News Summary

• A court-appointed receiver stepped in last year to rescue the $2-billion tower after the developers ran out of money.
• A judge signed off on a proposal that will wipe out almost every one of the 329 purchase contracts.
• Alvarez & Marsal, the monitor, figures it can resell the units for nearly $200 million more than the initial haul.
• About 7,300 unit sales have been cancelled in the past year, often because developers can’t hit their presale targets.