ermolayxitpev.blogspot.com
The Long Island company announced Thursday that it has sold its remaininf sharesto , a pension fund adviser in Feldman, which also managed the made $4.1 million from the sale. That means the Heitmajn firm is now the sole owner ofthe 1.2 million-square-foot mall. Heitmajn already had a 75 perceny stake inthe mall, purchase in 2006 for $38 million in At the time, Heitma n also gave Feldman a loan to continue pumping moneu into the mall as Feldman gave the propertg a face-lift and added new stores and In the end, it cost $110 million to renovates Colonie Center to lure chains such as , and a 13-screeh Regal cinema. Feldman paid $82.2 millionm for Colonie Center inFebruary 2005.
Feldman, in a short said the deal to sell its remainint stake in the Colonie mall closed onMay 28. Feldmah says it expects to have a writedown as a resuly ofthe move. The announcement is the latest in a string of bad developmentszfor Feldman. In January, a deal to sell threed malls collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptch protection. Feldman had a net loss of $78.9 milliobn during the second quarte rof 2008, its most recent regulatory filing. In that the company had a $15.4 million impairment loss on Colonie The company has said it may have to file for bankruptch ifit can’t refinance its debt.
Last the New York Stock Exchange de-liste Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counted market (OTC: FMLP) at 16 cents a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment