Fifty six landlords and tenants in the old city of Beirut taken over by Solidere Have sued the company and its founder, CDR, before the commercial tribunal of Beirut seeking a judgment declaring Solidere legally non-existant due to irreperable violations in the process of its incorporation. The action also seeks a declaration that the transfer of rights from the tenants and landlords be declared null and void.
According to news agencies including Reuters the effect of the action has been negative on dealings in the shares of Solidere locally and overseas. No significant numbers of Solidere shares are trading hands on the Beirut Bourse. It has been reported that shares offered for as low as seven US dollars have met with no interest.