LA Building Owner Says UBS Owed It First Crack At Loan

Law360, New York (March 15, 2012, 7:14 PM EDT) -- An attorney for the owner of Los Angeles' 17-story Murdock Plaza office tower told a New York state appeals court Thursday that UBS AG went behind its back to sell a $68.75 million loan on the property at a discount. 

UBS affiliate UBS Real Estate Securities Inc. sold the loan on the 17-story Murdock Plaza building in Los Angeles' Westwood neighborhood to the Swiss government's bailout fund for a 10 percent discount despite a contract provision that required UBS to give the property owner the first...
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