And when does it become a criminal act for these foreign lenders to prey on these developments, such as Base Village and Dancing Bear, with acts of tortious interference?
Chad Abraham:
"...Related officials have said, in essence, that they stopped paying back the loans because Hypo and the other banks halted additional funding amid the recession. That precluded the possibility of profits from Base Village that could have been used to pay the Hypo consortium back.
“By reason of Base Village [Owner’s] default, Hypo, as allowed by the loan and security agreement ... declared the entire unpaid principal balance of the notes due and payable, together with default interest accrued ...,” the lawsuit says.
Hypo, represented by the Aspen law firm of Klein, Coté & Edwards, says that when it foreclosed on the project in 2010, Base Village Owner owed at least $507.28 million, including accrued interest and other loan-related expenses. Minus the $138 million foreclosure bid price, the defendant owes $368.28 million, according to the lawsuit.
Related Colorado spokesman Steve Alldredge declined comment Monday, saying his firm had not seen the lawsuit.
Lawsuits in New York, where Related is based, are in pretrial evidence phases, he said...."
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"Unapologetically pursuing and tracking patterns within the news others make since 2010."
Showing posts with label Base Village Owner LLC. Show all posts
Showing posts with label Base Village Owner LLC. Show all posts
February 14, 2012
November 8, 2011
SandBox Comments: Aspen Daily News "Base Village owners denied PitCo tax relief "
"The Pitkin County commissioners voted unanimously Monday to deny an appeal by the owners of the beleaguered Base Village development to lower the taxable value of its Viceroy property by $57 million.
Its owners, Base Village Owner, LLC, had made two separate appeals for tax abatement, both of which the commissioners denied.
The company sent no representatives to Monday’s hearing. Deputy county assessor Larry Fite told the commissioners that was likely because they expected to be denied, and will fight for the abatements with the state Board of Assessment Appeals.
“They’d rather kick it up to the state,” said commission chair Rachel Richards...."
(Andrew Travers)
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Its owners, Base Village Owner, LLC, had made two separate appeals for tax abatement, both of which the commissioners denied.
The company sent no representatives to Monday’s hearing. Deputy county assessor Larry Fite told the commissioners that was likely because they expected to be denied, and will fight for the abatements with the state Board of Assessment Appeals.
“They’d rather kick it up to the state,” said commission chair Rachel Richards...."
(Andrew Travers)
(Read more? Click title. Comment to start discussion)
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