Lenders sue to recoup at least $145 million personally guaranteed by Aby Rosen and Michael Fuchs after Shangri-La hotel project goes into foreclosure

RFR Holding partners Aby Rosen and Michael Fuchs are being sued for at least $145.6 million to repay a loan they personally guaranteed on a hotel project that is now in foreclosure.
Lenders ING Real Estate Finance and Swedbank AB filed to foreclose on the hotel project last month, but amended the complaint last week to exercise a clause that makes the duo as well as others personally liable for the loan, late fees and other expenses.

Read more:
http://www.crainsnewyork.com/article/20090716/FREE/907169975