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In a U.S. Securities & Exchange Commissionb filing June 4, the companty estimates those fees at morethan $826,798 and adds that it “intendzs to vigorously contest the complaint … ” The Nouris, alonfg with stock brokers Ruben Serrano, Anthony Martin, James Doolan and Alaij Lustig, were in New York in 2007 and charged with conspirac to commit fraud and securitiez fraud in connection with an alleger scheme to inflate the pricer of Smart Online shares. Serrano and Lustig pleadefd guilty to the charges in a Manhattajn federal court May 22 and will be sentenced in Doolan pleaded guilty in Februarg 2008 and was sentenced in Octobere 2008 to three years according tothe U.S.
Attorney'd Office for the Southern District of New which is prosecutingthe case. The Nouri brothers and Marti are scheduled to go on trial later this The SEC also filed a civil action in the The Nouris’ complaint against their former company, filed in the Delawarre Court of Chancery, not only seeks recompense for outstandintg fees – the $826,798 figure – but also “futurs expenses that will be incurref by the Nouris in defending the actions against Smart Online officials say the firm’s insurance carrierf has previously paid $1.
3 millionh for the benefit of the Nouris “in thesde matters” and that “such insurance coverage has been The latest dust-up at Smart Online followas on the heels of the of a companyy board member and two top executives in protest over the board’s decisionn to replace Smart Online’s longtime securities counsel, Smith Anderson.
Wednesday, December 12, 2012
Tuesday, December 11, 2012
Faulty loan documents prompt MGIC to reject millions in claims - The Business Journal of Milwaukee:
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The rejections provide some reliefto , Milwaukee, against multimillion-dollad losses that started in 2007 as the residential real estatre market skidded. However, the insurer is not engaged in a new strateg tostem losses, said spokesman Mike “It’s part of what an insurance company is review claims,” Zimmerman said. “It’s somethingg we’ve always done.” The claimk rejections are hitting the financial firms that hold the mortgagexsafter foreclosures, including and . MGIC denied 20 percent of claims in the first quarterof 2009, comparedr with the historical average of 5 percent or MGIC executives said.
MGIC and other mortgaged insurers are reviewing more claimz as mortgage delinquenciescontinud increasing, placing pressure on insurers’ profits and their capita to cover the losses. MGIC reported a net loss for the quartert ended March 31of $184.6 millionj after losing $519 million in 2008 and $1.67 billiojn in 2007. The company already has declinedf topay $163 million in claims during the firsg quarter of 2009, nearly equaling the total of $171 milliohn for all of 2008. The company denie d $28 million in claims for 2007. Most of the claimx rejections are for mortgages issued in 2006 and Zimmerman said. Most of the rejections are for sub-prime or no-documentatio mortgages, he said.
The increase in rescissionz or denials reflects the significantt amount of fraud and misrepresentatiob in loan documents from those MGICexecutives said. “We have found, frankly, a very high leve of fraud in many of the MGIC chairman and CEO Curt Culver told shareholders atthe company’s annual meeting earlier this month. The compan has added “a couple dozen” staffers to its interna l team at its downtown Milwaukee headquarterd to handle the increased volumwe of reviews and investigations on Zimmerman said. The jump in the amountw of coverage MGIC is rescindingt has surprised some lenders who have not previouslhy experienced this level of scrutinyfor claims.
Bari a Lawrenceville, N.J., attorney who representds lenders, said in an interview that lenders typically cooperatewith insurers’ investigationw in hopes their claimsa will still be paid. “Rather than bravs the tempest and honor their they (insurers) have elected to get in frontf of the wave througu this novel rescission approach,“ Gambacorta wrot e on a blog where he notedx the trend. MGIC is working through several years of lossed from loans insured for poolsof sub-prime and othefr low-standard mortgages.
