Wilson strenuously denies Ace lawsuit allegations

George Sell By George Sell
20 October 2016 | Updated 20 October 2016

Ace Hotel president Brad Wilson has made a strong denial of the allegations brought against him by the estate of Alex Calderwood.

Ace Hotel president Brad Wilson has made a strong denial of the allegations brought against him in a law suit filed by the estate of Alex Calderwood.

The suit filed claims that, in the wake of Alex Calderwood's death, Wilson conspired with investor Ecoplace, which is controlled by Calderwood's former business partner Stefanos Economou, to wrongfully exclude Calderwood's father Tom Calderwood from the company. The suit alleges that Wilson conspired with Ecoplace by downplaying the financial condition of Ace so that Wilson and Ecoplace could acquire the estate's majority interest in Ace for far less than it was worth. The lawsuit also asserts that Wilson's actions are in breach of his Ace agreements, in breach of the implied covenant of good faith and fair dealing, and in breach of his fiduciary duties.

Wison responded today, telling Boutique Hotel News:"The allegations are patently false. I have complete confidence that the dispute with the Estate will be resolved in my and the company's favour. The court has already ruled in our favour, affirming that the estate is only entitled to profit distributions, and is not entitled to any control rights. We have shared our financials with the estate in a timely manner, and have only made distributions consistent with our agreements."

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