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