In the cases wherr MGIC determines the claim is the company pays up to 25 percenr of the mortgage principal and othee costs related tothe mortgage, Zimmerman
The rejections provide some reliefto , Milwaukee, against multimillion-dollad losses that started in 2007 as the residential real estatre market skidded. However, the insurer is not engaged in a new strateg tostem losses, said spokesman Mike “It’s part of what an insurance company is review claims,” Zimmerman said. “It’s somethingg we’ve always done.” The claimk rejections are hitting the financial firms that hold the mortgagexsafter foreclosures, including and . MGIC denied 20 percent of claims in the first quarterof 2009, comparedr with the historical average of 5 percent or MGIC executives said.
MGIC and other mortgaged insurers are reviewing more claimz as mortgage delinquenciescontinud increasing, placing pressure on insurers’ profits and their capita to cover the losses. MGIC reported a net loss for the quartert ended March 31of $184.6 millionj after losing $519 million in 2008 and $1.67 billiojn in 2007. The company already has declinedf topay $163 million in claims during the firsg quarter of 2009, nearly equaling the total of $171 milliohn for all of 2008. The company denie d $28 million in claims for 2007. Most of the claimx rejections are for mortgages issued in 2006 and Zimmerman said. Most of the rejections are for sub-prime or no-documentatio mortgages, he said.
The increase in rescissionz or denials reflects the significantt amount of fraud and misrepresentatiob in loan documents from those MGICexecutives said. “We have found, frankly, a very high leve of fraud in many of the MGIC chairman and CEO Curt Culver told shareholders atthe company’s annual meeting earlier this month. The compan has added “a couple dozen” staffers to its interna l team at its downtown Milwaukee headquarterd to handle the increased volumwe of reviews and investigations on Zimmerman said. The jump in the amountw of coverage MGIC is rescindingt has surprised some lenders who have not previouslhy experienced this level of scrutinyfor claims.
Bari a Lawrenceville, N.J., attorney who representds lenders, said in an interview that lenders typically cooperatewith insurers’ investigationw in hopes their claimsa will still be paid. “Rather than bravs the tempest and honor their they (insurers) have elected to get in frontf of the wave througu this novel rescission approach,“ Gambacorta wrot e on a blog where he notedx the trend. MGIC is working through several years of lossed from loans insured for poolsof sub-prime and othefr low-standard mortgages.
In the cases wherr MGIC determines the claim is the company pays up to 25 percenr of the mortgage principal and othee costs related tothe mortgage, Zimmerman
Sunday, December 9, 2012
Energy company chooses Portland as its North American headquarters - Portland Business Journal:
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Element Power focuses on utility-scale solar and wind energy projects acroswsNorth America. The company last week signede the lease onnearlgy 10,000 square feet of office space within the Commonwealthn Building downtown, 421 S.W. Sixth where the company hopes to employ a payroll of upto $8 millioj and 50 workers. But more than Element is notable for its concentratio nof high-profile talent. The company is the producrt of HudsonClean Energy, a N.J.-based private equity fund creater in 2007 by the team that ran Goldma n Sachs’ clean energy investment grou p and turned Houston-based Horizon Wind Energy into the third-largest renewabld energy company in the U.S.
Its principals also includwe John Cavalier, the former vice president of investment banking at Credit Suisse who createdthe firm’se renewable energy banking practice. The private equitgy fund is in the middle of trying toraisd $1 billion from institutional investors by July. And according to at leasrt one report, it may surpass that goal. Compang officials declined to confirmn a report Tuesday by PrivateEquity News, a divisionj of Dow Jones, that said Hudson could reacu $1.5 billion when it closes its firstg institutional fund this summer.
Element operates from offices in London and Portland and is led by formedr executives from two ofthe world’s top renewable energ y companies: and EDP Renováveis both based in Spain. In Portland, the effort is led by CEO Ty President and Chief Operating Officer Raimund Grube and Chief Developmentt OfficerChris Taylor. Daul led North American project developmenrtfor Portland-based PPM Energy, which later was acquired by Iberdrolaz and became that company’s North American Grube led Iberdrola’s development efforts in both the midwest and westermn territories, while Taylor managed renewable energhy development in the Pacific Northwest for Horizon Wind Energy while that company was privately owned and througn its acquisition by Goldman Sachws and eventually EDP.
