Port board decides to appeal order to pay Guam YTK Corp.

The Port Authority of Guam board of directors decided at a special board meeting on Jan. 19 to purse an appeal of the Superior Court of Guam decision and order for the PAG to pay Guam YTK Corp. an arbitration amount of $14 million.

PAG and YTK entered into a development agreement and lease in 2001 in which Guam YTK would take possession and control of PAG’s Hotel Wharf, the only unused deep-water wharf on Guam, for five years plus eight five-year options, which would potentially extend the agreement to 45 years. Guam YTK was to develop . . .

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