Humidor Report
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Lord Vader
Sith Lord
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Here is some information on the issues with the Perkins Rowe development. The Sabans are in bed business wise with Spinosa, and the end of this article specifically mentions the seizure of a "chilled water plant". I'd assume that is the primary means of production for the water business Saban and Spinosa are partners in.
BY BILL LODGE
blodge@theadvocate.com
August 01, 2013
1 COMMENTS
Baton Rouge developer J.T. “Tommy” Spinosa contends he has a right under Louisiana law to erase nearly 80 percent of his more than $200 million debt on the Perkins Rowe mixed-use development at an unspecified discount.
And, on Wednesday, U.S. District Judge James J. Brady granted Spinosa’s request for an expedited decision in advance of KeyBank National Association’s foreclosure auction of Perkins Rowe, scheduled for Aug. 28.
Brady awarded KeyBank and eight other participating lenders a judgment last year for more than $201.9 million against Spinosa and three of his Perkins Rowe firms, which ceased payment on construction loans in October 2008.
KeyBank, based in Cleveland, Ohio, also represented eight other lenders in the foreclosure suit. The Ohio lender asked the judge this week to seize and sell Spinosa’s chilled-water plant, which provides air conditioning to Perkins Rowe’s shops, restaurants, apartments and condominiums at Bluebonnet Boulevard and Perkins Road.
KeyBank argued that it has a right to take over that plant as partial compensation for Spinosa’s debt to the lenders.
Laura Mimura, spokeswoman for KeyBank, declined Wednesday to comment on Spinosa’s latest argument, which was filed Tuesday night.
In that filing, Spinosa attorney Mark R. Beebe told Brady that a London megabank, Barclays Bank PLC, recently purchased the Perkins Rowe interests of six of the banks that participated in KeyBank’s construction loan to Spinosa’s firms. One of those six banks previously acquired another of the original lenders.
Those six banks, Beebe told the judge, transferred their claims to $134 million plus interest owed by Spinosa’s firms on the original Perkins Rowe construction loan of $170 million. Beebe said he believes Barclays purchased those claims at a significant discount.
KeyBank still holds a claim of $35 million plus interest against Spinosa, who personally guaranteed his firms’ debts. And Bank of New Orleans claims $1 million plus interest.
Beebe wrote that he believes Barclays bought 78.82 percent of total claims against his client.
The attorney added, however, that he has not been able to obtain those prices from either Barclays or KeyBank.
Louisiana law, Beebe wrote Brady, allows Spinosa to buy back 78.82 percent of the claims against him at whatever discounted prices were paid by Barclays.
In an email Friday to Beebe, Mack Gregorie, a Baton Rouge attorney for Barclays, said the British bank was “requesting consent of the trade counterparties” to release those prices to Spinosa.
“Of course, Barclays does not believe that the debtors (Spinosa and his firms) have any rights under Louisiana (law),” Gregorie added.
On Wednesday, Brady told KeyBank it has until Tuesday to file any opposition to Spinosa’s argument that he can reduce his debt at what may be a substantial discount.
Earlier, the judge told Spinosa that he has until Tuesday to file objections to KeyBank’s request for permission to seize and sell his chilled-water plant.
BY BILL LODGE
blodge@theadvocate.com
August 01, 2013
1 COMMENTS
Baton Rouge developer J.T. “Tommy” Spinosa contends he has a right under Louisiana law to erase nearly 80 percent of his more than $200 million debt on the Perkins Rowe mixed-use development at an unspecified discount.
And, on Wednesday, U.S. District Judge James J. Brady granted Spinosa’s request for an expedited decision in advance of KeyBank National Association’s foreclosure auction of Perkins Rowe, scheduled for Aug. 28.
Brady awarded KeyBank and eight other participating lenders a judgment last year for more than $201.9 million against Spinosa and three of his Perkins Rowe firms, which ceased payment on construction loans in October 2008.
KeyBank, based in Cleveland, Ohio, also represented eight other lenders in the foreclosure suit. The Ohio lender asked the judge this week to seize and sell Spinosa’s chilled-water plant, which provides air conditioning to Perkins Rowe’s shops, restaurants, apartments and condominiums at Bluebonnet Boulevard and Perkins Road.
KeyBank argued that it has a right to take over that plant as partial compensation for Spinosa’s debt to the lenders.
Laura Mimura, spokeswoman for KeyBank, declined Wednesday to comment on Spinosa’s latest argument, which was filed Tuesday night.
