Extended Stay investors sue BofA, Wells Fargo
June 12, 2009
By MoneyAisle
An article in Reuters reports that Bank of America and Wells Fargo are being sued by “investors who bought debt that helped finance an $8 billion buyout of the now troubled Extended Stay hotel chain.”
The investors are claiming that the banks, which provided a great deal of the financing, tried to “seize the properties and wipe them out.”