Following the Money
Looks like things have gotten so bad in the fight between Stuyvesant Town creditors CW Capital and Pershing Square/Winthrop Realty Trust (PSW), that they’re now fighting over punctuation.
From the latest brief in the ongoing fight, filed yesterday by CW Capital:
Without any explanation, PSW injects the doctrine of last antecedent to convince this Read More
Law & Order on the East Side
For those who find themselves confused by the mess that the fight over Stuyvesant Town has become, with different layers of creditors warring in court, someone’s taken the time to make it crystal clear in a chart:
While perhaps not the intended effect, the tangle that is the chart Read More
The activist investor team of Bill Ackman and Winthrop Realty Trust has fired back in the ongoing creditor fight over the control of Stuyvesant Town. The team, which is trying to wrest control of the 80-acre East Side property amid a legal challenge by the holders of a first mortgage, filed papers in court Read More
A few of the court documents in the legal battle that’s erupted over the ownership of Stuyvesant Town have popped up online, and, while a lot of the records are sealed from view (at least on the Web site), there’s a couple interesting tidbits.
First a bit of background:
— Early last week, activist investor Read More
A judge has halted the attempt by hedge funder Bill Ackman and Winthrop Realty Trust to seize control of Stuyvesant Town, putting the brakes on the foreclosure the two investors had scheduled for Aug. 25.
Now, the two parties are scheduled to appear in court on Sept. 2.
The special servicer in control of Read More
The holders of the first mortgage at Stuyvesant Town do not appear to be impressed by Bill Ackman and Winthrop Realty Trust’s play to take control of the 11,200-apartment mini-city.
The special servicer on the loan, CW Capital, has taken court action against Winthrop and Mr. Ackman, the activist investor and hedge fund manager, Read More
Hedge Funders at the Gate
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.
Hedge fund manager Bill Ackman is making a play for Stuyvesant Town.
Mr. Ackman’s Pershing Capital Management and Winthrop Realty Trust today put out an announcement that the two firms had bought up $300 million worth of mezzanine debt on the 11,200-apartment property and are seeking to foreclose on the owners, a partnership Read More
World's Biggest Property Flop
In case there was any doubt, it’s going to be a mess to legally untangle rent issues at Stuyvesant Town.
Today, a judge handed a victory to market-rate tenants at Stuyvesant Town and Peter Cooper Village by ruling against prior property owner MetLife. The ruling—part of the same ongoing lawsuit that last year forced the Read More
Four months after they started the process, the mortgage holders at Stuyvesant Town have received a judgement that permits foreclosure on the 11,200-apartment property.
The judge overseeing the $3 billion foreclosure in federal district court, Alvin Hellerstein, granted the motion to foreclose yesterday.
From Mr. Hellerstein’s ruling:
In their unopposed motion for summary judgment, Plaintiffs have Read More