NEW YORK -- Chase Manhattan Corp. sold $120 million of impaired real estate assets from a $2 billion portfolio that it earmarked last quarter for quick sale, according to a filing with the Securities and Exchange Commission. The sale was completed this quarter.
Chase did not disclose the discount at which the real estate was sold or the name of the buyer. It said the sale would not have a material effect on second-quarter earnings.
The company, which is in registration for a $750 million common stock offering, also revealed that it will file another registration statement to issue three million shares of common stock in connection with $12.5 million of warrants it will issue to settle a shareholder lawsuit. The total settlement, previously announced, is valued at $17.5 million.