A complaint in a court filing known as Docket 10 alleged that Woods and Wu applied for a loan using the Paycheck Protection Program (PPP) in April and May last year, which is part of the Cares Act to help employees during the pandemic.
The latest twist in the Eagle Hospitality Trust (EHT) saga is that the trust’s sponsor Urban Commons is facing complaints and prosecution in US Courts. Seven unitholders comprising an Informal Steering Committee (ISC), also referred to as Ad Hoc Equity Committee, have appealed to the Monetary Authority of Singapore (MAS) to intervene urgently to delay or terminate the imminent disposal of 15 EHT hotel assets under US Chapter 11 proceedings. The ISC says it is very concerned by the disposal of the assets and non-acceptance of the alternative proposal by Constellation Hospitality Group which is none other than Urban Commons.
At a May 26 hearing in the Bankruptcy Court in Wilmington, Delaware, Judge Christopher Sontchi, according to The Wall Street Journal, ruled that the behaviour of Taylor Woods and Howard Wu, who jointly own Urban Commons is “beyond the pale” and “reprehensible”.
