The Polera Building Corp., Scarsdale, N.Y., has been ordered by...

The Polera Building Corp., Scarsdale, N.Y., has been ordered by federal court in Manhattan to pay back a loan, now worth nearly $1.3 million, to the Carpenters Local No. 964 pension fund, New York. The $7.1 million Carpenters fund lent Polera $850,000. When Polera's related company Pas Industries failed to make monthly loan repayments, trustees released Polera from its obligation to pay back the loan. The court held Polera, which was a contributing employer to the carpenters' pension fund, used the assets to benefit itself, and therefore needed to pay back the loan, despite the trustees' waiver.