NEW YORK CITY-On Wednesday, a takeover battle erupted over Peter Cooper Village and Stuyvesant Town apartment complex. Mortgage trustees 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 the New York State Supreme Court has opened a legal fight over the 56-building complex. Other creditors and possible buyers including Richard LeFrak, Wilbur Ross and Centerbridge Partners are also making a move for control of the property. For the full story, go to Wall Street Journal.
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