Bank of N.Y., Mayors, and Silver Choose Sides in $2.5B MAC Fight

McDonald, Michael
April 2004
Bond Buyer;4/7/2004, Vol. 348 Issue 31858, p3
Trade Publication
Reports that the Bank of New York has intervened in New York's highest court on behalf of Local Government Assistance Corp. bondholders in the battle over New York City's proposed MAC refinancing while the New York State Conference of Mayors and state Assembly Speaker Sheldon Silver have filed to intervene on behalf of New York City. Fight by Governor George E. Pataki against the state Legislature's attempt to relieve the city from its responsibility in Municipal Assistance Corp. debt; Establishment of the Sales Tax Asset Receivables Corp. to do the refunding; Motion filed by the Bank of New York to submit an amicus curiae brief.


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