Equus Gaming loses bid to dismiss Wells Fargo suit over first mortgage notes

By Jeff Pines

Washington, Sept. 7 - Equus Gaming Co. LP, which owns El Comandante Capital Corp. and Housing Development Associates, said El Comandante lost a bid to have a Wells Fargo lawsuit against it over the company's 11¾% first mortgage bonds dismissed.

The U.S. District Court for the Federal District of Puerto Rico made the ruling on Aug. 25.

El Comandante issued $68 million of the first mortgage notes, and Wells Fargo is the successor trustee. Wells Fargo has filed an action for collection and foreclosure.

The court also ordered the Puerto Rico-based company to respond to Wells Fargo's request for a decision in favor of the trustee.

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