(Recasts, updates with source, spokeswoman comments, byline)
By Emily Chasan
NEW YORK, June 10 Former New York Gov. Eliot
Spitzer is looking at a number of options to possibly invest in
distressed real estate, but does not yet have a formal plan,
according to a source familiar with the matter.
Spitzer met with several former colleagues last month where
they spoke about his interest in participating in his father's
real estate business and in distressed assets created by the
subprime crisis, among other things, the source said.
An earlier report in The New York Sun on Tuesday cited a
source claiming Spitzer had approached Washington, D.C.-based
labor union officials to pitch his idea for a vulture fund and
that he was looking to pursue distressed real estate projects
valued between $100 million and $500 million. Vulture funds
invest in distressed assets.
A spokeswoman for Spitzer said the former governor's future
plans are not yet clear.
"Mr. Spitzer is currently evaluating several longer term
business ideas," his spokeswoman Brandy Bergman said.
Spitzer's father, real estate developer Bernard Spitzer, is
a self-made multimillionaire known for building one of New York
City's largest real estate firms.
The younger Spitzer resigned as governor in March after he
was caught on a federal wiretap arranging to meet a prostitute
in a Washington hotel room.
Two people who managed the prostitution ring already have
pleaded guilty in the case. Spitzer has not been charged in the
case and prosecutors refuse to say whether he will face
(Additional reporting by Paritosh Bansal; editing by Carol