U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012.  REUTERS/Shamil Zhumatov  (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

Reuters Photojournalism

Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption 

Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012.  REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

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The SpaceX mission

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Factbox: Creditors of Stuyvesant Town & Peter Cooper Village

NEW YORK | Mon Jan 25, 2010 2:34pm EST

NEW YORK (Reuters) - A group led by Tishman Speyer Properties LP is giving up control of the Stuyvesant Town and Peter Cooper Village apartment complex in Manhattan to creditors, marking the collapse of one of the largest transactions during the U.S. real estate boom.

The 11,200-apartment property will be turned over to creditors as the joint venture headed by Tishman and a unit of BlackRock Inc walks away from the deal.

The complex defaulted this month on $4.4 billion of debt used to finance the purchase, and the property once thought to be worth $5.4 billion, is now valued at $2 billion or less.

The Tishman/BlackRock group paid about $6.29 billion to get the properties, contributing $224 million to the complex. Some $3 billion of mortgage debt from the properties, consisting of 10-year interest-only loans due in 2016, have been securitized as commercial mortgage-backed securities (CMBS).

The following are some other creditors of the complex, including some that have or plan to write down their investments in the property:

CREDITOR and AMOUNT INVESTED

Government of Singapore Investment Corp ......... $675 mln

California Public Employees Retirement System.....$500 mln

Winthrop Realty/Concord...........................$300 mln

Florida Retirement System Pension Plan*...........$250 mln

SL Green/Gramercy Capital........................ $200 mln

Hartford Financial Services Group.................$100 mln

Deutsche Genossenschafts-Hypothekenbank...........$100 mln

California State Teachers Retirement System.......$100 mln

Fannie Mae........................Unspecified CMBS

Freddie Mac.......................Unspecified CMBS

Church of England..................................Unknown

Allied Irish Banks PLC....................Unspecified loan

*Creditors that have already taken writedowns on the investment

(Reporting by Chelsea Emery, Daniel Trotta, Albert Yoon and Ilaina Jonas, Compiled by Emily Chasan; Editing by Steve Orlofsky)

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