Once-AAA Bonds on New York Megamall Face Over $350 Million Loss

Pyramid Management Group, a shopping center developer, is buying back the mortgage on a struggling megamall it owns in Syracuse, New York, for cents on the dollar, mostly wiping out...

By Eliza Ronalds-Hannon, John Gittelsohn and Scott Carpenter · Bloomberg Markets

Pyramid Management Group, a shopping center developer, is buying back the mortgage on a struggling megamall it owns in Syracuse, New York, for cents on the dollar, mostly wiping out bonds that originally carried top ratings.