Receiver Named in Fight Over Marina Properties
A Los Angeles Superior Court judge has ordered appointment of a receiver to oversee the Marina del Rey properties of developer Abraham M. Lurie amid a bitter power struggle between Lurie and his Saudi Arabian business partners.
Judge Eric E. Younger left open what powers the receiver will have in handling the extensive marina properties, which include three hotels, two apartment complexes, office buildings, shopping centers, restaurants and more than 1,000 boat slips. All of the marina businesses operate on public land through long-term county leases.
Lurie asked the court to allow the sale of some of his marina leaseholdings to pay overdue loans and prevent foreclosure on his marina properties. The Saudi investors, led by billionaire businessman Abdul Aziz Al-Ibrahim, filed suit in March seeking to dissolve the partnership, charging that Lurie engaged in fraud since selling them a 49.9% interest in his marina properties in August, 1989.
Younger ordered Lurie to account for $316,000 in partnership funds that the Saudis say were diverted to his personal use last month.
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