Otterbourg Partner and Former Bankruptcy Chief Judge Selected As Referee for Sale of Stuyvesant Town and Peter Cooper Village

June 21, 2010

Melanie L. Cyganowski, a member of the Firm, and the former Chief Judge of the United States Bankruptcy Court for the Eastern District of New York, has been appointed to serve as the referee for the foreclosure sale of the Stuyvesant Town and Peter Cooper Village apartment complexes in Manhattan. 

Ms. Cyganowski was named as the referee pursuant to an order issued on June 21, 2010, by United States District Judge Alvin K. Hellerstein in a mortgage foreclosure action filed in the United States District Court for the Southern District of New York. 

The order granted a motion for summary judgment brought by a group of lenders on the properties who are owed approximately $3.67 billion.  Judge Hellerstein also entered a judgment in the case which provides that the sale of the properties shall take place at a public auction to be held under Ms. Cyganowski's direction.  The location and timing of the sale will be publicly noticed by Ms. Cyganowski sometime during the summer.  Upon completion of the sale process, Ms. Cyganowski will file a report of the sale with the Court.