The Big Apple skyscraper splurge that turned rotten
A court case focusing on a failed $194 million New York hotel deal between Anglo Irish Bank and a group of investors is set to shine a light on how deals were done in the boom times
It was billed as an opportunity to invest in ‘‘prime hotel assets in the financial capital of the world’’, with a plan to buy, refurbish and ultimately sell on two New York skyscraper hotels. But this week, the Commercial Court will begin hearing how a $194million deal between Anglo Irish Bank and wealthy Irish investors has come apart at the seams.
The case being taken by Gerry McCaughey, the multimillionaire founder...
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