Unraveling The Rhino
The New York Post today reports that Ecko Unlimited, founded by wannabe graffiti writer Marc Ecko, are finding themselves in a credit crunch and they may be on the brink of bankruptcy. The company has brought in investment bank Peter J. Solomon to help refinance at least $170 million in debt owed to two key business partners. With lenders scarce, sources say his empire may be dismantled as he sells off assets to pay creditors. Also they have just defaulted on a $70 million loan…. Yikes! Marc Ecko is desperately trying to lease out chunks of its 280,000-square-foot headquarters on West 23rd Street – which includes a half-size basketball court, which we are sure is totally necessary, to work there.