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New York City Comptroller: Ax Rule Forcing Private Equity to Pay Legal Bills
Mandate now forces PE operators to cover their own litigation tabs in disputes, instead of passing along the costs to NYC pension fund investors.
Scott Stringer is worried. New York City pension funds are having a tough time enlisting private equity (PE) firms due to a requirement that PE outfits pay for litigation expenses out of their own pockets instead of shunting the cost onto investors.
So, as the city official overseeing the funds, City Comptroller Stringer is urging fund trustees to scrap this rule, which would help the buyout firms if they run into trouble with regulators or other litigants, as first reported by the
The Woolworth Building at 233 Broadway (Getty)
Overlooking City Hall Park in Lower Manhattan, the Woolworth Building was the tallest in the world when built in 1913.
The Woolworth family sold the 60-story tower in 1998, and in 2012 the Witkoff Group and Cammeby’s International sold the top half to Alchemy Properties, which would convert it into high-end condos.
Witkoff and Cammeby’s still own the office portion of the building, at 233 Broadway, and in 2015 refinanced it with a $256 million loan from Blackstone. The financing was expanded to $355 million in 2018, and last fall a $56 million piece of the debt was included in a CMBS deal named BXMT 2020-FL3.