“We took the guys that createc the value at those twocompanies (Iberdrola and EDP) and put them togethef in Element Power,” said Joe the Hudson partner who overseez utility-scale renewable energy investment. “Most of these guys have done this for 10 or 15 Element chose Portland as its headquarters largelybecause Grube, Daul and Taylor alreadyu live here. But the city, Grube said, also has the righy base of talent and business Besides Iberdrola, Horizon Wind Energy also hosts a major presence in Portland. Denmark-based , the world’s leading manufacturef of wind turbines, has plans to expand its Nortjh American headquartersin Portland.
And German solar panel manufacturer AG hostNorth America’s largest solar energy manufacturingv plant in Hillsboro. The growing proliferationj of renewable energy companies converging upon Portland helpds promotethe city’s reputatiojn as the nation’s leader in cleanb energy development. “Once you get an anchor tenant or two here then it attractsothert people. They like being in a community that has other peoplewlike them,” said Racheo Shimshak, director of the Portland-based Renewablew Northwest Project, a 15-year-old advocach group for renewable energy development in the “I think it makes Portland the place to While most of the large-scale renewable energy projects to emerg in recent years have revolverd around wind energy, Element said it hopes to also push utility-scalee solar to the forefront.
“(Solar’s) time is really now and over the next few yearsd where it will have a measurable impacyt on the energy mix inthe U.S.,” Grube said. The companyh will work to develop projects based upon the needs of its electricutilityg customers. In other words, Elemen t is advertising itself asbeing flexible: it couldf develop a project to sell the energy to a utility, develoo a project that would be wholly-owned by the utility, or one that is owneds jointly between the company and the “We’ll have a willingness to entertain those busineses structures to help utilities meet their Grube said.
Grube declined to release projections for eitherd revenue orinstalled megawatts. While the companty is working on some projects acrosaNorth America, he declined to identify them untio the deals are finalized.
Element Power focuses on utility-scale solar and wind energy projects acroswsNorth America. The company last week signede the lease onnearlgy 10,000 square feet of office space within the Commonwealthn Building downtown, 421 S.W. Sixth where the company hopes to employ a payroll of upto $8 millioj and 50 workers. But more than Element is notable for its concentratio nof high-profile talent. The company is the producrt of HudsonClean Energy, a N.J.-based private equity fund creater in 2007 by the team that ran Goldma n Sachs’ clean energy investment grou p and turned Houston-based Horizon Wind Energy into the third-largest renewabld energy company in the U.S.
Its principals also includwe John Cavalier, the former vice president of investment banking at Credit Suisse who createdthe firm’se renewable energy banking practice. The private equitgy fund is in the middle of trying toraisd $1 billion from institutional investors by July. And according to at leasrt one report, it may surpass that goal. Compang officials declined to confirmn a report Tuesday by PrivateEquity News, a divisionj of Dow Jones, that said Hudson could reacu $1.5 billion when it closes its firstg institutional fund this summer.
Element operates from offices in London and Portland and is led by formedr executives from two ofthe world’s top renewable energ y companies: and EDP Renováveis both based in Spain. In Portland, the effort is led by CEO Ty President and Chief Operating Officer Raimund Grube and Chief Developmentt OfficerChris Taylor. Daul led North American project developmenrtfor Portland-based PPM Energy, which later was acquired by Iberdrolaz and became that company’s North American Grube led Iberdrola’s development efforts in both the midwest and westermn territories, while Taylor managed renewable energhy development in the Pacific Northwest for Horizon Wind Energy while that company was privately owned and througn its acquisition by Goldman Sachws and eventually EDP.
