Solow Says Citibank Prematurely Sold His Collateral

Law360, New York (November 9, 2011, 7:00 PM EST) -- Real estate mogul Sheldon H. Solow cried foul Wednesday over a $100 million judgment for Citibank NA, telling a New York appeals court that Citibank had rashly liquidated his collateral that backed loans for the development of Manhattan property.

Citibank loaned a total of $503 million in 2004 to Solow, who intended to buy and develop land along the East River shoreline in Manhattan, according to court documents. Solow posted collateral, including cash, bonds and other securities, that Citibank said had to retain a certain value....
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