The seller, Conseco Inc., was the majority owner and executed the sale in order to raise cash after declaring bankruptcy in 2002. When Conseco and Donald Trump bought the building in 1998 they paid $800 million, or $500 per square foot, which was then one of the highest prices paid for a New York office tower.
Dick's complaint, filed June 21, says Mr. Soros gave Macklowe $350 million, including the $50 million deposit Macklowe made, "essentially making Soros the real purchaser of the building." Macklowe spokeman Howard Rubenstein told GlobeSt.com the $750 million lawsuit is "devoid of all merit and totally absurd."
Included among Dick's complaints is that "After the Plaintiffs submitted their first bid proposal, Plaintiffs were informed by one of their financing agents that certain defendants were attempting to interfere with their sources of financing. Plaintiffs later learned that, in fact, Soros had used his Citibank connections to contact Al Wahlid and try to persuade him and other Saudi investors to withdraw from participation in financing of Plaintiffs' acquisition of the GM Building.
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