Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek

Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek: "The owner of Lipstick Building, the midtown Manhattan tower where Bernard L. Madoff ran the biggest Ponzi scheme in U.S. history, won interim court permission to use cash collateral of lenders during its bankruptcy.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan granted Metropolitan 885 Third Avenue Leasehold LLC’s access to cash, on an interim basis, subject to entry of a final order. She also agreed yesterday to allow Metropolitan to pay pre-bankruptcy claims, bar utilities from discontinuing service, and give protection to lenders.
Royal Bank of Canada is Metropolitan’s biggest creditor, under a secured loan of $210 million."