ReviewJournal.com – The majority owner of the Greek Isles blamed "greedy hedge-fund guys" interested in wiping out the current owners’ equity stake for pushing the property into Chapter 11 bankruptcy Monday.
Harold Rothstein said the Greek Isles’ creditors have already taken $14 million in fees and interest out of the property since the financial markets collapsed.
"The ownership of the property was negotiating in good faith to reorganize and reposition the property," Rothstein said. "Even though the plan that was presented (to the creditors) was a plausible plan, the New York hedge fund is still acting like it was two years ago. They’re trying to play the big, bad wolf."