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Judge Rules Charles Cohen On The Hook For $187M Loan Guaranty Pending Scheduled Auction Of Assets Including Landmark
A New York State Supreme Court judge ruled that Charles Cohen owes creditor Fortress Credit Corp. $187.25 million but deferred payment until after an auction of assets set for Nov 8.
It claimed Cohen was in default and sued for an auction of the underlying collateral properties, which, along with Landmark, include a design center, office tower and hotel. The loan guaranty for $187.25 million — plus costs, legal fees and expenses — signed by Cohen is a side issue that Fortress sued to enforce. Cohen acquired Landmark, once the crown jewel of indie theater circuits, from Mark Cuban and Todd Wagner in 2018, arguably tough timing with the exhibition industry hit in swift succession by Covid and Hollywood strikes.
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