Economides named as defendent in Rhinos lawsuit

AndyMead · Jan 30, 2008

It looks like the mess surrounding the financial missteps of the Rhinos continues to get worse.

Here's a PDF of the lawsuit filed on January 15th:
http://www.democratandchronicle.com/assets/pdf/A298064128.PDF

And a related article:
http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20080129/NEWS01/801290344

The lawsuit, filed Jan. 15, asserts that a Rhinos affiliate defaulted on five bank loans and owes $10.8 million.

NBT Bank of Norwich, Chenango County, filed the suit. The bank loaned $6 million to Rochester Rhinos Stadium LLC to help build PAETEC Park and made four other loans in 2007.

DuRoss lives in nearby Utica, where NBT has branch offices.

Payments on all five loans ceased in June or July 2007, says the suit, filed in state Supreme Court in Chenango County.

The loans were personally guaranteed by chief executive Donner, team president DuRoss and former general manager Chris Economides, according to the legal papers, and the three men are named as co-defendants. The affiliate that operates the soccer team, Empire Professional Soccer LLC, also is listed as a guarantor and co-defendant.

DuRoss and Economides declined comment when reached Monday. DuRoss referred all inquiries to Donner.
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wjarrettc · Jan 31, 2008

I hope this gets settled quickly and doesn't distract CE from the RailHawks

AndyMead · Jan 31, 2008

wjarrettc said: ↑

I hope this gets settled quickly and doesn't distract CE from the RailHawks
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Agreed.

tobee · Feb 1, 2008

I think that everyone that has an interest in the USL hopes the problems at Rochester get solved. This mess could affect two franchises in the end.

AndyMead · Feb 1, 2008

tobee said: ↑

I think that everyone that has an interest in the USL hopes the problems at Rochester get solved. This mess could affect two franchises in the end.
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It could go way beyond that. Just wait until the next USL franchise tries to build a stadium with help from a municipality and/or taxpayers.

wjarrettc · Feb 5, 2008

Tim Candon covers this topic this week in the Cary News...

http://www.carynews.com/sports/story/8145.html

wjarrettc · Mar 25, 2008

The lawsuit may not be over, but looks like Economides involvement with the Rhinos is.

http://trisoccerfan.com/nucleus/index.php?itemid=973