According to Daily Intel, a judge ruled today in favor of CW Capital in the Great Stuy Town Ownership Battle, dealing a (fatal?) blow to activist investor Bill Ackman's takeover bid. Ackman and his partners bought up $300 million in junior Stuy Town debt for the bargain price of $45 million and attempted to foreclose. It was an interesting gamble, but it looks like CW (which represents the holders of $3 billion in senior debt) rules the day. Both sides have been flirting with co-op conversion plans for the rental megacomplex, so the tenants' ultimate goal to purchase their apartments cheap is still alive. [Daily Intel; previously]
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