by Clayton Moore
It’s not what you think.
There was plenty of excitement at last Friday’s final nite of the New York Philharmonic’s outstanding performance at Bravo. Not all of the Bravado took place on stage – some of took place in the audience.
As luck would have it – ECT Media ran into local Resort Development Mogul just before that performance – when that principal of East West Partners emphatically expressed his total dissatisfaction to Media about the ‘totally false information’ Mogul claims was printed in the ECT’s most recent story about Mogul’s Resort Development company. Actually, what the ECT did – was link to the original story in the Sacramento Bee online (Click Here)
This Mogul was excited. Fortunately, Mogul was accompanied by his always delightful and attractive wife, Ms. Susan whose pleasant demeanor with the Media and everyone else serves as an example to us all.
So how did you handle all the excitement ECT? The same way Ian Flemming would…Media ignored the excitement and proceeded to buy Ms. Susan a drink!
Not to be outdone by the Media, Mogul was soon discovered in the same refreshment line as well – so Media paid for Mogul’s drink too…Standing tall as always, Mogul still looked disconsolate. Inevitably, eye contact ensued, where upon the still calm Media asked the still grouchy Mogul if he (or anyone else in his company) would care to respond to the story – on the Record.
“NO!” Media politely asked again. Emphatically, “NO!!” Again was the response. Bravado, indeed thought the Media.
Why not respond? Media wondered. So Media decided to ask elsewhere. Turns out ECT’s big money friends are insisting in today’s big money, big real estate markets, Developers and their big lenders (sometimes) use the Bankruptcy/Foreclosure Courthouse processes as a way of restructuring existing debt.
Guess what? Big Lenders don’t like Big Red Ink. Imagine that. Nor do they like (half-built) big Real Estate projects.
So it seems in some cases, whether the lender likes it or not – they have to renegotiate Developer loans because some of the numbers are ($900 Million?) scary big. Yeah, scary big even for Wall Street institutional lenders.
ECT…is that what’s going on here, with East West Partners? Well…the Mogul who knows for sure – ain’t talkin’. A clear indication to some that something’s a foot insists the ECT’s…perceptive nature.
So what’s next ECT? A Pacer Case locator search – based on Case Number 1:10-bk-10452 (East West Resort Development V, L.P.) is a good starting point. It’s filed at the United States Federal Bankruptcy Court – District of Delaware.
$900 Million in alleged debt doesn’t change obligation (read: hands) these days – without some Judge signing a bunch of paper placed on his bench.
If any ECT readers have some documented information about this case – let us know.
PS – If you see Ms. Susan around town in the next few days – tell her she looks (‘Mahvelous’ – as Fernando Lamas would say) wearing the ECT’s signature ‘Veuve Clicquot’ sunglasses! Unlike Mogul…ECT happy to go ‘on the record’ here…the ECT is happy to buy Ms. Susan a glass of our favorite Champaign anytime.