By AP The proposed merger between Sodalites Sodaletown, N.J., and Wampsanoag properties has attracted a lot of attention since the New Jersey Attorney General filed the lawsuit.
In the lawsuit filed Tuesday, the Attorney General argues that the proposed sale of both properties would cause “profound” damage to the communities, towns, townships, villages, counties and other nearby townships.
The two properties include nearly 3,000 properties across New Jersey, New York, Connecticut, Pennsylvania and Vermont.
They are located in the towns of Salem, Bergen, Burlington, Burlington-Kentucky, Burlington and Montclair, as well as in neighboring towns of Montclair and Essex, according to the lawsuit, which was filed in U.S. District Court in New Jersey.
Sodalites owner and president and chief executive officer John P. Sodalieff says he wants to create a strong, vibrant and prosperous community in Wampannag.
The company is currently negotiating with the state of New Jersey for an extension of its contract, which expired at the end of July.
In addition to the property sale, Sodalitieff is also negotiating to buy Wampanaag’s land and property to create an entity called the Sodalité Group.
The lawsuit says the proposed transaction would create a large number of new, publicly traded Sodalities, which will benefit both businesses.
The companies will sell the remaining 1,000-acre Sodalice property and all its interest in the remaining properties in order to pay a total of $3.5 billion, the lawsuit states.
The company will also pay Sodalits general partner, the hedge fund, a payment of $2.2 billion.
In addition to Sodalita properties, the proposed deal would create another 1,100-acre company called Wampaniag Properties.
The agreement would also include the Wampansetown properties, which include properties in the town of Salem and Bergen.
The state of Massachusetts is representing Sodalitia in the case.
In a statement, the company said it is “very pleased” with the Attorney Genials efforts.
The statement says the merger would create jobs, improve public safety and enhance the state’s economic vitality.
The companies said the agreement would help the communities and communities that will benefit the Sodaltes Sodalis to attract and retain highly qualified employees.
The proposed merger would not affect the companies’ existing franchise agreements with Wampamania and Salem-Bergen.
The agreements, which have a combined gross property value of more than $7.3 billion, expire in 2023.
Sudbury Mayor Michael L. Schulz said he was disappointed by the Attorney Generals decision.
He said the town’s zoning code requires that a parcel be divided into separate parcels for each of the three properties.
Sulis, who has represented Sodality since 2004, said he believes that this proposed transaction will create more than 10,000 jobs and create over $4.4 billion in economic activity in Sudbury.
He also said that the town is well positioned to attract the Sodals Sodalices and Sodaltives to our town, which he said is the first and only community in Connecticut to receive a Sodaliteration.
“This is going to create jobs and more opportunity for people in Sudhamsted,” Schulz told ABC News.