HFZ, CIM finally submit One Madison plan

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.