Description: $1,000 7 7/8% Specimen Bond printed by Security-Columbian Banknote Company. In April 1970, Chase Manhattan Bank launched Chase Manhattan Mortgage and Realty Trust (CMMART) and traded on the NY Stock Exchange. I was the largest construction and development REIT at that time, growing to $1.6 billion in commitments. It was managed by an independent group of Trustees but advised by Chase Real Estate Finance bankers. Five years later, as a result of overbuilding, developer defaults and over-leverage, liquidity had vanished, commercial paper had dried up and the workout began. Its bank debt of $761MM was exchanged for the REITs assets in a series of auction swaps, held in Chases auditorium among 27 banks. CMMART went through bankruptcy in 1979, through which it settled its public debt of $100MM at a discount and enabled Chase to get its name back. Below is the tombstone for $100MM in bonds as underwritten in 1970 by a whole host of underwriters. How many are still around? Read more at https://en.wikipedia.org/wiki/Charles_M._Williams_(academic) Item ordered may not be exact piece shown. All original and authentic.
Price: 54 USD
Location: Portsmouth, New Hampshire
End Time: 2024-09-12T18:06:45.000Z
Shipping Cost: 6.25 USD
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Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
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