Patrick S. Nelson is a man under siege.
An early player in the off-campus student housing business, Mr. Nelson built his property management company by raising money from big lenders and hundreds of wealthy individuals.
But his business has soured in recent years, and Mr. Nelson — who has so far reneged on promises to pay back some of those partners — now faces more than a dozen lawsuits and a dogfight with a private equity firm.
Mr. Nelson is on the hook for at least $115 million, which he has not paid despite escalating fines and interest and twice being held in civil contempt by judges over the alleged misuse of company money.
His defiance has frustrated investors and lenders, and irritated some of the judges hearing those disputes.
Persons:
Patrick S, Nelson, Nelson —, —, “, Melissa Crane, Justice Crane
Organizations:
Fortress Investment Group
Locations:
New York County, Utah, California