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re: Spinosa Debt Refinanced = Saban to UT?
Posted on 12/12/13 at 8:00 am to GeeOH
Posted on 12/12/13 at 8:00 am to GeeOH
Perkins Rowe has been involved in foreclosure proceedings for about 2 years or so. Borrowed about $220MM to build everything out and Spinosa had disagreement with lenders about release prices on condos and/or other issues with the debt. Bank foreclosed, he countersued, bank won and ended up getting the right to sell it at Sheriff Sale to clear the title. That sale has not occurred yet to my knowledge. Saban was involved as investor and I think still owns part of that water chiller/tower? It has all been tied up legally for quite some time. Bank is debtor is possession and is able to continue to manage the property for all of the tenants in the development, so everything is still open and running normally.
3
Posted on 12/12/13 at 8:03 am to bamaswallows
quote:
Barnswallows
quote:
Perkins Rowe has been involved in foreclosure proceedings for about 2 years or so. Borrowed about $220MM to build everything out and Spinosa had disagreement with lenders about release prices on condos and/or other issues with the debt. Bank foreclosed, he countersued, bank won and ended up getting the right to sell it at Sheriff Sale to clear the title. That sale has not occurred yet to my knowledge. Saban was involved as investor and I think still owns part of that water chiller/tower? It has all been tied up legally for quite some time. Bank is debtor is possession and is able to continue to manage the property for all of the tenants in the development, so everything is still open and running normally.
What's at issue is Spinosa's bankruptcy for Perkins Rowe puts Saban in a perilous position in their land deal in Houston, where CNS is personally liable for the $25MM debt. Saban's financial involvement in Perkins Rowe is a negligible issue. The Houston debt is the nuclear bomb that needs to be diffused.
Posted on 12/12/13 at 8:05 am to bamaswallows
quote:
bamaswallows
Thanks. I have no inside information or knowledge on this one, but I will tell you from business perspective what seems to be happening. Instead of "forcing" Mack out, UT seems to be "Forcing" Saban to sat yes. Could they possibly be buying out his debts and hold them over his head in some way?
Posted on 12/12/13 at 12:47 pm to bamaswallows
the sale did happen for a little over $69 million. they are on the hook for a chunk of change on that deal.
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