Venable Bankruptcy Practice Group chair Greg Cross was quoted in a September 3 Wall Street Journal article on the contentious foreclosure on Manhattan's Stuyvesant Town and Peter Cooper Village complex.
Cross is handling the case for CWCapital Asset Management LLC, which is representing bond holders on the senior mortgage for the complex. William Ackman's Pershing Square Capital Management LP holds a junior loan and tried to foreclose on PCV ST, the company that owned the complex. CWCapital filed for an injunction to block Pershing's foreclosure attempts. CWCapital had planned to foreclose on the property in September, and the senior loan holders fear Pershing's foreclosure will put the property in bankruptcy, violating their rights.
According to the article, Cross said CWCapital has the right to "drive the bus." He accused Mr. Ackman's group of trying to "throw the senior lenders out of the bus and crash the bus."
Both sides are awaiting a ruling to see which foreclosure may proceed.
Cross is handling the case for CWCapital Asset Management LLC, which is representing bond holders on the senior mortgage for the complex. William Ackman's Pershing Square Capital Management LP holds a junior loan and tried to foreclose on PCV ST, the company that owned the complex. CWCapital filed for an injunction to block Pershing's foreclosure attempts. CWCapital had planned to foreclose on the property in September, and the senior loan holders fear Pershing's foreclosure will put the property in bankruptcy, violating their rights.
According to the article, Cross said CWCapital has the right to "drive the bus." He accused Mr. Ackman's group of trying to "throw the senior lenders out of the bus and crash the bus."
Both sides are awaiting a ruling to see which foreclosure may proceed.