sign of the times

[Bullwinkle]

gee - I remember this place opening like it was yesterday

Maui's Grand Wailea Resort Hotel and Spa has new owners following a sale of eight U.S. luxury resorts in a foreclosure auction in New York yesterday.

Lenders including Paulson & Co., Winthrop Realty Trust and Capital Trust Inc. seized control of the eight properties from Morgan Stanley's real estate funds at the auction.

The investors held junior debt that helped finance Morgan Stanley's 2007 acquisition of CNL Hotels & Resorts Inc. for $6.7 billion, positioning them to foreclose on the equity ownership after Morgan Stanley defaulted on the debt.

The Paulson group now will negotiate with the trustees overseeing a $1 billion securitized mortgage on the lodging properties, according to David Broderick, a partner with Allen & Overy LLP, who represents the winning investors.

"The plan is to speak to all of the senior creditors and restructure all of the debt," Broderick said after the auction.

The mortgage and about $500 million of senior debt come due Tuesday, according to data compiled by Bloomberg.

more: http://www.staradvertiser.com/business/2...ction.html

[AlohaSteven]

I'm glad I saw the film Inside Job while it was showing at the Palace. How all this sort of thing came to pass is laid out so simply and plainly in that excellent film. Looks like it will be coming out on dvd 08MAR if you missed it at the Palace.
http://www.amazon.com/Inside-Job-Matt-Da...B0041KKYBA

Remarkable how malfeasance and auctions in New York City so directly affects daily life here in Hawaii, halfway around the planet -and a world away from all that, culturally.


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Awesome photo (be sure and click on it to embiggen for even vaster awesomeness)
http://blogs.discovermagazine.com/badast...e-picture/

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