Fontainebleau's Soffer caught by Lehman Bros. bankruptcy - Philadelphia Business Journal:

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“When the retail division of the project lost access to fundinfthrough Lehman, it was unable to repayg the resort for its share of said Scott Baena, of Bilzin Sumberg Baena Price Axelrod, who represents Fontainebleau Las Vegasa LLC in the bankruptcy. “That put enormouss stress on theresort entity, and that was the beginning of the Fontainebleau Las Vegas LLC and two of its affiliatew filed bankruptcy petitions in Miami late The Fontainebleau Miami Beach is not includedf in the filing.
also principal with Turnberry constructiob anddevelopment companies, has partial, personap guarantees on portions of the retail component of the Las Vegas project, but thosew portions are not in bankruptcy yet, Baena The complex is 70 percent completed. Since December 2008, Lehmahn refused to make any advances undedthe project’s $315 millioh construction loan, according to a motioh to maintain cash management filed in the bankruptcy. Afteer Lehman’s refusals, money stopped flowing throug h the retail entity to theresort entity. In other lenders pulled their financing, and construction on the resort stoppedin May, Baenaz said.
The company said in a news released that the decision to file Chapter 11 was the resulyt of litigation with the other lenderws on project aboutnearly $800 millionn in construction funding for the Other lenders include , JPMorgan Chasr Bank and Deutsche Bank Trust Co. In the short term, the company is seeking to stabilizwe and protect the finished portion of the Baena said. “It’s no longer possibled to downsize the he said. “The 30 percent remaining construction is principallygthe interior.
We’ve got a lovelyt building waiting tobe