05-103 & 05-107Acropolis Loans(BANKRUPTCY)
12/3/2008 - FORECLOSURE SALE DATE IS SET FOR 12/29/2008. PROPERTY WAS BOARDED UP (AGAIN) TO KEEP TRESSPASSERS, HOMELESS, AND VAGRANTS OUT. UPDATES ARE BEING MAILED/E-MAILED THIS WEEK.
6-20-2008 - NOTHING NEW TO REPORT AT THIS TIME
5-21-08 We have new insurance in place - liability coverage only. We billed out for security / Abatement for the property but have received only minimal response - Clark County has boarded up the lower level windows to secure the property. Clark County paid for this and has placed a tax lien on the property for repayment - this is secured to the property. The property is still listed for sale - and is not for rent.
4-10-08 Due to the status of the property (vacant building, trashed, and people living in it, Notice of Abatement form Clark County) We have billed out for a security service, with extra monies to go towards cleaning it up
3-14-08 The Sierra Vista property is listed and for sale for $5.9 million per acre ($7,847,000.00 total). If sold for close to $4,700,000.00, this would retire our debt in its entirety and pay off all of the investors with back due interest and fees. The broker has approximately 6 months to sell the property per the bankruptcy court.
Results from BK court Hearing on Weds 1-30-08:
BK hearing was continued for the purpose of continued settlement discussions to: 6 FEB 08 @ 1:30 PM.
Immediately afterward, the Trustee’s Motion to convert to a Ch 7 was heard and granted. Basically, the Seville apartment complex is in a shambles, businesswise. Trustee says there’s no way it can continue to viably operate – hence Ch 7’s a must. The Trustee will begin evictions and board up and close apartments until sold.
Judge reitterated that there is equity to cover creditors ie first for advancing for force place insurance. PLEASE PAY YOUR INSURANCE BILLS.
In addition a realtor has been appointed to sell the property, it should be listed within the next 7 days.
This matter was continued to 30 JAN @ 1:30 PM
Yesterday morning, counsel for the Debtor stipulated (agreed with) the Trustee’s Motion to appoint a trustee to administer Belleview Holdings. That means that a Trustee was appointed, and that eliminated the need for the P.M. hearing. Additionally, the Judge continued our Motion for Relief of Stay until Jan 9th at 1:30 PM.
Trustee is looking into fraud or non-disclosure issues. Trustee's has put in an Opposition to Debtor's 2nd Motion to Sell, and Trustee's Motion to Appoint Trustee to look into the issues.
The Motion to sell hearing is 12/12, the mtn to appt trustee isn't until 1/3. But our continued relief motion is 12/19.
So we'll wait for the results of the Mtn to Sell and argue for lift on 12/19.
11/21/07 SPOKE TO OUR ATTORNEY AND BORROWER SUBMITTED ANOTHER OFFER INTO THE COURT SYSTEM. AT THIS POINT WE ARE REVIEWING THIS OFFER WHICH IS LESS BY 1 MILLION THAN THE LAST OFFER.
11/7/07 HEARING SET FOR 12/19 IF WE DO NOT RECEIVE PAYOFF BY THAT DATE.
10/18/07 COURT APPROVED SALE OF PROPERTY FOR INVESTORS TO BE PAID OFF IN FULL WITH INTEREST AND LATE FEES. CONTINUING TO MONITOR AND WE WILL STAY IN THE BANKRUPTCY UNTIL WE GET PAID OFF IN FULL.
8/16/07 - BANKRUPTCY CONTINUING TO GO THROUGH JUDICIAL SYSTEM.
7/27/07 IMPORTANT NOTE: ALL BENEFICIARIES ARE NOT ALLOWED TO CONTACT THE BORROWERS DIRECT WHILE THEY ARE IN BANKRUPTCY, WHICH IS A FEDERAL ACTION.
7/11/07 FILE SENT TO BANKRUPTCY ATTORNEY MILES, BAUER, BERGSTROM HENDERSON, NV FOR THEM TO OBTAIN RELIEF FROM BANKRUPTCY.