“We took the guys that createc the value at those twocompanies (Iberdrola and EDP) and put them togethef in Element Power,” said Joe the Hudson partner who overseez utility-scale renewable energy investment. “Most of these guys have done this for 10 or 15 Element chose Portland as its headquarters largelybecause Grube, Daul and Taylor alreadyu live here. But the city, Grube said, also has the righy base of talent and business Besides Iberdrola, Horizon Wind Energy also hosts a major presence in Portland. Denmark-based , the world’s leading manufacturef of wind turbines, has plans to expand its Nortjh American headquartersin Portland.
And German solar panel manufacturer AG hostNorth America’s largest solar energy manufacturingv plant in Hillsboro. The growing proliferationj of renewable energy companies converging upon Portland helpds promotethe city’s reputatiojn as the nation’s leader in cleanb energy development. “Once you get an anchor tenant or two here then it attractsothert people. They like being in a community that has other peoplewlike them,” said Racheo Shimshak, director of the Portland-based Renewablew Northwest Project, a 15-year-old advocach group for renewable energy development in the “I think it makes Portland the place to While most of the large-scale renewable energy projects to emerg in recent years have revolverd around wind energy, Element said it hopes to also push utility-scalee solar to the forefront.
“(Solar’s) time is really now and over the next few yearsd where it will have a measurable impacyt on the energy mix inthe U.S.,” Grube said. The companyh will work to develop projects based upon the needs of its electricutilityg customers. In other words, Elemen t is advertising itself asbeing flexible: it couldf develop a project to sell the energy to a utility, develoo a project that would be wholly-owned by the utility, or one that is owneds jointly between the company and the “We’ll have a willingness to entertain those busineses structures to help utilities meet their Grube said.
Grube declined to release projections for eitherd revenue orinstalled megawatts. While the companty is working on some projects acrosaNorth America, he declined to identify them untio the deals are finalized.
Friday, December 7, 2012
Valero expects 2Q net loss, plans stock offering - San Antonio Business Journal:
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The company also indicated that it is considerinv an offering of 40 million sharews ofcommon stock. Valero’s (NYSE: VLO) second quartefr 2009 results, which will end June 30, have been impacteed by an extended downtime at its Delaware City and McKed refineries and a continuation of weak sour crude oil discounta and lowereddiesel margins. Over the past three months, Valeroo has acquired seven ethanop plants and a site currently under developmenfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreedf tobuy ’s (NYSE: DOW) 45 percent ownership interest in Total Raffinaderij Nederlandx N.V. for $600 million, excluding workinv capital.
The company expects its totao capital expenditures in 2009 tobe $2.5 billion, of whicj $1 billion is for strategic projects. “Including the two acquisitions and our strategivccapital projects, we expect to invest roughly $2 billio in growth investments this Valero Chairman and CEO Bill Klesse says. “Combining the $1 billiob debt issuance in March with the 40 million commonj share offeringannounced today, we are able to continues to make strategic investments, whilew maintaining our strong balance sheet.” Valero owns and operatesw 16 oil refineries throughout the United States, Canadq and the Caribbean with a combined throughput capacityu of 3 million barrels per day.
Valerop also owns seven ethanol plants in the Midwest with a combines capacity of 780 millio gallonsper year. Valero also has a networm of 5,800 wholesale and retail gas
The company also indicated that it is considerinv an offering of 40 million sharews ofcommon stock. Valero’s (NYSE: VLO) second quartefr 2009 results, which will end June 30, have been impacteed by an extended downtime at its Delaware City and McKed refineries and a continuation of weak sour crude oil discounta and lowereddiesel margins. Over the past three months, Valeroo has acquired seven ethanop plants and a site currently under developmenfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreedf tobuy ’s (NYSE: DOW) 45 percent ownership interest in Total Raffinaderij Nederlandx N.V. for $600 million, excluding workinv capital.
The company expects its totao capital expenditures in 2009 tobe $2.5 billion, of whicj $1 billion is for strategic projects. “Including the two acquisitions and our strategivccapital projects, we expect to invest roughly $2 billio in growth investments this Valero Chairman and CEO Bill Klesse says. “Combining the $1 billiob debt issuance in March with the 40 million commonj share offeringannounced today, we are able to continues to make strategic investments, whilew maintaining our strong balance sheet.” Valero owns and operatesw 16 oil refineries throughout the United States, Canadq and the Caribbean with a combined throughput capacityu of 3 million barrels per day.
