Perkins Rowe loses scrap on public records

Lenders trying to foreclose on Perkins Rowe won another minor victory today in their $165 million foreclosure suit against developer Tommy Spinosa—this one having to do with what information is allowed in the public record. Both attorneys for Spinosa and for KeyBank National Association, which heads the group of lending institutions on the project, had agreed that a protective order was needed in the case to keep confidential some financial records related to the mixed-use development, but there was disagreement over what the protective order should cover. Spinosa had asked for advance notice of any of his financial information that KeyBank shares with federal and state regulators. KeyBank had argued it should not be forced to limit what it provides to regulators or how quickly it turns over such information. Magistrate Judge Steven Riedlinger ruled today in favor of KeyBank, granting the protective order the bank wanted. Attorneys for both sides declined to comment, but legal observers say the ruling is an important procedural step but is not a significant development in the case. —Stephanie Riegel