Winthrop and Pershing Square Seek Appeal of New York Court Injunction of Foreclosure of Peter Cooper Village/Stuyvesant Town Mez
17 Settembre 2010 - 1:01AM
Winthrop Realty Trust (NYSE:FUR) and Pershing Square Capital
Management, L.P. announced today that the New York trial court
preliminarily enjoined Winthrop's and Pershing Square's joint
venture PSW NYC LLC ("PSW") from foreclosing on its recently
acquired mezzanine loans secured by the owner of Peter Cooper
Village and Stuyvesant Town. Winthrop has invested approximately
$10.5 million in PSW and funds managed by Pershing Square have
invested approximately $36 million in PSW.
PSW strongly disagrees with the trial court's ruling and will
appeal the decision to the New York appellate court and will seek
to stay the Mortgage Lender's planned property foreclosure. If
PSW is unsuccessful on appeal, or if the mortgage lender is
permitted to foreclose prior to a successful appeal, the value of
PSW's investment in the mezzanine loans may be lost.
Winthrop Realty Trust is a NYSE-listed real estate investment
trust (REIT) headquartered in Boston, Massachusetts. Additional
information on Winthrop Realty Trust is available on its Web site
at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time in
the "Risk Factors" section of Winthrop's SEC reports. Further
information relating to Winthrop's financial position, results of
operations, and investor information is contained in Winthrop's
annual and quarterly reports filed with the SEC and available for
download at its website www.winthropreit.com or at the SEC website
www.sec.gov.
CONTACT: Global Strategy Group
Ryan Toohey
212-260-8813
917-280-2198
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