Residents, bank stay confident in project

Rrrriiigghhtt.

"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.

quote:

Originally posted by Clamato:
Technically, could he own his home, not reside there...and still serve on the board?

Perhaps he owns his home, but is no longer involved in it...

I know that is the case. I just wonder if he is living in it. And if not, where? And does that where need to be in D41 to serve on the board?

I saw him pull out of his driveway on Saturday.

quote:

Originally posted by Clamato:
I see he has somehow ascended back to the presidency of the district. Why check facts? They are so pesky.

Mr. Mahmood has corrected his typo.

quote:

4/2/2008 12:14 AM | Updated: 4/2/2008 10:25 AM

He's really quite good - and is undoubtedly well aware of the tribulations in Mr. V's career.

quote:

Originally posted by jombl:
Mr. Mahmood has corrected his typo.

Hafsa's not a man, baby.

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.

quote:

He is lucky he still has a driveway to back out of.

Never mind....

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.

I don't think a lot was kept off the table. I think everything was on the table. I think the table was full.

One must always be careful with full tables. They can collapse under their own weight if overloaded and built on legs that won't support them.

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?

quote:

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...

He sure had American Chartered fooled!!!