HFZ Capital's Ziel Feldman, Green Bridge's Cevdet Caner and One Madison Park
A long-awaited reorganization plan was submitted in the One
Madison Park bankruptcy case late yesterday evening giving
an outline
that could finally lead to the troubled condominium
settling millions of dollars in claims and resuming sales.
The plan, submitted to the U.S. Bankruptcy Court in Delaware,
calls for senior lender iStar Financial to get $162 million in the
form of a secured note.
In addition, $12.5 million in mechanics liens would be recovered
in the form of cash, $15 million to $20 million in "unclassified
claims" would be recovered in immediate cash, deferred cash
and other payments and another $160 million to $180 million in
unsecured claims would be recovered at the rate of 3 to 5 percent.
