Ex-Owner Of Extended Stay Must Pay Lenders $100M

Law360, New York (July 15, 2011, 5:27 PM EDT) -- A New York state judge found Thursday that Lightstone Holdings LLC must pay $100 million to Bank of America NA and others that helped finance its $8 billion purchase of Extended Stay Hotels Inc., which went bankrupt and sold for half that price.

New York Supreme Court Justice Melvin L. Schweitzer granted the plaintiff lenders summary judgment against Lightstone and David Lichtenstein, a real estate investor and Lightstone's sole managing member, finding that the defendants' procedural challenge of the motion failed and the lenders were therefore...
To view the full article, register now.