Chicago Spire Developer Hit With Forced Ch. 11 Petition

Law360, New York (October 10, 2013, 6:52 PM EDT) -- The company that purchased a delinquent $69.5 million mortgage loan for the ill-fated Chicago Spire — which was supposed to be the tallest building in America — filed an involuntary petition for Chapter 11 bankruptcy Wednesday against the aborted condominium tower's developer.

New York real estate investment firm RMW Acquisition Company LLC, which does business as The Related Companies LP, filed the petition in Delaware bankruptcy court along with other creditors of Shelbourne North Water Street LP, seeking to force a restructuring of the nearly $70...
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