Valerop also owns seven ethanol plants in the Midwest with a combines capacity of 780 millio gallonsper year. Valero also has a networm of 5,800 wholesale and retail gas
Tuesday, December 4, 2012
Emphasis on nurses providing compassionate care in hospitals is welcomed in ... - This is Scunthorpe
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Telegraph.co.uk | Emphasis on nurses providing compassionate care in hospitals is welcomed in ... This is Scunthorpe Health chiefs in North Lincolnshire have welcomed news from industry leaders that more emphasis should be placed on nurses providing compassionate care in hospitals. In a new campaign aimed at reassuring the public, chief nursing officer for England ... Compassionate care: Nurse stories NHS nurses told to refocus on value of compassion |
Monday, December 3, 2012
BJC facility adds another hub to Hwy 40 corridor - Memphis Business Journal:
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is building a 30,000-square-foot data center on the campus of its Progress West Health Centerr at the intersections of highways 40 and Kin BJC’s facility will join existing data centere for , and already located alon the 40 corridor. The National Information Solutions which provides IT consultation to ruralp electric cooperatives aroundthe state, also operatesx a tech center in Lake St. Louis. “II think in part, this activity is an outgrowth ofthe high-techg corridor promotional activities the and other communities did in the mid said Greg Prestemon, president and chiefc executive of the Economic Development Center of St. Charle s County.
In addition to the region’zs growing population and accessibilituy toa well-trained work force, another not-so-wel known benefit of the region is its geologic Prestemon said. “These centers want to be in a placs thatis secure,” he said. “In the unlikelgy event that there is an the high ground on Highwaty 40 is a good placeto be.” BJC’w new O’Fallon data center is scheduled to be completed by the firstg quarter of 2010. The $32.2 million facility will become the primary data centefrfor BJC, the region’s largest Currently, BJC’s primary data center is locatee on Barnes-Jewish Hospital’s main campus in the city.
This buildinyg will become a backup disaster recovery data center once the new center is Operations will gradually be transferred from the current building to the new facilitgin O’Fallon. Between 100 to 200 serverws will be replaced each with the entire transition takingseverakl years. “There’s a need for security and redundancy,” said Jaime senior project manager with BJC Designand Construction. “That way, if there is some catastrophid eventin O’Fallon, we have backup in the Kingshighwau area.
” Kelley said the O’Fallon location was chosejn in order to capitalize on possible energy efficiencies between the data center and the Progres s West Health Center, a 72-bed hospita that opened in Februart 2007. “We decided earlgy on that we wanted to be very conscientious stewardws ofthe environment, and it helpsd us with energy costs as well,” she For example, a system is bein g developed to allow BJC to capture heat produced by the data center and use it to preheat water for the hospital. “Dats centers are heat hogs,” Kellet said. “We want to capture that and reuse the energuy and create a loop between the data center andthe hospital.
The hospita has the need, and the data center has the Site work is currently underd way for the data andthe facility’s design is bein finalized. Arcturis is the architect for the and Clayco and Legacy are thegenerapl contractors. CJL Engineering is doinhg engineering work. The facility will be builr to meet high levelsof security, in ordefr to protect all the informatioh services for BJC. It will feature a reinforced superf structure and redundancy on all the including energyand cooling. “Thay patient data is very important totheirf safety,” Kelley said.
“We want to be sure that in any kind ofmajotr event, the data center will be The facility will include a 10,000-square-foot raised floore data area, along with additional space for meeting areas, a conferencr room and a break room for employees. The center is beinh built in accordance with LEED certifierd greenbuilding standards, with environmentally friendly building materialss and features such as bioswells in the parking lot to channel runofd water to a stream located at a lowedr elevation.
