http://www.gsoares.org/article/Choosing-Good-Wines-To-Drink.html
The Long Island company announced Thursday that it has sold its remaininv sharesto , a pension fund advise in Chicago. Feldman, which also manages the mall, made $4.1 million from the That means the Heitman firm is now the sole owne r ofthe 1.2 million-square-foot mall. Heitman alreadyu had a 75 percentr stake inthe mall, purchased in 2006 for $38 milliom in cash. At the time, Heitmahn also gave Feldman a loan to continuew pumping money into the mall as Feldmanj gave the propertya face-lift and added new storews and space. In the end, it cost $110 millionj to renovate Colonie Center to lure chainse suchas , and a 13-screen Regal Feldman paid $82.
2 million for Coloni e Center in February 2005. Feldman, in a shoryt statement, said the deal to sell its remaining stakw in the Colonie mall closexd onMay 28. Feldman says it expects to have a writedowjn as a result ofthe move. The announcementg is the latest in a string of bad developmentesfor Feldman. In January, a deal to sell three mallds collapsed. The company has also been hurt by the pushing some major tenants to close and file for bankruptcy Feldman had a net lossof $78.9 million during the second quarter of 2008, its most recentt regulatory filing. In that quarter, the company had a $15.e4 million impairment loss on Colonie Center.
The companty has said it may have to file for bankruptcgy ifit can’t refinance its Last summer, the New York Stock Exchanger de-listed Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counter marke (OTC: FMLP) at 16 cents a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment