Trouble Brews for Anglo Irish Bank Over Turkish Businessman's Mark Hotel Deal
The Anglo Irish Bank has pulled out of a loan deal with one of the most exclusive of New York’s hotels, accepting a discount of $100 million on the loan in order to extricate itself from the deal. The $300 million loan deal connected to Manhattan’s luxury Mark Hotel was sold for just $190 to Dune Real Estate Partners investment firm.Despite the sale, the heavily indebted hotel remains tangled in a complex legal case with Anglo Irish. Legal proceedings against the bank were brought by developers Izak Senbahar and Simon Elias in early 2011. The developers claim that Anglo Irish breached a $500 million loan deal between them that was supposed to fund the redevelopment of three hotels in Manhattan; the Mark, Flatolel and Alex. They argue that Anglo should not be allowed to sell the loans to a third party, and are demanding $1 billion in damages.
- Published in Businessman
- Written by Admin TOA
Uğur Terzioğlu, chairman of the Turkish-American Business Association (TABA/AmCham), was officially recognized Saturday with the title of honorary member of the Diplomaten International (DMW e.V.) for his role in facilitating the release of two German journalists who had been detained in Iran for over four months.
Forbes Turkey magazine has released its "Top 100 Wealthiest Turks" list for 2011. The magazine said that the total fortunes of Turkey’s 100 richest people had increased from last year’s 87 billion USD to 104 billion USD this year. Mehmet Emin Karamehmet, with his fortune reaching 4 billion USD, topped this year’s list. The businessman’s total wealth amounted to 2.9 billion USD in 2010.
Turkish American Chamber of Commerce and Industry (TACCI) held its annual gala last night at the NY Athletic Club with the attendance of more than 200 people, including Turkish, American and International state dignitaries, top company executives and representatives, TACCI board members and many other guests. 
Comodo, (www.comodo.com) a leading Internet security organization, announced today that its CEO, Melih Abdulhayoglu, has been named "Entrepreneur of the Year" at an awards gala held last night at the RSA Conference in San Francisco. He was chosen by an audience of security industry leaders and peers for his innovative technology in the area of Internet security.
Turkish businessman Ömer Erol (47), who devoted his life to charitable activities, passed away Sunday night in South Africa from a heart attack. Erol was diabetic. Erol moved to Johannesburg in 2006 and operated a textile store there. Speaking to Today’s Zaman on Monday, Ömer Erol’s close friend Orhan Şeker said they moved together to the African country. “We were friends for 25 years. He was very enthusiastic about charities. Wherever he saw any charitable activity, Erol was the first to sign up,” Şeker said. 
Global Capital Management Ltd., a buyout unit of Global Investment House of Kuwait, acquired 80 percent of Turkey’s Bicakcilar Tibbi Cihazlar AS, a medical equipment manufacturer, Global said.
Director General of Turkey's national air carrier Turkish Airlines, or THY, Temel Kotil said Wednesday that following flights to Los Angeles in March, 2011, they would begin flights to US cities of Houston, Miami, Boston and Detroit either in 2012 or in 2013.
Fort Lee Federal Savings Bank's second office is opening in Clifton, New Jersey. Operating in Fort Lee, New Jersey for the past ten years, the Fort Lee Federal Savings Bank will have the official opening of its three story building on Main Avenue, Clifton within the following days. The Bank is also preparing to transfer its first office to a new building they bought in Fort Lee.
Yasemin Koyunoglu, the only Turk owning a bank in the US, and her husband Dr. Haralambos (Bob) S. Kostakopoulos opened the doors of their new center to the Turk Avenue. Decorating their new office with nearly sixty marbling art pieces selected from the collection of marbling artist Kubilay Dincer of Turkey, the Kostakopoulos couple designed their floors with Turkish rugs.
Having started their endeavor with a moderate size bank in Fort Lee ten years ago, Kostakopoulos couple says that they owe their strength in the face of economic crisis and mortgage crises to a planned and conscious strategy.
The co-president of the Fort Lee Federal Savings Bank Yasemin Koyunoglu Kostakopoulos says, "What is important is not the number of banks; how much business you do. We took our steps slowly but sustainably."
Shopify, the online-retail platform bringing advanced commerce functionality to businesses of all sizes, announced it has secured $7 million in Series A funding from Bessemer Venture Partners, FirstMark Capital and Felicis Ventures. Shopify, which features a groundbreaking “app store” to help run your shop, will use the proceeds to invest in the growth of the company, including product development and international expansion. Shopify already serves customers in over 60 countries. The company also plans to invest in its technology, infrastructure and developer tools. Shopify is committed to attracting the best app developers to its platform, giving them access to thousands of retailers.
If you don't believe in the American dream, Engin Yesil, a driven entrepreneur with a relentless zeal for victory, will make you believe. "I came to the United States to get an education, so that I can go back and run my family business in Turkey," he continues, "I was an entrepreneur since birth, but I realized all the opportunities this country offered, and I was hooked on becoming the American dream." 
