Try reading this summary of bankruptcy (pay special attention to timing/sequence of what happens and possibility of creditor's plans, the vote by creditors and the factors the judge must find before any plan can be approved) and you will see why I am pessimistic about this debtor's plan being approved. Atlas and Kelleher are far, far from having the Atlas/Kelleher plan finally adopted as "the plan" by the judge after a vote is taken and formal competing plans may have been submitted.
In fact, I suspect they are not in as much agreement about money as Atlas' attorney stated to the court. If there is nobody on the horizon for Kelleher to talk with and obtain a bid from, why have Related agree to Atlas being paid $3M+ more as a "break-up" fee just to let others have an opportunity to bid? Where will Kelleher get the $3M - much less the $6M to pay the Atlas break-up fee?
Plus, this Atlas is not the Texas Atlas. This Chicago Atlas came into being about 2 years ago and, except for the joint venture agreement with Merrick's expertise and links to Ghassan's deep pockets, nothing has been PRed as happening since the joint venture was announced. This Chicago Atlas manages rental properties. All I can find about Atlas is this PR by Merrick:
http://www.merrickrealestate.co.uk/a...-joint-venture I'm sure Ivankovich has assets of his own, but the sand is quite deep in the playpen he's entered. I doubt he can get the Saudis to commit. But, we'll see what happens. Could you direct us to a link you have about this Chicago Atlas which you consider a "mongol"?
I have as much right to point out the pitfalls and shortcomings (like no financing and no market demand and the property in bankruptcy with $100M+ owed to Related) that still need to be negotiated as you have to point out that your and Kelleher's dream has a chance of being realized. But, beyond an obvious love of all skyscrapers, hope and civic boosterism, what do you have that causes you to believe in Kelleher's dream?