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Examples
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The ruling marks a victory for lenders, including Bank of America Corp., Wells Fargo & Co.'s Wachovia Corp. and the Federal Reserve's Maiden Lane fund as successor to Bear, Stearns & Co. Those lenders collectively provided Lightstone roughly $2 billion of mezzanine loans, but their claims were wiped out after Extended Stay filed for bankruptcy protection in 2009.
Judge Rules Against Lightstone Kris Hudson 2011
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Last year, Mr. Lichtenstein sold Lightstone's Prime Outlets shopping center division to Simon Property Group Inc. for $700 million.
Judge Rules Against Lightstone Kris Hudson 2011
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Ultimately, Lightstone lost its grip on Extended Stay in the bankruptcy.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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Similarly, the trustee's lawsuit accuses Mr. Lichtenstein of delaying the "inevitable" bankruptcy filing as he tried trying to cut cutting a deal to preserve some of his equity and extricate Lightstone from the bad-boy clause.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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They say Mr. Lichtenstein instead opted for bankruptcy in the hope that he could strike a deal in court for Lightstone to retain keep a small ownership stake in Extended Stay.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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Mr. Lichtenstein is appealing the ruling, but it already has been painful for the 50-year-old Brooklyn native, who built Lightstone Group into an empire of apartments, shopping centers and hotels.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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The case dates back to 2007 when Lightstone acquired Extended Stay from Blackstone Group LP for $8 billion.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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Getty Images A San Rafael, Calif., hotel in the Extended Stay chain, which was placed under bankruptcy protection in 2009 by owner Lightstone Group.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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Lightstone Group David Lichtenstein In his first interview since a July ruling in New York State Supreme Court, Mr. Lichtenstein, owner of Lightstone Group, said earlier this month he had been ready to forfeit the debt-laden hotel chain to a group of its mortgage holders in 2009, but a lawsuit filed by junior lenders left him little choice but to place Extended Stay under Chapter 11 bankruptcy protection.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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Lightstone appeared to have survived relatively unscathed, having contributed only $200 million in equity.
Lightstone Chief Defends a Bankruptcy Kris Hudson 2011
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