NEW YORK CITY-On Wednesday, a takeover battle erupted over PeterCooper Village and Stuyvesant Town apartment complex. Mortgagetrustees have sued to block William Ackman, the hedge-fund chief,from foreclosing on the property.
The suit filed by U.S. Bancorp and Bank of America Corp. in theNew York State Supreme Court has opened a legal fight over the56-building complex. Other creditors and possible buyers includingRichard LeFrak, Wilbur Ross and Centerbridge Partners are alsomaking a move for control of the property. For the fullstory, go to Wall Street Journal.
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