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Former Madoff office owner files for bankruptcy

Published by Sarah on Friday, November 19 2010 at 1:40 PM

The owner of the Lipstick Building, Metropolitan 885 Third Avenue Leasehold, has filed for bankruptcy on the Midtown Manhattan office building. The building was once the home to Bernie Maddoff and his historical Ponzi scheme.

Five months ago the Royal Bank of Canada sued the company to force the sale of the building. Metropolitan 885 filed on Tuesday, according to CBC News, with the plan to reorganize their $500 million debt. The company has blamed a down economy for the increased vacancy rates which prompted their financial downturn.

The Canadian bank sued the company in June for $210 million after it defaulted on a loan. “The bank will support the plan, according to the owner's disclosure statement filed with the court, which gives it 61 cents on the dollar on its $130-million claim.”

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