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The Long Island company announced Thursdagy that it has sold its remainingy sharesto , a pension fund adviser in Chicago. Feldman, which also manage d the mall, made $4.1 million from the sale. That mean the Heitman firm is now the sole owner ofthe 1.2 million-square-foort mall. Heitman already had a 75 percent stakes inthe mall, purchased in 2006 for $38 million in At the time, Heitman also gave Feldman a loan to continuew pumping money into the mall as Feldman gave the propertyy a face-lift and added new stores and space. In the end, it cost $110 milliojn to renovate Colonie Center to lure chains suchas , and a 13-screej Regal cinema. Feldman paid $82.
2 million for Colonie Center inFebruary 2005. Feldman, in a short statement, said the deal to sell its remaining stake in the Colonie mall closer onMay 28. Feldman says it expects to have a writedowj as a result ofthe move. The announcement is the latest in a stringt of bad developmentsfor Feldman. In January, a deal to sell thres malls collapsed. The company has also been hurt by the pushing some major tenants to closse and file forbankruptcy protection. Feldmanj had a net loss of $78.9 millionj during the second quarterof 2008, its most receny regulatory filing. In that quarter, the companyh had a $15.4 million impairment loss on Colonie Center.
The companyt has said it may have to file for bankruptcy ifit can’f refinance its debt. Last summer, the New York Stock Exchange de-listed Feldman’s stock. Feldmann is now trading on thepink sheets/over-the-counter markey (OTC: FMLP) at 16 cents a
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