Beverly Heritage files for bankruptcy protection; another one of Uri Sheinbaum's holdings takes a fall.Beverly Heritage files for bankruptcy protection Another one of Uri Sheinbaum's holdings takes a fall Another chunk of the floundering real estate domain of Uri Sheinbaum, chairman of the Westside-based Calmark Holding Corp., declared bankruptcy last week. Calmark subsidiary Beverly Heritage, operator of the Beverly Heritage hotels in Costa Mesa Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. and San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , declared Chapter 11 bankruptcy, unable to honor $5.05 million worth of liabilities. The largest creditor appears to be the La Jolla-based Fargo Industries Corp., which claims it is owed $4.67 million on a real estate lease. The claim is disputed, according to the Beverly Heritage filing. Beverly Heritage hired the bankruptcy law firm of Stutman, Treister & Glatt Glatt may refer to:
Other entities of Calmark Holding Corp. that have recently declared Chapter 11 bankruptcy include the Northview Corp., owner-operator of the Vagabond VAGABOND. One who wanders about idly, who has no certain dwelling. The ordinances of the French define a vagabond almost in the same terms. Dalloz, Dict. Vagabondage. See Vattel, liv. 1, Sec. 219, n. Hotel chain; Calmark Motel Holding Corp.; and Calmark Hospitality Systems Inc. All three entities declared bankruptcy in March. Until recent financial troubles were disclosed, Sheinbaum's Calmark Holding Corp. was a front-runner to build the Pacific Basin, a $350 million office-hotel complex in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , next to the Los Angeles City Convention Center. After two years of negotiations, city officials backed away from Calmark in April, and now are seeking new bids for the project, considered crucial to the success of the $400 million expansion of the Convention Center. Northview Corp. is the largest of the Calmark subsidiaries, and is owner-operator of more than 40 Vagabond hotels, mostly in California. Northview declared Chapter 11 in March, sagging under the weight of $100 million of high-yield bonds the company issued in 1983, when it was operated by Ivan Boesky, the convicted insider trader and arbitrageur Arbitrageur A type of investor who attempts to profit from price inefficiencies in the market by making simultaneous trades that offset each other and capture risk-free profits. . The specific cause of the bankruptcy, however, was Northview's inability to muster $650,000 in ground lease payments due on Vagabond hotels in Woodland Hills and Sacramento. Northview had already negotiated with bondholders a delay in interest payments. Sheinbaum has been active in Los Angeles charity circles, particularly the Los Angeles Music Center The Music Center (officially named the Performing Arts Center of Los Angeles County) is one of the three largest performing arts centers in the nation. Located in downtown Los Angeles, the Music Center is home to the Dorothy Chandler Pavilion, Ahmanson Theater, Mark Taper . He lives in the Bel Air section of Los Angeles -- the former manse of Hustler magazine publisher Larry Flynt -- and is a neighbor of ex-President Ronald Reagan. |
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