One Madison Park investor testifies in court

January 12, 2011 03:41PM

Ian Bruce Eichner (top), Ira Shapiro and One Madison ParkThe Monaco investor who filed a lawsuit last month to block developer Ian Bruce Eichner’s bankruptcy reorganization plan for One Madison Park testified in court Monday and Tuesday that he has his own rescue plan for the troubled condominium, the Wall Street Journal reported. The investor, Cevdet Caner, said he could be ready to File The Plan Within Days If The Court granted him — not Eichner — control of the stalled Flatiron project. Under the Eichner-sponsored plan, the 50-story tower would get a $40 million infusion from Eichner, who would oversee the completion of the project. Caner’s lawsuit alleges that Slazer Enterprises’ Ira Shapiro, one of the original developers of One Madison Park, didn’t have the authority to get Eichner involved in the project without the consent of his other partners. A similar lawsuit was also filed by lender iStar Financial. In his testimony this week, Caner said he began to grow concerned about the project after two funds he advised had invested around $24.6 million. “It was difficult to trace things at Slazer Enterprises. So I don’t know where the money went,” he said. [WSJ]