As reported in Crain’s New York Business, a joint venture lead by billionaire hedge fund manager William Ackman lost its motion to block the foreclosure sale of Stuyvesant Town/Peter Cooper Village apartment complex in Manhattan. The ruling to deny the stay by a panel of New York appellate court judges on Tuesday paves the way for senior lenders, which are represented by CWCapital Asset Management, to hold the sale on October 4, 2010 as planned.

Pryor Cashman Litigation Partner David Rose, who has handled numerous real estate litigation matters, was interviewed by Crain’s and told the publication that Tuesday's ruling is a signal that the judges don't believe the Ackman-led partnership will prevail.

To read the article, entitled, “Judge says no to Ackman's Stuy Town bid – Senior lenders get judicial nod over hedge fund manager's joint venture to pluck Stuyvesant Town/Peter Cooper Village out of foreclosure,” please click here.