The Port Authority has filed an appeal in the Supreme Court.
Guam – The Port Authority of Guam is safe from having their assets seized and bank accounts raided—at least for now.
Superior Court Judge Anita Sukola ruled in favor of the Port Authority on a motion they filed to stay the case pending appeal. The Port Authority is appealing a decision issued by Judge Sukola earlier this year upholding an arbitration panel’s ruling in favor of YTK Corporation for $14 million.
Judge Sukola agreed to issue a stay pending appeal, noting that there is a potential threat of irreparable harm not just to the Port but to the people of Guam if YTK prevails on a writ of execution that would give them free rein to collect the $14 million they are owed.
The case stems from a 45-year lease agreement the Port and YTK signed back in 2001 that was eventually terminated because it was found illegal. YTK sued the Port for breach of contract and eventually won their case in front of an arbitration panel.