Infighting Amongst Hancock Tower Debt Holders

The WSJ had an article about the default of Hancock Tower and the disagreement between debt holders about foreclosure. The senior debt holders want foreclosure and the more junior note holders obviously want an extension out of fear they will be wiped out. The most senior debt piece is reportedly held by the John Buck Company. 

Since acquiring the tower, Broadway Partners has been faced with debt payments coming due and a mini exodus of tenants.

The ABA Law Journal also had a quick post on the topic. If you have a subscription to the Wall Street Journal, that article is located here.

As debt holders jockey for position and rights, the lawyers are one group that must be loving the whole idea of securitization.

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