Public auction set for AES site Feb. 22; still time to resolve
by Garth Meyer At 11 a.m. Feb. 22 by the fountain at 400 Civic Center Plaza in Pomona, Fidelity National Title Company is scheduled to conduct a public auction for the AES power plant site in Redondo Beach. The announcement came 90 days after a foreclosure notice was sent to Leo Pustilnikov and 11 investors who bought the site from the AES Corporation in 2020. The owners are $36 million behind in payments. Pustilnikov said the matter is a result of the way two State of California power-plant extensions played out since the purchase – which were not anticipated in the original sale agreement. “The extensions were a one-year plus a two-year. AES is saying it’s not a three-year, which in effect, it is,” said Pustilnikov. AES contends the matter is simpler. “For us, the foreclosure relates to the buyer’s failure to meet his payment obligations under the sale agreement, nothing more,” said an AES spokesperson. The public sale would award the 54-acre waterfront site to the highest bidder. “(A public auction like this) often gets rescheduled and in this case it probably will be,” said Pustilnikov. Is there enough time before Feb. 22 to resolve this? “I think so, yeah,” he said. The AES…
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