More Downtown Real Estate Bankruptcy As City Council Stand Helpless And Cowardly As City Heads Toward Bankruptcy Iceberg (Drop The Bond Rating)

Wait, I forgot? Have I ever mentioned anything about the Downtown Real Estate Bankruptcy problem? I mean have I ever NOT mentioned anything?

Concerto in Chapter 11

Developer Sonny Astani’s Condo Project Files for Bankruptcy Protection

by Anna Scott, Staff Writer

Published: Tuesday, September 22, 2009 5:48 PM PDT

DOWNTOWN LOS ANGELES – Developer Sonny Astani has filed for Chapter 11 bankruptcy protection for his Concerto condominium project, according to court documents.

The South Park project, which filed for Chapter 11 Sept. 17, includes a proposed 30-story tower with 271 luxury residences and a completed seven-story building with 77 units. The finished building sold out during a one-day auction held Aug. 29, bringing in $31 million for the developer. But those sales were placed in limbo when the project’s construction lender, Chicago-based Corus Bank, was taken over by the Federal Deposit Insurance Corp. on Sept. 11.

According to a separate lawsuit that Astani filed against Corus on Sept. 4, which alleges that Corus mismanaged Concerto’s $190 million construction loan, Corus has refused to release its lien on the 77 completed units. Liens can be placed on a property by unpaid lenders or contractors, and can call the property’s ownership into question.


Full article

KEEP TALKING AND SPINNING CHAMBER CLOWNS. YOU ARE BOILING TO DEATH IN YOUR OWN LOSERNESS AND INABILITY TO BE THE LEADERS YOU ARE NOT EVEN PRETENDING TO BE. HEY GARCETTI...ONE BIG HAPPY FAMILY, RIGHT. The family is going out of business.