June 12, 2009
THURSTON HIGHLANDS AUCTION NOW POSTPONED UNTIL AUGUST
The Thurston Highlands auction rescheduled for today at 10am has been postponed until August 7th. HMMM!
The NVN said,
"Thurston Highlands note was purchased by an unknown investment group and the company declared Chapter 11 bankruptcy, halting foreclosure proceedings.
'It puts the LLC into the position where it stops the foreclosure process,' said developer Steve Chamberlain. 'It’s a means in which to get time to work things out.' ...
The property was going up for auction June 5 because the developers owe more than $12 million after its primary lender, Frontier Bank, couldn’t extend the loan...
The auction was postponed until June 12, but a private investment group purchased the note from Frontier.
Chamberlain said he does not know who purchased the note, but is trying to find out himself.
In the meantime, Chamberlain is working on a long-term financial plan and expects to have a plan in place within the next several months.
That plan includes paying existing debts and working to get out of foreclosure.
The developers still owe the City of Yelm $121,500 for planning services associated with the master planned community.
City Administrator Shelly Badger said the city won’t process any applications for the project until the debt is paid."
UPDATE: From The Olympian of Monday, June 15th.
What's with this delay.
Who picked up the note on Thurston Highlands, maybe a Real Estate co? Is the City of Yelm maneuvering to purchase the Highlands for itself? and why with some much financial confusion in the city already. Me thinks there is a scheme a foot. And it stinks to high heaven. Remember the city council and mayor are a bunch of liars and power hungry bottom dwellers. I will have more later, I think they might actually try to purchase this property for revenge. WTF?
I had the same thoughts, so I requested a Freedom of Information Public Docs Request for all e-mails, docs & Minutes of the unscheduled, closed-to-public Executive Session of the City Council last Tuesday to discuss a Real Estate Acquisition.
As soon as I receive any info, I will publish if relevant.
All I can say is HMMM!
And, remember, as of June 11th, filing week is closed and Mayor Harding, Bob Isom, Mike McGowan
and Russ Hendrickson are all running for their seats unopposed.
That means they are unconcerned about any Public Town Hall Forums, unconcerned about any real investigative reports in the NVN, unconcerned about raising funds to go up against an opposing candidate, and unconcerned about being re-elected any time soon.
This is when politicians do the most brash, damaging and dangerous things.
"Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men."
by John Emerich Edward Dalberg Acton, first Baron Acton (1834–1902). The historian and moralist, who was otherwise known simply as Lord Acton, expressed this opinion in a letter to Bishop Mandell Creighton in 1887.
Look out, Yelm!
With a do-nothing public and the contempt for the public by this City Council, along with the brazen acts of these foolish leaders, the next four years here are going to be quite a roller coaster ride.
If "Thurston Highlands note was purchased by an unknown investment group," then Frontier Bank no longer holds it, but surely ought to know who they sold it to.
If that investment company then files for bankruptcy, all within a short period of time, it sure sounds like that was the plan all along. If that's the case, it also seems to me that it's a fraudulant way of doing things.
Assuming that's the case, the bankruptcy trustee may want to consider that in his/her review of the bankruptcy filing.
Remember, bankruptcy is an approving legal action. Most people refer to "declaring bankruptcy." This is not totally correct. A petitioner files (a motion) for bankruptcy protection in Federal Court. A trustee is then assigned BY THE COURT to review the case. It is up to the trustee to determine the best course of action for the (in this case) company's assets and operations.
Fraud doesn't sit well in court.
To turn the phrase a little further from a previous poster:
And, lo, it stinketh, even unto the heavens!