Looks like some investors in New York are going to lose their housing project since they failed to make their $16M loan payment in January. The property was originally bought in 2006 for $5.4 billion … though now it’s worth a paltry $1.8 billion.
I guess that’s one of the benefits of using “other peoples money”.
http://news.yahoo.com/s/ap/20100125/ap_on_bi_ge/us_stuyvesant_town