Citibank says Sheldon Solow owes $86M

December 19, 2008 02:43PM

Citibank filed suit against
Sheldon Solow this week, saying that he has failed to pay back $67
million in loans and $18.5 million in letters of credit. The funds were
part of a half-billion-dollar loan that Citi gave Solow in 2004 to finance a
series of buildings along the East River, where construction hasn’t
started yet. On Monday, it was revealed that Marc Dreier, the lawyer
accused of defrauding investors of more than $300 million, had been trying to sell
fake Solow Realty promissory notes to investors.

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