In that filing, Spinosa attorney Mark R. Beebe told Brady that a London megabank, Barclays Bank PLC, recently purchased the Perkins Rowe interests of six of the banks that participated in KeyBank’s construction loan to Spinosa’s firms. One of those six banks previously acquired another of the original lenders.
Those six banks, Beebe told the judge, transferred their claims to $134 million plus interest owed by Spinosa’s firms on the original Perkins Rowe construction loan of $170 million. Beebe said he believes Barclays purchased those claims at a significant discount.
KeyBank still holds a claim of $35 million plus interest against Spinosa, who personally guaranteed his firms’ debts. And Bank of New Orleans claims $1 million plus interest.
Beebe wrote that he believes Barclays bought 78.82 percent of total claims against his client.
The attorney added, however, that he has not been able to obtain those prices from either Barclays or KeyBank.
Louisiana law, Beebe wrote Brady, allows Spinosa to buy back 78.82 percent of the claims against him at whatever discounted prices were paid by Barclays.
In an email Friday to Beebe, Mack Gregorie, a Baton Rouge attorney for Barclays, said the British bank was “requesting consent of the trade counterparties” to release those prices to Spinosa.
“Of course, Barclays does not believe that the debtors (Spinosa and his firms) have any rights under Louisiana (law),” Gregorie added.
On Wednesday, Brady told KeyBank it has until Tuesday to file any opposition to Spinosa’s argument that he can reduce his debt at what may be a substantial discount.
Earlier, the judge told Spinosa that he has until Tuesday to file objections to KeyBank’s request for permission to seize and sell his chilled-water plant.
Lord Vader
Sith Lord
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Here is more information to lend credence to what the "insiders" are saying regarding Nick Saban's financial situation. This is a ton of money.
Spinosas Houston Complex Bankruptcy
Baton Rouge developer J.T. "Tommy" Spinosa has filed for bankruptcy protection on a Houston apartment complex where creditors are seeking more than $25 million in reported debts.
University of Alabama football coach Nick Saban holds a 49.5 percent interest in the 280-unit complex, the Chapter 11 filing shows in Baton Rouge. The Spinosa Class Trust holds another 49.5 percent of the development, known as the Watermarke Apartments.
Court documents show the remaining 1 percent interest in the apartment complex is held by Beltway 8 Associates LLC, for which Spinosa is listed as manager in records of the Louisiana Secretary of State's Office.
Under Chapter 11 of the bankruptcy code, creditors cannot force immediate sale of a debtor's property. Instead, the debtor is given time to reorganize and submit a repayment plan for court approval.
Statements signed by Spinosa value the complex at $25 million.
"The property is about 96 percent occupied, and the rents are scheduled to go up," said William E. Steffes, one of the attorneys for complex owner Beltway 8 Associates LP.
Both Spinosa and Saban were listed as general partners of Beltway 8 Associates LP when it was formed in December 2004, according to records of the Texas secretary of state.
But Spinosa signed reorganization records Jan. 26 as "manager of Beltway 8 Associates LLC, the sole general partner of Beltway 8 Associates LP."
Steffes said Spinosa believes the complex has a strong chance of emerging from reorganization under U.S. Bankruptcy Judge Douglas D. Dodd as a profitable enterprise.
The Watermarke Apartments produced $2.9 million for the limited partnership in 2009 and $2.8 million in 2010, according to a financial statement signed into the reorganization record by Spinosa.
Saban, who coached the LSU Tigers to a BCS national championship in 2003, repeated that feat at Alabama in 2009. He could not be reached for comment Tuesday afternoon at Alabama.
Hank Perret Jr., Saban's attorney in Lafayette, repeatedly has declined to comment on Saban's business ventures with Spinosa. A man who answered the telephone at Perret's office Tuesday said he had been instructed to say: "He has no comment."
Spinosa has been involved in high-profile financial disputes for the past 19 months.
Since July 2009, he has fought KeyBank National Association over the Ohio lender's efforts to foreclose on his Perkins Rowe mixed-use development in Baton Rouge. That case remains pending before U.S. District Judge James J. Brady.
KeyBank alleges it and several other lenders are owed more than $160 million that was loaned for Perkins Rowe.
Spinosa, who personally guaranteed repayment of those loans, contends that KeyBank cost his Perkins Rowe partnerships millions of dollars by interfering with construction decisions and blocking some sales of condominiums.
KeyBank alleges fraud on Spinosa's part. Spinosa denies those allegations.
