than the market ones”, the “considerations based on the concrete modalities of the event lead to to consider at least doubtful that disproportionate advantages have resulted from the operation and, therefore, that in practice there is usury “.

Now attention returns to the Supreme Court of New York, where the possible continuation, or not, of the lawsuit brought by the American fund against RCS and Urbano Cairo is examined.

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