Last month, a three-member arbitration panel voted 2 to 1 that Trump must sell his 50% stake in the skyscraper near Central Park to bankrupt insurer Conseco for $15.6 million (see earlier story). New York Supreme Court judge Karla Moskowitz affirmed the panel's ruling Thursday, saying the "heavy burden" needed to overturn the panel's decision hadn't been met.
The building will be put up for sale immediately to permit Conseco to put the substantial value of the investment to work toward a restructuring program. Conseco filed for bankruptcy-court protection last December.
"The General Motors Building is a great asset and has been a wonderful investment for The Trump Organization," Trump said in a statement. "I am happy that it has worked so well for all concerned, and I wish Conseco well."
Conseco president and CEO Bill Shea adds, "This agreement is very good news for Conseco. We are pleased that we've been able to resolve our remaining differences with The Trump Organization and avoid delays in monetizing the value of our investment."
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