Two Time Defaulter Defaults Again – Surprise Surprise

From Bloomberg:

Jan. 17 (Bloomberg) — Ian Bruce Eichner, the New York developer who lost two buildings to creditors in the 1990s, defaulted on a $760 million loan from Deutsche Bank AG for his Cosmopolitan Resort & Casino on the Las Vegas Strip.

The bank delivered a default notice yesterday, Perini Corp., the general contractor on the $3 billion project, said today. Construction continues on the 2,900-room casino and hotel scheduled to open December 2009, Perini said.

The first sentence makes me scratch my head. The guy lost – not one, but TWO high profile projects to creditors in the 1990s. How in the world does this man get a new loan for a multi-billion dollar project.

See how easy credit was a few years ago?

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