By Peter Corbett | The Republic | azcentral.com
Developer Steve Ellman took a financial thrashing in the past decade.
He lost ownership of the Phoenix Coyotes in 2006 and turned over management of Jobing.com Arena in Glendale. A lender took over Westgate City Center in a 2011 foreclosure.
Ellman, 61, said he lost more than $1.5 billion worth of real estate in the aftermath of the recession and was forced to lay off about half of the 200 Ellman Cos. employees.
Others might have wilted under those losses. Ellman managed to hold on to some valuable real-estate holdings. And he turned his focus to a new-media venture, with supersize digital billboards in New York’s Times Square, Hollywood and Las Vegas.
Ellman said he dealt with creditors and investors fairly and avoided any personal lawsuits. He is not apologizing for losing more than $100 million of his own and investor capital in the downturn.
“The reality is I did not cause the recession, so I have nothing to be ashamed of,” Ellman said.
Related: Former Coyotes owner Ellman sought deal between tribe, Glendale
