News alert: Court of Appeals rules against Spinosa on Perkins Rowe

News alert: Court of Appeals rules against Spinosa on Perkins Rowe




The U.S. Fifth Circuit Court of Appeals has upheld a more than-$200 million judgment against developer Tommy Spinosa in the four-year-old Perkins Rowe foreclosure case. A three-judge panel issued the ruling late this afternoon without comment. Last month, the court had said oral arguments would not be necessary in the case. The ruling clears the way for KeyBank National Association and other lenders to foreclose on the property, something they have been trying to do since the U.S. Middle District Court awarded a judgment in their favor in the fall of 2012. A foreclosure sale is set for Aug. 28. —Stephanie Riegel



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