Quote:
Originally Posted by teiwaz
...well the court hears this case tomorrow and there are 3 different appraisals now all between 60 mil and the newest one coming in at 85 mil! Hopefully the courts will allow Simplon to finalize their new investors deals and pay out Black and keep moving forward. It will be quite a shock if the judge decides the property is only worth the 26 mil which is what Black is trying to present and ignore 3 certified appraisals all done within the month or so. I agree Simplon should not have borrowed that much cash but with the timing of this credit crunch, it has put them behind the 8 ball. Lets all cross our fingers for the little guys involved in this one and lets see a positive out come tomorrow or in the next few days!
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$1545 psf for unimproved land in downtown San Diego? Sounds about $1200 psf too high in todays market but I hope you're right.
Should be interesting.
Can you give us any hints on who you think will be your white knight?
02:00 PM
Chapter 11
SIMPLON BALLPARK LLC 08-01803-JM Ch
1) DEBTOR'S OPPOSITION TO MOTION FOR RELIEF FROM STAY, RS #JAD-1 (REAL PROPERTY BOUNDED BY J STREET, ISLAND STREET, 7TH AND 8TH AVENUES, CITY OF SAN DIEGO CA) FILED BY JEFFRY A. DAVIS ON BEHALF OF SDG-LEFT FIELD, LLC
2) SCRIPPS INVESTMENT & LOAN, INC.'S MOTION FOR RELIEF FROM STAY, RS #JAD-1 (REAL PROPERTY BOUNDED BY J STREET, ISLAND STREET, 7TH AND 8TH AVENUES, CITY OF SAN DIEGO CA) FILED BY JEFFRY A. DAVIS ON BEHALF OF SDG-LEFT FIELD, LLC
US TRUSTEE: United States Trustee
ATTORNEY: Thomas C Nelson (Simplon Ballpark LLC)
ATTORNEY: Jeffry A. Davis (SDG-Left Field, LLC)
ATTORNEY: George A. Foster (Edward Young, Ghayda Young)
ATTORNEY: Scott A. Schaelen (Nasland Engineering)
ATTORNEY: Adam M. Starr (Kohn Pederson Fox Associates PC)
ATTORNEY: Geoffrey E. Marr (Plaza Del Sol RET)
ATTORNEY: Victor A. Vilaplana (& Loan, Inc. Scripps Investment)