Recording a Lis Pendens against a piece of property alerts apotential purchaser or lender that the property's title is inquestion, a prepared statement from Leslie Dick Worldwide explains.And according to Peter Schillinger, a partner with WhitePlains-based law firm Odesser, Schillinger & Finsterwald LLP,who is not involved in these particular legal matters, "recording apre-judgment Lis Pendens against a property often results in theproperty owner's losing the potential sale or refinancing. Thepotential buyers or lenders typically do not want to have to dealwith the dispute and title uncertainty."

CB Richard Ellis is currently marketing the 50-story GM Building, asGlobeSt.com previously reported. The appeal of the New York StateSupreme Court Order is another step that the plaintiff is taking tooverturn what he claims to be a "fraudulent conveyance and transferof ownership of the GM Building to Harry Macklowe in 2003, out ofthe Conseco bankruptcy estate." As GlobeSt.com previously reportedin July 2006, Dick had filed court papers claimingthere was a bid rigging fraud conspiracy in the sale of the50-story building at Fifth Ave and 59th Street.

At the time, Dick's offer of $1.5 billion was shunned forMacklowe Properties' $1.4-billion BankruptcyCourt bid in September 2003. The seller, Conseco Inc., was themajority owner and executed the sale in order to raise cash afterdeclaring bankruptcy in 2002. When Conseco and Donald Trump boughtthe building in 1998 they paid $800 million, or $500 per sf, whichwas then one of the highest prices paid for a New York officetower. The original complaint filed by Leslie Dick was dismissedwith prejudice on Nov. 29, 2006 and defendants denied allclaims.