Marina landlord enters Chapter 11.Doubletree hotel also placed in receivership The partnership that holds Marina del Rey's biggest real estate portfolio - and is controlled by a wealthy Saudi Arabian sheik - has sought Chapter 11 bankruptcy protection. MGC MGC Mammalian Gene Collection MGC Media Gateway Controller MGC Middle Georgia College MGC Museums and Galleries Commission (UK government) MGC Mississippi Gaming Commission MGC Manual Gain Control Commercial's filing came just as lenders owed about $50 million in defaulted mortgages were about to take possession of a half-dozen multi-family and commercial/retail properties. It also came barely two years after confirmation of a previous Chapter 11 reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. - the plan through which Sheik Abdul Aziz Abdul Aziz is the name of:
The Business Journal has also learned that the al Ibrahim-controlled partnership that holds the 369-unit Doubletree Marina Beach The Marina Beach is a beach situated along a 12 km shoreline in the city of Chennai, India along the Bay of Bengal, part of the Indian Ocean. hotel has also defaulted on a mortgage - and is under a court-appointed receiver's supervision. The sheik also controls a partnership that holds two other Marina hotels, but that partnership is apparently current on its mortgages. L.A. County actually owns all the land in Marina del Rey Del Rey may refer to:
All the al Ibrahim-led partnerships holding marina properties have remained current on their county lease payments - and did so during the prior bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party as well. Omar Benjamin, president of MGC Commercial's general partner, said the properties haven't performed "anywhere nearly as well" as the reorganization plan had contemplated. Benjamin also noted that in the wake of the local economic recession, current values are "substantially less than the face amount of the debt secured by the properties," and that the cash flows the properties now generate "will not support the current debt-service requirements." Benjamin added that MGC has tried to negotiate debt restructurings with its primary mortgage holders - whom he described as "venture capital type funds" which purchased notes from original lender California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. at unspecified discounts from their "book" values. He said MGC will continue to pursue negotiations and propose a reorganization plan "which will restructure or refinance all debt on the properties." Benjamin also noted that the MGC Marina Beach partnership that holds the Doubletree hotel is likewise "trying to come to some understanding about a (potential) restructuring of that property's finances" with lender Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). . As the Business Journal reported in February, receivers have already been appointed to take over all six MCG Commercial properties. They include: the Islander Marina apartments and boat slips on West Tahiti Way, the Admiralty Apartments on Admiralty Way, the Pier 44/77 restaurant/anchorage facility on Admiralty, the Fisherman's Village Fisherman's Village is a waterfront tourist spot in Marina del Rey, California. It is a built in the style of a New England fishing village. Its tallest building is a lighthouse (at the bottom of which an Orange Julius was formerly located; it is now a Chinese take-out place). retail/boat charter complex on Fiji Way and the high-profile Marina West and Marina Beach shopping centers along Washington Boulevard. Pre-emptive pre·emp·tive or pre-emp·tive adj. 1. Of, relating to, or characteristic of preemption. 2. Having or granted by the right of preemption. 3. a. move MGC Commercial's June 1 Chapter 11 filing came the day before a mortgage holder was scheduled to take title to the portfolio's biggest property - the 205-unit/274-slip Islander Marina - through a foreclosure action. An investment partnership headed by West L.A. real estate investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. Secured Capital Corp. holds the Islander mortgage, which carries a balance exceeding $20 million with interest and penalties. Similar so-called trustee's sales were scheduled last week and this week for MGC Commercial's five other properties. Affiliates of investment banking firm CS First Boston Corp. hold former CalFed first mortgages on those properties carrying combined balances exceeding $25 million. Manufacturers Bank holds second mortgages carrying balances exceeding $4.3 million. Benjamin remains optimistic that U.S. Bankruptcy Judge Calvin Ashland and MGC Commercial's creditors will confirm a new financial plan that keeps the sheik and associates in control as the economy improves. "We want to make a go of it," he commented, adding that the latest bankruptcy "is not what we expected. But no one has a crystal ball." |
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