Thursday, July 30, 2015

TD Bank sues Feldman Lubert Adler for $50M

TD Bank sues Harrisburg mall partnership Feldman Lubert Adler for $50M. The bank said the mall hasn't paid its mortgage.

TD Bank sues Feldman Lubert Adler for $50M

Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

TD Bank yesterday filed a second federal lawsuit against Feldman Lubert Adler Harrisburg LP over the partnership's alleged failure to pay $50 million in mortgages and interest for the Harrisburg Mall. The partnership bought the mall in 2003; it lost an anchor store, Boscov's, earlier this year.

In the new suit, TD (as successor to Commerce Bancorp, Cherry Hill, which financed the 2003 deal) wants $50 million from the partnership between publicly-traded mall operator Feldman Mall Properties Inc., of Long Island, and Lubert Adler, the Philadelphia real estate investment group whose investors include Pennsylvania's state pension funds.

Last month, TD sued to get possession of the mall. Philadelphia lawyer Barry E. Bressler, who's representing TD with his Schnader Harrison Segal & Lewis LLP colleagues Richard Barkasy and Michael Barrie, says both suits are active. He declined to say whether he thought Lubert Adler, which isn't a plaintiff, could end up having to pay. Lubert Adler's lawyers at Klehr Harrison didn't immediately return calls seeking comment.

Both suits were filed at Pennsylvania's Middle District in Harrisburg. The "possession" lawsuit is 08-02122-WJN. The $50 million lawsuit is 08-02255-WJN.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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