Saban, who is not a defendant in the KeyBank litigation, holds an interest in one Spinosa firm that provides chilled water for the air-conditioning system at Perkins Rowe.
The development at Perkins Road and Bluebonnet Boulevard includes more than 60 shops and restaurants, scores of condominiums and apartments, a movie complex, a grocery store and two parks.
Laura Mimura, a spokeswoman for KeyBank, declined to comment Tuesday on Spinosa's filings in the Watermarke case.
As at Perkins Rowe, debts of the Houston apartment complex were personally guaranteed by Spinosa, his court filings show.
The largest debt reported by Spinosa on the Houston complex is $22.2 million owed to FST Watermarke LLC of Dallas. Michael T. Tonti is listed as manager of FST Watermarke.
Steffes said the $22.2 million had been loaned for the complex by Compass Bank in Alabama.
Steffes added, however, that Compass Bank recently sold that loan to FST Watermarke LLC, which demanded full payment several days later.
That's what prompted Spinosa to file for Chapter 11 protection of the apartment complex from creditors, pending reorganization, Steffes explained.
Nearly a third of the remaining $2.8 million in debt is owed to school, utility and county tax authorities in Houston, the reorganization file shows.
Spinosas Houston Complex Bankruptcy
Baton Rouge developer J.T. "Tommy" Spinosa has filed for bankruptcy protection on a Houston apartment complex where creditors are seeking more than $25 million in reported debts.
University of Alabama football coach Nick Saban holds a 49.5 percent interest in the 280-unit complex, the Chapter 11 filing shows in Baton Rouge. The Spinosa Class Trust holds another 49.5 percent of the development, known as the Watermarke Apartments.
Court documents show the remaining 1 percent interest in the apartment complex is held by Beltway 8 Associates LLC, for which Spinosa is listed as manager in records of the Louisiana Secretary of State's Office.
Under Chapter 11 of the bankruptcy code, creditors cannot force immediate sale of a debtor's property. Instead, the debtor is given time to reorganize and submit a repayment plan for court approval.
Statements signed by Spinosa value the complex at $25 million.
"The property is about 96 percent occupied, and the rents are scheduled to go up," said William E. Steffes, one of the attorneys for complex owner Beltway 8 Associates LP.
Both Spinosa and Saban were listed as general partners of Beltway 8 Associates LP when it was formed in December 2004, according to records of the Texas secretary of state.
But Spinosa signed reorganization records Jan. 26 as "manager of Beltway 8 Associates LLC, the sole general partner of Beltway 8 Associates LP."
Steffes said Spinosa believes the complex has a strong chance of emerging from reorganization under U.S. Bankruptcy Judge Douglas D. Dodd as a profitable enterprise.
The Watermarke Apartments produced $2.9 million for the limited partnership in 2009 and $2.8 million in 2010, according to a financial statement signed into the reorganization record by Spinosa.
Saban, who coached the LSU Tigers to a BCS national championship in 2003, repeated that feat at Alabama in 2009. He could not be reached for comment Tuesday afternoon at Alabama.
Hank Perret Jr., Saban's attorney in Lafayette, repeatedly has declined to comment on Saban's business ventures with Spinosa. A man who answered the telephone at Perret's office Tuesday said he had been instructed to say: "He has no comment."
Spinosa has been involved in high-profile financial disputes for the past 19 months.
Since July 2009, he has fought KeyBank National Association over the Ohio lender's efforts to foreclose on his Perkins Rowe mixed-use development in Baton Rouge. That case remains pending before U.S. District Judge James J. Brady.
KeyBank alleges it and several other lenders are owed more than $160 million that was loaned for Perkins Rowe.
Spinosa, who personally guaranteed repayment of those loans, contends that KeyBank cost his Perkins Rowe partnerships millions of dollars by interfering with construction decisions and blocking some sales of condominiums.
KeyBank alleges fraud on Spinosa's part. Spinosa denies those allegations.
Saban, who is not a defendant in the KeyBank litigation, holds an interest in one Spinosa firm that provides chilled water for the air-conditioning system at Perkins Rowe.
The development at Perkins Road and Bluebonnet Boulevard includes more than 60 shops and restaurants, scores of condominiums and apartments, a movie complex, a grocery store and two parks.
Laura Mimura, a spokeswoman for KeyBank, declined to comment Tuesday on Spinosa's filings in the Watermarke case.
As at Perkins Rowe, debts of the Houston apartment complex were personally guaranteed by Spinosa, his court filings show.
