Quote:
Originally Posted by rlw777
10 Days until the Reorganization Plan Deadline. What does a reorganization plan include anyway?
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Post 2471:
Quote:
Originally Posted by Onn
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Read the Council's linked article in post 2471 of this thread. At a minimum, the secured creditor, Related, will have to be paid in any reorganization plan.
Related wants control of the property and wants Kelleher gone. "Atlas Apartment Holdings" will let Kelleher keep a much smaller piece of the development. But, so far, there is no evidence Kelleher or this particular Atlas can produce the money needed to pay off Related.
If Related is paid and the Spire is discharged from bankruptcy, Kelleher will merely retain an asset, a much smaller piece of the development. But, that much smaller piece of the Spire will then become subject to attachment to satisfy judgments of other creditors against Kelleher based on his personal guarantees of other loans for his defunct, pipe-dream of an empire.
The only thing holding up development of the Spire parcel is Kelleher's inability to pay off Related. The bankruptcy judge has given time to Kelleher and Atlas to "show me the money."
Related has access to the money to develop the property. But, Related's vision of what should go on the Spire property is probably neither as grand nor, IMO, as impractical as Kelleher's.
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It looks downright pastoral in that last shot.
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