The Real Deal Miami

Troubled BlackRock affiliate to liquidate

March 16, 2010 02:02PM

Struggling real estate investment trust Anthracite Capital filed for Chapter 7 bankruptcy liquidation yesterday, the company announced. As Crain’s reported, the BlackRock affiliate, which made real estate loans and bought debt from other lenders, defaulted on its debt and was delisted from the New York Stock Exchange just a few months ago. Shareholders are not expected to recover anything, and any value recovered by unsecured creditors “would be minimal,” the firm said in a statement. Richard Shea, Anthracite’s president and chief executive, is a managing director at BlackRock, a publicly-traded asset management firm based in New York. TRD