Wednesday, June 13, 2007

The wheels are starting to come off

I have been very busy and have not been able to post.

Here is a quick update from public records (click the "official documents" link):

Tax Lien - Federal

Tax Lien - Federal

Default Notice


subsonic22 said...


Er, wrong site, I can't resist though (and really MURST this time).

Anyway, nothing the impending line of credit from the foreign bank at 50 points over LIBOR can't take care of. If I'm that foreign bank, I might want to make sure I re-run the credit reports before passing out the $1.8 billion.

Adam said...

David Crisp LAUGHS at Federal Tax Liens. HA!

At least the IRS isn't asleep at the wheel! Can't say the same for ALL regulators, but at least that's a start....

FWIW, here's another pie-in-the-sky Twin Towers condo plan, but up in Sacramento, that was canned in rhe circular file, due to the changing real estate market:

CalPERS takes over Towers high-rise project

By Jon Ortiz - Bee Staff Writer
Published 10:34 am PDT Tuesday, June 12, 2007

The California Public Employees' Retirement System has announced it is taking over the debt-ridden Towers high rise project on Capitol Mall. That means the 53-story luxury condo and hotel that local developer John Saca envisioned for the site near the Tower Bridge is dead.

CalPERS is tapping Los Angles-based developer CIM Group to evaluate and develop another high-rise project at the location that is likely to include a hotel and some condominiums, though not the 400 units Saca had planned for his project. The evaluation process is expected to take at least 18 months.

The Towers was the first of a rash of high-rise condo plans put forward for Sacramento's downtown when Saca proposed it nearly three years ago. Many in the local commercial real estate community publicly lauded his vision and guts, but wondered whether the city was ready for a twin tower residential project in its business core. Still, the idea caught on with other developers, including Craig Nassi, a Denver-based developer the Aura high-rise condo tower proposed at 601 Capitol Mall, just a few blocks from the Towers site.

As the nation's largest public pension fund with assets of $245 billion, CalPERS added another layer of legitimacy to Saca's vision when it agreed to invest $100 million in the project. Deutsche Bank, the Germany-based multinational, also agreed to loan Saca another $350 million if he hit certain condo sales targets. The city kicked in another $11 million subsidy for hotel furnishings and fixtures that Saca would get once the project was built.

Saca broke ground last summer, but the project was $70 million to $80 million over budget by the fall and condo sales slowed to a trickle as the region's housing market went soft. The site now is little more than a hole in the ground the size of a city block.

CalPERS declined to disclose what it is paying to take over the project. Ted Eliopoulos, the fund's senior investment officer, said that CIM will "resolve issues" with Saca's outstanding creditors, finish the first phase of site preparation and come up with an alternate project.

xs10shell said...

Check this out:

Update: Casey Serin, Investor Turned Foreclosure Blogger, Flees to Australia and Threatens to Sue His Enemies