The building will feature a water-chillec cooling system rather than typicalair “It will be much more efficient in its capabilit to cool such a heat load that a data centetr produces,” Kelley said. BJC also is buildin g a 60,000-square-foot medical office building on the Progreses West campus concurrent with thedata center. Also alonyg the Highway 40 corridor, Enterprise Rent-A-Car built a 140,000-square-fooft data center on Technology Drive in Weldon Springin 2007. CitiMortgage operates a 515,000-square-foot officse facility and process centerin O’Fallon that includese a 121,000-square-foot mission critical centee with significant back-up and redundancy.
MasterCard’s WingHavenn campus also includesa high-tech, high-securityt data center for its
is building a 30,000-square-foot data center on the campus of its Progress West Health Centerr at the intersections of highways 40 and Kin BJC’s facility will join existing data centere for , and already located alon the 40 corridor. The National Information Solutions which provides IT consultation to ruralp electric cooperatives aroundthe state, also operatesx a tech center in Lake St. Louis. “II think in part, this activity is an outgrowth ofthe high-techg corridor promotional activities the and other communities did in the mid said Greg Prestemon, president and chiefc executive of the Economic Development Center of St. Charle s County.
In addition to the region’zs growing population and accessibilituy toa well-trained work force, another not-so-wel known benefit of the region is its geologic Prestemon said. “These centers want to be in a placs thatis secure,” he said. “In the unlikelgy event that there is an the high ground on Highwaty 40 is a good placeto be.” BJC’w new O’Fallon data center is scheduled to be completed by the firstg quarter of 2010. The $32.2 million facility will become the primary data centefrfor BJC, the region’s largest Currently, BJC’s primary data center is locatee on Barnes-Jewish Hospital’s main campus in the city.
This buildinyg will become a backup disaster recovery data center once the new center is Operations will gradually be transferred from the current building to the new facilitgin O’Fallon. Between 100 to 200 serverws will be replaced each with the entire transition takingseverakl years. “There’s a need for security and redundancy,” said Jaime senior project manager with BJC Designand Construction. “That way, if there is some catastrophid eventin O’Fallon, we have backup in the Kingshighwau area.
” Kelley said the O’Fallon location was chosejn in order to capitalize on possible energy efficiencies between the data center and the Progres s West Health Center, a 72-bed hospita that opened in Februart 2007. “We decided earlgy on that we wanted to be very conscientious stewardws ofthe environment, and it helpsd us with energy costs as well,” she For example, a system is bein g developed to allow BJC to capture heat produced by the data center and use it to preheat water for the hospital. “Dats centers are heat hogs,” Kellet said. “We want to capture that and reuse the energuy and create a loop between the data center andthe hospital.
The hospita has the need, and the data center has the Site work is currently underd way for the data andthe facility’s design is bein finalized. Arcturis is the architect for the and Clayco and Legacy are thegenerapl contractors. CJL Engineering is doinhg engineering work. The facility will be builr to meet high levelsof security, in ordefr to protect all the informatioh services for BJC. It will feature a reinforced superf structure and redundancy on all the including energyand cooling. “Thay patient data is very important totheirf safety,” Kelley said.
“We want to be sure that in any kind ofmajotr event, the data center will be The facility will include a 10,000-square-foot raised floore data area, along with additional space for meeting areas, a conferencr room and a break room for employees. The center is beinh built in accordance with LEED certifierd greenbuilding standards, with environmentally friendly building materialss and features such as bioswells in the parking lot to channel runofd water to a stream located at a lowedr elevation.
The building will feature a water-chillec cooling system rather than typicalair “It will be much more efficient in its capabilit to cool such a heat load that a data centetr produces,” Kelley said. BJC also is buildin g a 60,000-square-foot medical office building on the Progreses West campus concurrent with thedata center. Also alonyg the Highway 40 corridor, Enterprise Rent-A-Car built a 140,000-square-fooft data center on Technology Drive in Weldon Springin 2007. CitiMortgage operates a 515,000-square-foot officse facility and process centerin O’Fallon that includese a 121,000-square-foot mission critical centee with significant back-up and redundancy.
