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| By Lori
Weisberg,
The
San Diego
Union-Tribune January 7, 2011
“We feel (the creditors’ objection) is meritless on so many levels,” said attorney Marc Winthrop, who represents 5th Avenue Partners. “They’re feeling petulant they were left out of the decision. This property is worth far less than the amount of debt against it, so the proceeds from a sale could be paid to the lender, and there’d be no money left over, so what kind of reorganization plan could you do?” Opposing attorney Ali M.M. Mojdehi pointed out that a suit aleady has been filed against the hotel lender on behalf of the creditors committee and many of the construction companies that worked on the Sè to establish priority over the bank once available funds are distributed. “The debtor has sold out to the bank,” said Mojdehi, who represents the creditors committee. “We are not for sale and intend to push fror a sale process fair to all creditors, not just the bank.” For the rest of the story including detailed property information please visit: http://www.signonsandiego.com/news/2011/jan/05/bankrupt-downtown-hotel-may-be-put-up-for-sale/ |
| Contact: Lori Weisberg, Staff Writer San Diego Union-Tribune 350 Camino de la Reina San Diego, CA 92102 619-293-2251 [email protected] |
