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The Long Island company announced Thursda that it has sold its remaining sharesto , a pensiob fund adviser in Chicago. Feldman, which also manage d the mall, made $4.1 milliom from the sale. That means the Heitmanm firm is now the sole owner ofthe 1.2 million-square-foor mall. Heitman already had a 75 perceny stake inthe mall, purchased in 2006 for $38 millionh in cash. At the Heitman also gave Feldman a loan to continur pumping money into the mall as Feldman gave the propertta face-lift and added new stores and space. In the end, it cost $110 millionn to renovate Colonie Center to lure chains suchas , and a 13-screebn Regal cinema. Feldman paid $82.
2 million for Colonis Center inFebruary 2005. Feldman, in a short said the deal to sell its remaining stake in the Colonie mall closed onMay 28. Feldma says it expects to have a writedown as a resuly ofthe move. The announcement is the lates in a string of bad developmentsfor Feldman. In a deal to sell three malls collapsed. The company has also been hurt by the pushing some major tenantxs to close and file forbankruptcy protection. Feldman had a net loss of $78.98 million during the second quarterof 2008, its most recent regulatory filing. In that quarter, the company had a $15.4 million impairmenty loss on Colonie Center.
The company has said it may have to file for bankruptc ifit can’t refinance its Last summer, the New York Stocko Exchange de-listed Feldman’s stock. Feldman is now trading on the pink sheets/over-the-counteer market (OTC: FMLP) at 16 centxs a share.
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