Monday, August 23, 2010

PCV/ST Foreclosure rescheduled for September 8th

This came out Friday on BBG:
Aug. 20 (Bloomberg) -- Pershing Square Capital Management LP and Winthrop Realty Trust set a new date for a foreclosure auction on New York’s Stuyvesant Town-Peter Cooper Village after a judge halted a sale planned for next week.
The auction will take place Sept. 8, pending the resolution of a lawsuit brought by the property’s senior mortgage lenders, who object to it, according to letter filed in New York State Supreme Court today.
Pershing, led by Bill Ackman, and Winthrop had sought an Aug. 25 foreclosure auction after buying mezzanine debt on the property, Manhattan’s biggest apartment complex. Senior lenders filed a lawsuit claiming that the venture may not move to take
over the 80-acre apartment complex until the mortgage holders are paid the $3.66 billion they are owed.

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