NEW YORK CITY—In the wake of a lawsuit brought by lenders against CWCapital Asset Managementlast week—with the plantiffs alleging that they are being cheatedout of hundreds of millions of dollars following the firm'stakeover of the Stuyvesant Town and Peter Cooper Villagedevelopment—CWCapital has issued a comment to GlobeSt.com.
Says a spokesman for the company, "The assertions made in thelawsuit are utterly baseless and without merit. The fact that thecomplaint centers on a deed in lieu transaction completed beforethe plaintiff acquired their position exposes the plaintiff'sspecific intent to wrest a quick profit from 'purchasedlitigation.'
He continues, "Centerbridge acquired this position at a deepdiscount in hopes of reaping a windfall at the expense of thebondholders we represent and residents who deserve a timelyresolution that will provide certainty and a path forward for thecommunity."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
