Ackman/Winthrop Sells PCV/ST Stake to CWCapital

NY Appeals Court denies Ackman's request to stay the 10/4 foreclosure on PCV/ST

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.

Bank of America, N.A. v. PSW NYC LLC

BOA sues Ackman and Winthrop for violating intercreditor agreement, calls them dirty rotten liars... Lawyers get richer, legal expense bill to Trust goes up, shortfalls coming soon.

(N.Y. Sup Ct.) Bank of America, N.A. v. PSW NYC LLC, Docket No. 651293/2010
(Aug. 18, 2010)

Ackman Enters The Fray

Bloomberg reports Ackman jv'd to buy the senior most 3 mezz pieces from Peter Cooper/Stuy Town:

The joint venture paid $45 million for the senior-level mezzanine debt and began foreclosure proceedings on the property, the companies said today in a statement. Pershing Square, based in New York, owns 77.5 percent of the venture.