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ETRE clarifies Penn Treaty IPO

New York-based ETRE Financial L.L.C. cancelled plans to sell shares of Northern Liberties' Penn Treaty Village Pennthouses due to market conditions late last year, when its contract for the deal with the property's owner was terminated, a company official said Thursday.

New York-based ETRE Financial L.L.C. cancelled plans to sell shares of Northern Liberties' Penn Treaty Village Pennthouses due to market conditions late last year, when its contract for the deal with the property's owner was terminated, a company official said Thursday.

ETRE's agreement with developer Michael Samschick was terminated in November 2015, Eli Verschleiser, a founding partner of the financial firm, said in an email.

The company had said in a May 19 filing with the Securities Exchange Commission that it was withdrawing its application for an initial public offering of shares granting investors an indirect ownership interest in the residential complex due to "unfavorable market conditions."

Verschleiser characterized the complex as "a magnificent property in a wonderful location" in the email. He did not respond to a follow-up email and phone message asking about the difference between present market conditions and those of November.

jadelman@phillynews.com

215-854-2615 @jacobadelman