Comments on: Century Plaza Sued By Buyers

By: Debt Consolidation Allentown

Debt Consolidation Allentown — Wed, 10 Feb 2010 02:05:56 +0000

This is exactly what I needed, it countered some contradictions I had seen.

By: CP Truth

CP Truth — Sun, 09 Aug 2009 17:24:09 +0000

NJC-Buyer got hammered and was treated totally and completely unfairly but not by Windsor Century Plaza or Equus Development… rather by the Bank’s Receiver who refused to refund his earnest deposit. This is a tragedy and I am stunned that M & I Bank allowed it to happen.

By: NJC- buyer

NJC- buyer — Sun, 21 Jun 2009 16:29:01 +0000

I wrote a contract on contingency of selling my home, which did not sell. I was told my funds were completely refundable- now Century Plaza will not return them. Bad business practice. My advise is to stay away from this property and Equus Development.

By: Knowing the Facts

Knowing the Facts — Sun, 22 Feb 2009 19:48:26 +0000

To Will Daly
Will, you can go into the Superior Court, Maricopa County web site and review the technicial bankruptcy action by M&I Bank against Century Plaza. The other good source of info is the M&I Corp web site. Read the stockholders letters, SEC filing notices and the public accounting (public held company) info and balance sheets. A few more things from “Knowing the Truth”
1.) M&I Bank does not want the developer to go into Chapter 11 bankruptcy action. The bank does not want to the facts of their actions before a judge. Given the attitude towards most banks, lenders in the court systems today, the bank would rather take the chances in a short sell or technicial bankruptcy which will allow them to write down the loan and regain some of the capital that they have lost.
2.) If you go into M&I Corp websire and read “between the lines” of their stockholders new letters, they detail the condition of the bank and what the bank is trying to do. In short, the bank is in bad shape and they are “trying to right ship” Given there condition, that is somewhat like you and I trying to hold back Hoover Dam.
3.) While in the M&I Corp website, look at their accounting on the balance sheet. Note the “Asset to Liquidity Ratio”. That ratio is less that 15% of total. Plainly put, when that number falls below 5%, the bank regulation people start action.
There are other details involved, but they will follow in another entry.
Knowing the Truth

By: Will Daly

Will Daly — Sun, 22 Feb 2009 06:46:17 +0000

Knowing the Facts – this is great information. Where did you get it? Any links to articles you can share?

By: Knowing the Facts

Knowing the Facts — Sun, 22 Feb 2009 05:09:27 +0000

Lets set the facts stright about Century Plaza Condos. First of all Century Plaza is a project of Equus Development. Equus has successfully complete numerous condo projects in Phoenix. The primary problem with the Century Plaza is M&I Bank. First, the developer was never in default or behind in their loan payments to M&I Bank. The loan contract had not matured and the developer had with the confines of the contract, requested the normal extension of the loan.
The primary problem was M&I Bank. When the property values standed to nose dive, the bank demanded extra payments from the developer to close the ratio between the value of the loan and the property value. The developer did try to comply at various occassions to mainain the loan ratio as per the banks demands. At a point in November 2008, the developer could not support the wishes of M&I bank, the bank instituted “technicial bankruptcy” against the developer. For those of you who don’t understand the term, it means that M&I wanted their money early because of the finanical condition of the bank. The Century Plaza is currently under formal bid to sell the property.
A few facts that should have the light of truth. First of all, M&I bamk is broke due to all of th “toxic loans” that they have on their books. Their condition is so bad that they can’t find anyone to buy them out. M&I bank has taken the same “technicial bankruptcy” action against nine other developers in the Phoenix area. Bottom line, M&I bank is broke and they are going down.
The final item is the lawsuit by the potenitial buyers or shall we say it the right way,”speculators”. The speculators wanted to purchase the condo units in blocks to sell at a future date at a higher price. The american way. The problem hit again when the money markets fell apart and the lenders would not carry the loans. The lawsuit against the developer is simple. The speculator put down deposits for the puchase of the condo units. When they couldn’t get the funding from their lenders, they wanted their deposits back. The Century Plaza sales contracts clearly state the if you back out of the contract, you loose your deposit. The speculators took a risk and lost. Please understand that if you go to a craps table in Vegas and you roll the dice and lose, the casino doesn’t give you another roll. You lose.
Equus Development will come back out of the technicial bankruptcy and they will complete the Century Plaza. Just wanted to the real facts and not the mis-information of some of the bloggers that can’t get it right. Watch in April or May for the next M&I bank action.
Know the Facts

By: bystander

bystander — Fri, 09 Jan 2009 15:34:46 +0000

Will Daly is the moderator of this blog (weknowurban.com), his number is at the top of this page.

By: Roland Peltier

Roland Peltier — Fri, 09 Jan 2009 05:02:49 +0000

Who is Will Daley? That sounds good to me or we can meet somewhere like a Starbucks. In fact, 4:30 pm. tomorrow 7th ave and McDowell.

By: bystander

bystander — Fri, 09 Jan 2009 04:04:43 +0000

Hey, I suggest you guys (“spectator” and “roland peltier”) get in touch via Will Daly’s phone number and/or email on this website, and maybe he can facilitate you getting in touch. Hope this helps…

By: spectator

spectator — Thu, 08 Jan 2009 20:23:29 +0000

Ronald Peltier, I would prefer not to post my contact information. Do you have an email address?