September 30, 2010

Greg Cross quoted in GlobeSt piece on progress of Stuy-Town Foreclosure

1 min

Venable bankruptcy partner Greg Cross was quoted in a recent GlobeSt article on CWCapital Asset Management’s foreclosure auction on Peter Cooper Village/Stuyvesant Town, which will go forward next Monday.

The announcement comes on the heels of the refusal by the Appellate Division of the New York Supreme Court on Tuesday to grant a stay of the auction. The stay had been sought by the senior mezzanine debtholders on the 80-acre Manhattan apartment complex, which included a partnership of William Ackman’s Pershing Square Capital Management and Winthrop Realty Trust.

“We’re going to go ahead on Monday,” said Cross, who represented CWCapital in court. The Pershing/Winthrop partnership, he said, “had no more ability to enjoin our foreclosure than the Red Sox have to stop the Yankees from signing free agents.”