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P-SUB I Announces Voluntary Petition for Chapter 11 Relief.



Business Editors & Real Estate Writers

SAN FRANCISCO--(BUSINESS WIRE)--May 1, 2000

TIS Mortgage Investment Company (Pacific Exchange: TIS) today announced that P-SUB I, Inc., an indirect wholly owned subsidiary Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
 which owns and operates two shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into  in San Francisco's North Bay area, filed on Friday April 28, 2000, a voluntary petition for relief under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  Bankruptcy Code Bankruptcy Code may refer to:
  • Bankruptcy in Canada
  • Bankruptcy in the United States
  • Bankruptcy in China
. This action was taken by P-SUB I in order to protect the shareholders equity pending a resolution of the Company's differences with its major lender, Ocwen Federal Bank.

Ocwen Federal Bank purchased a secured financing by P-SUB I, Inc., from a previous lender in January of this year. P-SUB I and Ocwen disagree about the maturity of the loan. P-SUB I believes that the maturity is June 1, 2000, and Ocwen asserts that the loan matured in January and is now in default. The two parties have been unable to reach agreement on this matter. P-SUB I is in discussions with possible sources of replacement financing for the loan and in order to protect its rights and interests it has elected to seek Chapter 11 relief.

This news release contains forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 that involve risks and uncertainties. Other risks and uncertainties associated with the Company's business and prospects are identified in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to revise these forward-looking statements to reflect events or circumstances occurring in the future.

TIS Mortgage Investment Company is a San Francisco-based real estate investment trust (REIT REIT

See: Real Estate Investment Trust


REIT

See real estate investment trust (REIT).
) that, through its subsidiary companies, owns and operates apartment communities, located in California's Central Valley, and shopping centers in San Francisco's North Bay area.
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Publication:Business Wire
Date:May 1, 2000
Words:279
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