The Macklowe purchase at the time was a sound business decision. Some of the best financial and legal personalities in the business reviewed, recommended and applauded the purchase.

Unfortunately no one could have predicted the collapse of the sub prime lending market. This story is bigger than the Macklowes, who got caught up in the credit crunch, it is about the deterioration of the American dream.

The Macklowes and their company will not go the way of O&Y rather they will come back bigger and stronger. We can only hope that John and Jane Citizen can emerge from this crisis unscathed.