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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Rock_nj who wrote (182053)	12/7/2009 3:28:08 PM
From: stockman_scott	1 Recommendation Respond to of 362360

The Military Industrial Complex controls Washington - no doubt about it...they have so much more influence and control than Wall Street too...It doesn't matter which party the president is from...it doesn't matter which party controls the CONgress...The Military Industrial Complex will almost always get their way -- and they have the mainstream media and the "Think Tanks" to help them too.

To: Rock_nj who wrote (182053)	12/7/2009 3:59:43 PM
From: stockman_scott	Respond to of 362360

Tishman & New York Fed in Discussions to Rework Chicago Loans By Daniel Taub Dec. 7 (Bloomberg) -- Tishman Speyer Properties LP is in discussions with the Federal Reserve Bank of New York to restructure loans on a portfolio of downtown Chicago office towers acquired in 2007 from Blackstone Group LP. “The lenders and Tishman Speyer are in active discussions regarding a potential restructuring of the existing debt,” the Federal Reserve Bank said in an e-mailed statement today. The bank holds a “debt position” in the buildings, it said. The bank inherited the stake after assisting in the sale of Bear Stearns Cos. last year, said Jack Gutt, a spokesman. Tishman Speyer, a New York-based real estate investor, bought the Chicago buildings from an affiliate of Blackstone for $1.72 billion at the height of the commercial real estate market. Tishman simultaneously sold one of the buildings to an investment fund of Houston-based Hines. Blackstone had acquired the towers in its purchase of billionaire Sam Zell’s Equity Office Properties Trust. Among the properties Tishman bought were 10 and 30 South Wacker Drive and the Civic Opera Building. It also bought 161 North Clark St., a 50-story building; One North Franklin St., a 36-story tower; and 30 North LaSalle St., a 44-story building. “The recent deterioration of commercial-property values across the U.S. has created the need for owners and lenders to negotiate loan modifications,” Tishman said in a separate statement. “Accordingly, Tishman Speyer has initiated such negotiations with the lenders on part of its Chicago portfolio.” Tishman, the investment manager for the properties, is current on its loan payments and isn’t in default, said Rick Matthews, a company spokesman. Capital Spending Tishman said that, during its discussions with the Federal Reserve Bank, lenders “have delayed funding certain capital expenditures that already had been approved.” The expenditures are “required under the loan agreement,” Tishman said. “We are optimistic that a resolution will be found to ensure that the properties continue to be well managed and maintained well into the future,” the Federal Reserve Bank said. The loans are secured solely by the Chicago portfolio, and Tishman’s other properties aren’t affected by the discussions, the company said. To contact the reporter on this story: Daniel Taub in Los Angeles at dtaub@bloomberg.net. Last Updated: December 7, 2009 14:48 EST