Bondholders accuse American Dream, NJ town of rigging mall valuation
Bondholders tied to the American Dream megamall are accusing its owners and a North Jersey borough of playing valuation games that torpedoed the collateral behind roughly $800 million in municipal debt. In a lawsuit filed in Bergen County chancery court, U.S. Bank Trust, acting as trustee for bondholders led by Nuveen, alleged that the Borough of East Rutherford and mall owner Triple Five Group colluded to slash the assessed value of the 3.5 million-square-foot retail and entertainment complex, according to Bloomberg. The cuts, bondholders say, have left annual payments covering less than half of the interest owed on the bonds. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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