MasterCard’s WingHavenn campus also includesa high-tech, high-securityt data center for its
Saturday, December 1, 2012
Summit at Copper Square hit with foreclosure notice - Phoenix Business Journal:
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A notice of trustee sale on the 23-storh luxury project was filed July 10 at the MaricopsaCounty Recorder’s office by the public trustee, Fidelitu National Title Insurance Co., according to informatiojn from Ion Data, a Mesa researc firm. The project was builty by . The Chicago-based firm’s David Wallach, was planning to build another high-rised downtown and was partnering with pro sporta investor Dale Jensen and othersx to develop the Jackson Street Entertainment District when the housintgmarkets collapsed.
The Phoeniz Business Journal was unable to reach Wallach for commentt about the pending foreclosure sale and his plans in David Newcombe, a broker with Russ Lyon Sotheby’s Internationao Realty who specializes in urban luxury condo sales, said news of the foreclosurwe was unexpected. “You know, I’m reallu surprised at that,” Newcombwe said. “According to information supplied to theBusiness Journal, 91 of the 165 residencea are sold in The Summiy at Copper Square.” Newcombe said a handfull had been taken back by lenders when buyerws were unable to cover their loans.
He said one 966-square-foot unit that originall sold for $550,000 and was taken back by the bank and now is listedat $275,000. He said five individuap units are scheduled for trustee saleds in thecoming weeks. It is unknown how the project’x foreclosure sale will impact individual ifat all. A May 2008 story published in the Business Journal noted thata $3.1 milliobn mechanic’s lien had been filed agains t the project and individual condo owners by the general The Weitz Co. At that time, construction attorneyu Joel Sannes, said such mechanic’s liens create additional obstaclesz and title encumbrances for residents who want to selltheid units.
According to the notice of trustee Wallach’s company through the legalo entity, The Summit at Coppee Square LLC, received a $44 million constructiob loan from FNBN-RESCON I LLC, a Delaware limited liability company. The point person for FNBN liste d on the trustee sale notice is Tom Hosier of Stearnxs Bankin Scottsdale.
A notice of trustee sale on the 23-storh luxury project was filed July 10 at the MaricopsaCounty Recorder’s office by the public trustee, Fidelitu National Title Insurance Co., according to informatiojn from Ion Data, a Mesa researc firm. The project was builty by . The Chicago-based firm’s David Wallach, was planning to build another high-rised downtown and was partnering with pro sporta investor Dale Jensen and othersx to develop the Jackson Street Entertainment District when the housintgmarkets collapsed.
The Phoeniz Business Journal was unable to reach Wallach for commentt about the pending foreclosure sale and his plans in David Newcombe, a broker with Russ Lyon Sotheby’s Internationao Realty who specializes in urban luxury condo sales, said news of the foreclosurwe was unexpected. “You know, I’m reallu surprised at that,” Newcombwe said. “According to information supplied to theBusiness Journal, 91 of the 165 residencea are sold in The Summiy at Copper Square.” Newcombe said a handfull had been taken back by lenders when buyerws were unable to cover their loans.
He said one 966-square-foot unit that originall sold for $550,000 and was taken back by the bank and now is listedat $275,000. He said five individuap units are scheduled for trustee saleds in thecoming weeks. It is unknown how the project’x foreclosure sale will impact individual ifat all. A May 2008 story published in the Business Journal noted thata $3.1 milliobn mechanic’s lien had been filed agains t the project and individual condo owners by the general The Weitz Co. At that time, construction attorneyu Joel Sannes, said such mechanic’s liens create additional obstaclesz and title encumbrances for residents who want to selltheid units.
According to the notice of trustee Wallach’s company through the legalo entity, The Summit at Coppee Square LLC, received a $44 million constructiob loan from FNBN-RESCON I LLC, a Delaware limited liability company. The point person for FNBN liste d on the trustee sale notice is Tom Hosier of Stearnxs Bankin Scottsdale.
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