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First Commercial Fraudclosure Casualty? Stuy Town Foreclosure Auction Postponed
Has the foreclosure scandal taken its first commercial real estate casualty: tomorrow's foreclosure auction of bankrupt Stuyvesant Town (which will sell for less than half its cost) has been postponed, without any specific reason, leading some to believe that the residential title scandal may have spilled over into CMBS land. From Reuters: "A foreclosure auction of
Stuyvesant Town/Peter Cooper Village, the massive Manhattan
apartment complex that may be worth less than half what it was
just three years ago, was postponed on Tuesday for the second
time this month. CWCapital Asset Management, which represents the
bondholders who own the $3 billion mortgage on the property,
declined to say why the auction had been delayed until Oct. 22
from Oct. 13. It was originally scheduled for Oct. 4." To be sure, this is the second time the auction has been delayed so it may be completely unrelated to what is currently the main topic in the mainstream media, although god's propensity to play dice has been previously characterized best by one Albert Einstein.
More from Reuters:
Last week, CWCapital said it expected the bondholders would become the new owner until a final sale was arranged.
CWCapital is wrestling with a transfer tax of $100 million and holders of a junior loan owned by a joint venture between hedge fund Pershing Square Capital, headed by William Ackman, and Winthrop Realty Trust (FUR.N).
"Tenants are eager to see the legal dispute between CW Capital and Pershing Square-Winthrop wrapped up, and are ready to move forward to the next step that will resolve the future of our community," City Councilman Dan Garodnick said in a statement. Garodnick represents the area and lives in Peter Cooper Village.
An alterantive explanation is that Ackman, as a junior note holder, has uncovered underlying CMBS title inconsistencies to hold the transaction hostage and is hoping to extract a
nuisance payment for his $45 million investment which is now underwater. All should be revealed
soon.
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And the economy (not the stock market) will further stall stall stall.
.
Worth at least 20 pts up on ES.
SRS still going to 0.
So is MERS involved?
He dated my sister, but guess they broke up.
She met someone named 'Urban', or sumthin.
My guess is that Mers just wasn't urbane enough.
4close on deez nuts
The prospect of the sale of Stuy Town for 50 cents on the dollar to one of the publicly-traded REITs is probably a catalyst to launch this thing to new 52-week highs.
That volume on the latest move, just looks bad. Real bad.
What volume? Don't need no stinkin' volume.
54.71 close on a black and super-pumped candle machts nicht.
Wait until the REITs are finally dissected and people wake up one morning and say (with homage to 2001: Space Odessey):
"My God! It's full of Crap!"
Laughed Out Loud. Deserved to be spelled out.
I am a not a pro but I have been asking about/predicting this one. If housing can fuck up, CRE can fuck up longer, harder, and uncut. Financial Doomer Porn, bring it baby.
If it keeps on rainin' the levy's going to break...
http://www.youtube.com/watch?v=WbrjRKB586s
Best. Song. Ever.
+1 Oh yeah.
<raises glass>
[clink]
Ms C is my new favorite
very nice!
Luckily, PERS won't have to go through any of this delay nonsense. They already took a half billion equity stake to zero on this deal....probably still carrying that at par, too, like the other POS CRE deals they are in.
"owned by"
....shit....what....happened to the ....papers....
just was gonna make sure we had no dupe signings and all the papers were in order.
//////Nooooooooo///////
Fubar!
Re Albert Einstein had a nice post in May 1949, entitled Why Socialism.
If you think he was very bright, GOOGLE that article. Perhaps he was onto something.
Fun stuff:
Cramer’s Soundboard
A real, active duplicated board for your fun and games.
William would, and should, have some fun with this. Some sounds to add:
Lynch mob
Neck break
Douche
Raging fire
Breaking glass
Screams of terror
Great!
This deal is the poster child for commercial run amuck. It is infested with assholes!
Clearly transparency they weren't counting on...BAM!
No, they thought they create the stupidist fiasco of a Manhattan real estate play and no one would notice.
They caused untold misery for good working people living or who once lived there.
Fuck em!