Investor group blocks sale of $1.3B in bonds for WTC financing

The Port Authority of New York and New Jersey is being questioned by a group of investors about which bondholder group would be paid first should the Port Authority fall into financial hardship. The group has interests in the Port Authority's general debt and is concerned that a new debt structure would diminish the value of their stakes in the agency's general debt. This impediment could cause further costly delays for developer Larry Silverstein and the Port Authority in their bid to fund the construction of 4 World Trade Center.

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