Bank gets OK to take 2 Westwood buildings.Bank gets OK to take 2 Westwood buildings A U.S. Bankrupty Court judge has granted Swiss Bank Corp. the right to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. on the two largest office buildings in Westwood, a decision that could help to heal the struggling Westside office market. The two buildings at 10960 and 10880 Wilshire Blvd. were put into Chapter 11 bankruptcy by the owners, partnerships of Chicago-based VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. Realty Corp., the day before the bank was to foreclose on the buildings last May. VMS has a huge portfolio of commercial real estate in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and nationwide which it is liquidating. David H. Coar, a bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. judge in Chicago, last week lifted the stay which had prevented Swiss Bank from foreclosing on $226 million in mortgages, said Matthew Botica, attorney for Swiss Bank. A declaration of bankruptcy automatically stays foreclosure proceedings. Swiss Bank intends to foreclose on the buildings immediately and "spend whatever is necessary" to refurbish and begin leasing the buildings again, Botica said. Upkeep of the two towers has been suffering in recent months and many tenants have moved out, he said. The two 24-story towers, which total 500,000 square feet each, represent a third of the total Westwood office market. The court decision "is great news" for the ailing market, said David Gordon David Gordon may refer to:
Mark Mehlman, an attorney for VMS, said the matter is still under litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and declined to comment further. |
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