7/6/07 - RECEIVED NOTIFICATION FROM FORECLOSURE COMPANY THAT THERE WAS A TITLE TRANSFER TO BELLEVUE HOLDINGS, INC. AT 9:36 AM AND THEN THERE WAS A CHAPTER 11 BANKRUPTCY FILED FOR BELLEVUE HOLDINGS, INC. AT 10:22 AM TODAY. THIS ACTION WILL "FREEZE" THE FORECLOSURE PROCESS. WE TURNED THE MATTER OVER TO OUR BANKRUPTCY COUNSEL.
7/2/07 BORROWER DID NOT PAY IN ACCORDANCE TO THEIR AGREEMENTM THEREFORE, DEFAULT LETTER SENT AND SALE DATE IS SET FOR 7/27/07 @ 1PM AT NEVADA LEGAL NEWS LOCATED AT: 930 So. Fourth St., Ste. 100
Las Vegas, NV 89101-6845
NEXT PAYMENT IS DUE ON 6/26/07, IF BORROWER DOES NOT PAY WE WILL SEEK ADVICE OF OUR LEGAL COUNSEL AS TO WHAT THEY NEXT STEP WILL BE TO PROCEED.
5/29/07 Borrower paid the payment due today per their agreement. Foreclosure sale post-poned until 7/27/07 @ 1:00 pm and next payment per agreement due on 6/26/07.
Borrower was going to file a bankruptcy if we proceeded with the foreclosure sale on 4/27/07. A bankruptcy stay on the property would postpone a foreclosure sale for at least 6 months to a year depending on circumstances.
This forbearance agreement was the best solution for all of the investors rather than an extended bankruptcy. We will NOT have to start the foreclosure over due to a forbearance agreement.
The terms of this agreement are as follows:
Interest only payment at the non-default interest rate was received on 4/26/07 and payment to be sent to investors on 4/27/07, foreclosure sale postponed to June 11, 2007;
The interest payments and late charges due up to 4/26/07 at the defaulted rate of interest will NOT be waived;
An interest only payment at the non-default interest rate will be paid on 5/29/07, which will be paid to the investors upon receipt;
If that payment is not made the foreclosure sale date will be scheduled June 11, 2007;
If the interest only payment is made on 5/29/07, then the foreclosure sale will be postponed for a final time to 7/27/07;
There will be another interest only payment at the non-default interest rate due on 6/26/07.
4/16/07 Extension to 4/27/07, we received loan committment from lender for 3 million instead of the borrowers original proposal of 4 million, foreclosure sale date will be 4/27/07.
4/13/07 Foreclosure sale post-poned until 4/27/07, trying to receive payoff from borrowers.
3-22-07 Foreclosure sale date is set for 4/13/07
3-13-07 Paying bills with rents as ordered by the courts, foreclosure sale date will be the middle of April.
2-13-07 we have about 13,000 in rents and are about to start to pay bills as soon as the judge oks it.
1-3-07 Court order granting assignment of rents, letter went to renters reg and certified mail.
12-12-06 Forclosure company sending letter to tennants to remit rents to them. Also hiring an attny to legally assign rents.
11-26-06 forclosure docs signed and recorded loans officially in forclosure and 120 days are counting down
11-20-06 Forclosure documents should be ready by 11-21-06 for signature.
11-15-06 Appraisal came in at $9,770,000.00 spoke to lenders on 2nd they will give extension but will not increase loan amount.
USLS HAS A MEETING TO DISCUSS EXTENSION AND THE FACT THAT THEY ARE IN DEFAULT AND WENT INTO FORCLOSURE ON 11-7-06. THE CLOCK IS TICKING DOWN TO THE FORCLOSURE DATE ON ALL OF THE ACCROPOLIS LOANS.
Meeting held and borrower indicated that a new appraisal indicates the value at $10,000,000.00 or more, USLS will attempt to verify once the appraisal is provided, in addition USLS will get a Real Estate Brokers Opinion of Value. They are interested in an extension and would like the 2nd mortgage extended as well. USLS will review the materials as they are forwarded to USLS, explained to borrower that we will not remove the loan from the forclosure process until funds are in and after an extension agreement has been signed.