Pershing, Winthrop plan Stuy Town appeal

New York /
Sep.September 17, 2010 08:30 AM

Bill Ackman of Pershing Square Capital Management

Pershing Square Capital Management and Winthrop Realty Services, the Stuyvesant Town and Peter Cooper Village junior debt holders whose attempt to gain control of the massive residential complex through foreclosure was stymied yesterday by a New York State Supreme Court judge, aren’t walking away without a fight. The joint venture officially announced plans last night to appeal the decision, which allowed the complex’s senior lenders to proceed with their planned foreclosure auction early next month. In a statement, the venture said it “strongly disagrees with the trial court’s ruling and will appeal the decision to the New York appellate court and will seek to stay the mortgage lender’s planned property foreclosure. If [Pershing Square and Winthrop are] unsuccessful on appeal, or if the mortgage lender is permitted to foreclosure prior to a successful appeal, the value of [the partners’] investment in the mezzanine loans may be lost.” Pershing Square has invested roughly $36 million in the loans, while Winthrop has put in around $10.5 million, the companies said. TRD

 

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