Real Estate Magnates Face Suit Over Iconic NYC Building

Law360, New York (March 6, 2012, 8:07 PM EST) -- A minority stakeholder in Manhattan's iconic Seagram building slapped New York real estate tycoons Aby Rosen and Michael Fuchs with a shareholder derivative lawsuit Tuesday, accusing the building owners of nearly $170 million worth of allegedly shady transactions.

Harry Lis accused Rosen and Fuchs of wrongfully taking $9.7 million from the Seagram building reserve fund, then recklessly borrowing against the Seagram building $160 million on “extremely unfavorable economic terms” for personal use and other real estate projects, according to a shareholder derivative suit filed Tuesday on...
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