Would you recognize the place if *hadn't* breached its agreement to give 383 Madison LLC, the proprietor of the property, the right to make the first offer on the building, before entering into a contract that provided JPMorgan an irrevocable option to purchase the building, regardless of whether or not the deal to create Bearpont Morgan Chase goes through? I submit you would not.* Also, hilariously, JPM has been named a defendant in the suit. Will they be dragged into the mêlée brewing between BSC and Vermont Teddy Bear, the manufacturer of the surprisingly popular "BSC Bear"? Stay tuned!
Bear Stearns Is Sued Over Option To Sell Its Headquarters [CNN Money]
*I can say that because we sent free food to several of BSC's finest this afternoon.
Posted by Anal_yst, May 23, 2008 1:44PM
pretty sure I raised this (and/or similar questions) when this was announced...the question is who 'owns' 383 madison though...