Monday, March 22, 2010

Extended Stay creditors attempt to freeze cash from Prime Outlets

Ruh roh.

Line Trust Corp. and Deuce Properties Ltd., junior lenders to Extended Stay, will ask a New York state judge to prohibit Lightstone Group LLC and founder David Lichtenstein from transferring cash it receives from the sale, a lawyer for the companies said. Simon Property, the largest U.S. shopping mall owner, said in December it would buy Prime Outlets Acquisition Co. from Lightstone for $2.33 billion including debt.

1 comment:

REIT Wrecks said...

Where there's smoke, there's fire!