"Any man who is under 30, and is not a liberal, has not heart; and any man who is over 30, and is not a conservative, has no brains." (Winston Churchill)
"Bank officials say Vivoda's company, Regent Street LLC, still owns the property at 460-470 Pennsylvania Ave.
Otherwise, Vivoda, a Glen Ellyn resident who is president of the Glen Ellyn Elementary District 41 school board, no longer is involved with the project."
How could that be, Fan? Owns it...but no longer involves with the project?
Does JV still live in GE? Thought he moved. I guess you can't be a "three-time elected board member" of D41 if you don't live in the district. Technically, could he own his home, not reside there...and still serve on the board? I see he has somehow ascended back to the presidency of the district. Why check facts? They are so pesky.
The last person to buy a place in this dump was last August...and the bank is confident the units are still marketable. What a joke!!! Vivoda was so upside down on this deal that he still owes the GC $3+ million? He is lucky he still has a driveway to back out of.
An excellent lesson on the benefits of compartmentalization. It's not he that's upside down, it's the Main & Penn 'llc' or whichever legal construct he used. He did well by keeping anything he was able to off the table - it's really the lenders and creditors fault for not securing their loan better by demanding additional collateral. Then again... it apparently has not worked its way fully through the system either and there has technically been no foreclosure yet.
Posts: 2093 | Location: Glen Ellyn, Il | Registered: September 23, 2003
This also raises some interesting questions about American Chartered Bank, how are they booking this loan, it's obviously not even close to performing - no unit has sold since last summer and only a handful in the projects three years. Yet, no foreclosure. Heck I'm even wondering what they're doing getting caught holding the note and not having put it into a CMBS. The situation casts doubt on the solvency and stewardship of American Chartered Bank, just how many other clearly nonperforming loans are being kept on the books?
Posts: 2093 | Location: Glen Ellyn, Il | Registered: September 23, 2003
Originally posted by jombl: An excellent lesson on the benefits of compartmentalization.
Yeah, like another builder who bemoans the difficulties posed by personal problems including divorce and bankruptcy, yet he is still driving his nice shiney truck, living in a fine home, and getting the green light on bigger projects than ever, while those who dealt with him in the past are not so lucky...
