unencumbered assets, page-42

Redmoon think you have got it wrong
This article may help you
http://www.sun-sentinel.com/topic/ny-bzcov2312523289mar23,0,2438422.story?page=1

After reading it you will realise Normandy is a large realestate company in its own right that recently bought into several of Recksons properties Reckson being the company that shares a 25% interest in the properties RNY owns.

Specificly it is the 7 Tarrytown properties RNY and Reckson have in Westchester that Normandy bought into.

The directors of Reckson last year took a 19.5% interest in RNY, this interest due to the above buy in by Normandy is now tied into the Normandy interest therefore Normandy is subject to making its indirect interest in RNY known


Reckson seems to be in a bit of a financial strife with missing loan repayments and developers not being paid which is why Normandy came on board, they got a good deal to supposedly paying 50 cents in the dollar for the loan and getting the property title.

Personally feel the announcemnt is a bit of a non issue for RNY as RNY is independant of Reckson.

This is just my take on it but I spend most of my time out with the pigs so probably have got it all wrong, there may be more interest by Normandy in RNY than what I mentioned above whcih is just and indirect 19.5% indirect interest but I dont see it in any substantial holder notices.

I see Reckson was down graded by Moodys last week also Scott Rechler recently lost money to Madoff.
Scott Rechler seems to be coming across as a bit over confidant in this market but he has pulled it off before