The largest debt reported by Spinosa on the Houston complex is $22.2 million owed to FST Watermarke LLC of Dallas. Michael T. Tonti is listed as manager of FST Watermarke.
Steffes said the $22.2 million had been loaned for the complex by Compass Bank in Alabama.
Steffes added, however, that Compass Bank recently sold that loan to FST Watermarke LLC, which demanded full payment several days later.
That's what prompted Spinosa to file for Chapter 11 protection of the apartment complex from creditors, pending reorganization, Steffes explained.
Nearly a third of the remaining $2.8 million in debt is owed to school, utility and county tax authorities in Houston, the reorganization file shows.
Lord Vader
Sith Lord
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Spinosa selling off his office buildings in Baton Rouge.
Developer Tommy Spinosa has put up for sale seven office buildings with an assessed value of $19.2 million, including six properties in Baton Rouge, according to the Business Report.
The properties are listed for an undisclosed price, and comprise the bulk of Spinosa’s office portfolio. According to the Business Report, they include 2431 S. Acadian Thruway, 2600 CitiPlace Blvd., 5615 Corporate Blvd., 5757 Corporate Blvd., 6300 Corporate Blvd., 4345 S. Sherwood Forest Blvd. and 2800 Veterans Memorial Blvd. in Metairie.
The buildings are being marketed by Jones Lang LaSalle.
Developer Tommy Spinosa has put up for sale seven office buildings with an assessed value of $19.2 million, including six properties in Baton Rouge, according to the Business Report.
The properties are listed for an undisclosed price, and comprise the bulk of Spinosa’s office portfolio. According to the Business Report, they include 2431 S. Acadian Thruway, 2600 CitiPlace Blvd., 5615 Corporate Blvd., 5757 Corporate Blvd., 6300 Corporate Blvd., 4345 S. Sherwood Forest Blvd. and 2800 Veterans Memorial Blvd. in Metairie.
The buildings are being marketed by Jones Lang LaSalle.
Lord Vader
Sith Lord
- Joined
- May 23, 2012
- Messages
- 3,290
Judge OKs foreclosure on Perkins Rowe
Baton Rouge developer Tommy Spinosa has lost a bid to halt a foreclosure suit against his Perkins Rowe mixed-use project.
U.S. District Judge James J. Brady refused Wednesday to freeze the $165 million suit by lender KeyBank National Association, of Cleveland.
Brady also denied Spinosa and Perkins Rowe permission to ask the 5th U.S. Circuit Court of Appeals in New Orleans to reverse the judge's November ruling that KeyBank is allowed to pursue its
claims in federal court.
KeyBank filed its suit in July and alleged that Perkins Rowe had not made a payment on its loan since October 2008.
According to documents KeyBank attached to its suit, Spinosa personally guaranteed that loan.
Perkins Rowe Sells
BATON ROUGE - Perkins Rowe sold at a foreclosure auction today to KeyBank National Association, the lender which says it was never paid for loans used to build the development, for $69.3 million.
The banks were the only bidder in the auction, which was over in minutes.
KeyBank, an Ohio lender based in Cleveland, started the foreclosure proceedings against developer Tommy Spinosa back in 2009 after they said they hadn't received any payments on more than $170 million in construction loans.
A judge leveled a $201 million judgement against Spinosa for the loans and interest last year, which KeyBank still intends to collect.
Baton Rouge developer Tommy Spinosa has lost a bid to halt a foreclosure suit against his Perkins Rowe mixed-use project.
U.S. District Judge James J. Brady refused Wednesday to freeze the $165 million suit by lender KeyBank National Association, of Cleveland.
Brady also denied Spinosa and Perkins Rowe permission to ask the 5th U.S. Circuit Court of Appeals in New Orleans to reverse the judge's November ruling that KeyBank is allowed to pursue its
claims in federal court.
KeyBank filed its suit in July and alleged that Perkins Rowe had not made a payment on its loan since October 2008.
According to documents KeyBank attached to its suit, Spinosa personally guaranteed that loan.
Perkins Rowe Sells
BATON ROUGE - Perkins Rowe sold at a foreclosure auction today to KeyBank National Association, the lender which says it was never paid for loans used to build the development, for $69.3 million.
The banks were the only bidder in the auction, which was over in minutes.
KeyBank, an Ohio lender based in Cleveland, started the foreclosure proceedings against developer Tommy Spinosa back in 2009 after they said they hadn't received any payments on more than $170 million in construction loans.
A judge leveled a $201 million judgement against Spinosa for the loans and interest last year, which KeyBank still intends to collect.
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