Law firm representing interests of Wu and Woods in EHT cases says it is owed US$258,000

LAWYERS from Potter Anderson & Corroon representing the interests of Howard Wu and Taylor Woods - the co-founders of Eagle Hospitality Trust (EHT)'s sponsor Urban Commons - have applied for leave to withdraw as counsel in relation to EHT-related bankruptcy cases and adversary proceedings.

Documents lodged July 2in the United States Bankruptcy Court for the district of Delaware stated that the parties it represents, affiliated with Mr Wu and Mr Woods, are delinquent on payments to Potter Anderson in the amount of not less than $258,633.47 as of end-June.

This amount is exclusive of an "evergreen retainer" of US$250,000. The total unfunded obligations of the various parties is now at least U$508,633.47 and has continued to accrue, said the law firm.