Down goes the Stern Empire

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Down goes the Stern Empire

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Posted by Highly Leveraged Stern Empire Broke on December 12, 2003 at 22:15:15:

I small story not really known is the hard time the Stern had coming up with $40 million pay Elliot Spitzer. The real estate empire of Hartz Mountain is leveraged to the gills and cash strapped. Their poor management of their finances and their wild spending have left them ovr mortgaged and under water. This is primarily due to the Sports Authority not being awarded to their group. Their lenders are examining the loans for a better level of loan to value and the cash flows from the rent rolls does not allow the debt to be serviced. So look for bargains in the Jersey City Market big bargains as distressed sales start to happen. Goldman Sachs has been rumored to be looking for a buyer of their facilities and looking for sites in Florida.

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: I small story not really known is the hard time the Stern had coming up with $40 million pay Elliot Spitzer.   The real estate empire of Hartz Mountain is leveraged to the gills and cash strapped.   Their poor management of their finances and their wild spending have left them ovr mortgaged and under water.  This is primarily due to the Sports Authority not being awarded to their group.  Their lenders are examining the loans for a better level of loan to value and the cash flows from the rent rolls does not allow the debt to be serviced.  So look for bargains in the Jersey City Market big bargains as distressed sales start to happen.  Goldman Sachs has been rumored to be looking for a buyer of their facilities and looking for sites in Florida.


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