May 2, 2012

SandBoxBlogs: Aspen Daily News "Related again takes Base Village reins'

To Related Cos.:   Well done.

There are many in the construction industry who will likely feel same or similar.   While at the same time,  also sending out a little wish that you can future recover, by the major success you will surely be at Base Village, the deep financial loss suffered at the hands of tort interference.

Think those black hearts and unscrupulous, borderline legal sharks that pulled what they did at Base Village  will ever be brought back into the fold of top level Aspen development  again?  Lordy, we all hope not.  Quite a few out here are very weary of seeing the good guys like Pat Smith and Tom Divenere taken such advantage of.

How much money do y'all think those allegedly corrupt scallywags made in their boondoggle?

.....hmmmm....let's speculate.... (in order of event...) a boondoggle done by yanking the cash flow, dangling carrots, upping the game in dollars and cents...yanking the cash flow again, throwing it all into bankruptcy, upping the game again in dollars and cents only this time dragging in homeowners too, dangling carrots, stringing along everyone including the local justice system and owners, yanking any glimmer of cash support but still collecting years of rents, etc. etc. etc.......and then finally...

(whisper...whisper...yes, this is  a "whispering campaign" ......hmmmm....interesting how fast this thing started shaking out as soon as the power of the Crowns and Skico got named in a lawsuit for alleged fraud)

..."allowing" "resolution"?  How much?  A few thousand?  A few hundred thousand?  A few million?  A few billion?

Nice work, if you can get it.  

Funny how these things never, ever get to full trial where the details that clear the good guys can get extracted out from the layers upon layers of spin and lawyers.

Gosh, sort of sounds like our affordable and employee housing boondoggles from certain developers end, doesn't it?  Nothing like generating the same sales over and over again every time there is a "default".  Great work, if you can take it.

Sincere congratulations to Pat Smith and Related Cos.  Whether he is a part of this next life of Base Village or not, there is a priceless value on getting your name and your pride back.

Well done.  Now, all the collateral damaged folks in the area have to do is forget their own losses  and move on.

(Be a good time to remember some related stories from the past, by clicking here and here.  And some current, similar stories here and here. )

Chad Abraham:
"Ending a tumultuous period of multiple lawsuits and uncertainty in Snowmass Village, The Related Companies announced Tuesday that it will reclaim control of the Base Village project from the consortium of European banks that foreclosed on the stalled development last year.

Related Colorado president Dwayne Romero said the “massive” agreement between his company and the banks’ affiliate resolves nearly all of the pending litigation over the project. The deal will transfer to a Related subsidiary, Snowmass Acquisition Co. LLC, the titles for: the Viceroy Hotel, the arrival center and parking garage, retail units, unsold condominium units in the Capitol Peak and Hayden lodges, the Little Nell building and other land parcels, according to a press release.

Town officials said they were cautiously optimistic that construction of the partially finished Base Village — which voters approved in 2004 as a way to transform Snowmass into a year-round resort — will resume sometime after the closing between Related and the banks is finalized. The closing could happen this fall, said Related spokesman Steve Alldredge...."  (Read more? Click title)

"Unapologetically pursuing and tracking patterns within the news others make since 2010."


MR said...

Romero deserves a lot of credit for making this work and come together. Lucky for everybody he ended up turning down Hick. The numbers that really had to happen behind scenes will come out at some point. All of it matters and we have to either do something or have something end what really is corruption on alternating levels of these developments. Pat is a good man with a good, reputable company no matter what he's been painted out to be around Aspen and Snowmass. He'll have trades banding around him to lend a hand, jobs will create again and the thing will finally finish. If we're all lucky he may have enough control to turn the whole thing into a high end casino. Really raise the economy and offend off a few of the upper crust that need to be. I hope he came out with something intact and hope the rest of it until the end is all good. This is good news in a lot more ways than one.

gws44 said...

He deserves a raise. Can't even imagine what the guy's been through getting this one pulled together. It'll go now, it will fly. Just think, all these years of really hurting the general population along with a really good company and it was all done so the sharks could get more. Maybe this time all the layers in-between will have learned something that sticks and the next time will see stronger good guys.

mack said...

Look for Snowmass to take less of wait and see for closing approach than Russ made it sound. Skico has to have stepped in an helped this out to a large degree. Just too fast coming in on heels of being served with a massive lawsuit. After 8 years of being up in the air over base village and 4 years of nothing at base village, it's time to move to fast forward. I don't blame Related for wanting to spin the positive asap and get moving. Lots of work to be done. It will be very interesting to see how congenial Pitco's going to be on getting them back up and running. I'm glad to see this for Related's sake, it's been a long haul more for them than anybody else.