Barnett Building Update

[icarus]

yawn.  its awesome to see how fast you didn't read the actual article.  you must have not understood it at least twice as fast. keep bringing the boring though. its cute.

Its amazing how dismissive you are of any opinion not your own but hardly surprising at this point. 

[PeeJayEss]

http://www.metrojacksonville.com/forum/index.php/topic,24622.msg416201.html#msg416201

tl;dr

[PeeJayEss]

earthshaking surprise.

tl;dr

[icarus]

I read the story you posted before my initial remark ... I'm not so disingenuous as to do otherwise but am thankfully blessed with the ability to read quickly.

Based on the articles published to date on this subject ( no alleged secret inside gossip) ... I can surmise the following:

1. Atkins' comments seem solely focused on the Laura Street Trio since the foreclosure so I would assume he doesn't hold much hope for salvaging Barnett.

2. Atkins specifically stated that the Laura Street Trio is dependent on the City making contributions and tax credits ... a "public-private" partnership.

3. Atkins stated the development vision of Stache Investments and Southeastern had diverged .. a/k/a deal gone bad .. whatever the reason. (does it really matter .. each side has a version and the truth lies somewhere in between?)

4. If the visions diverged, we are left with the obvious question as to what Stache's vision is .......

My suggestion is that instead of pillorying Khan. We focus on the facts and the future of the development of these properties.  I for one care to hear more about Stache's plans and the remaining viability of the proposed development of the trio than opinions about Khan's business decision to foreclose or his moral character for doing so.

[thelakelander]

So the Barnett is Khan's now? What's his plans for the property?

[Non-RedNeck Westsider]

And no, there isn't a plan for the property, just as there wasn't for edgewood bakery or KYN.

I have to disagree with this statement to an extent.

Each business had a plan prior to Khan financing them.  On the surface it appears that all 3 failed to deliver on whatever it was they had promised. 

Atkins supposedly had financing in place, Khan provided a small push and then it seems that nothing is in place after all. 

The Rhykalskis had a plan to provide healthy treats for the masses, Khan helped by providing them a place to do it, then their lack of business acumen showed through.

KYN needed seed money to assist startup companies see their visions, but spent the money on themselves and cherry picked (poorly) the companies that they were to help.

I don't care how it's spun, Khan has all appearances of giving these people the rope and they chose to hang themselves with it.  From what I can tell, the other 2 companies that Stache made any serious investment in are doing just fine.  We can guess as to why, but my 'guess' is that the businesses that were established had a solid plan and the investment helped them get over a known hurdle and back into known waters.

[Non-RedNeck Westsider]

Again, I can only surmise that the plan Stache had was a double-digit return on their investment.

Owning the mortgage on the building is kind of a no-brainer:  pay me in installments.

Owning a piece of each start-up is like getting in on the IPO to any company.  It's hit and miss, but when you're only swinging 5 times instead of 50, the odds are against you.

The plan for the Rhkalski's made sense.  Owning a majority of that business cost $600k up front, but selling his 54% in 5 years when the business is worth $3-4M annually... 

[Non-RedNeck Westsider]

Again, I can only surmise that the plan Stache had was a double-digit return on their investment.

Owning the mortgage on the building is kind of a no-brainer:  pay me in installments.

Owning a piece of each start-up is like getting in on the IPO to any company.  It's hit and miss, but when you're only swinging 5 times instead of 50, the odds are against you.

The plan for the Rhkalski's made sense.  Owning a majority of that business cost $600k up front, but selling his 54% in 5 years when the business is worth $3-4M annually...

omg.  NRW.  AFTER the businesses were foreclosed or defunded.  What was the plan for AFTER.....when the first plan of funding partners and startups didn't work out?

Never mind.  scratch that.  Sort this out amongst yourselves.  We can see in a few weeks or so what happens.  Im not a betting guy, but I would kind of think icarus' reading makes sense.

Night.

Edgewood Bakery is back to being Edgewood Bakery.  The old management is already back in place.

KYN... well, let's just chalk that up as a loss.

The Barnett is real wonder here.  If there's a backup plan, other than waiting for another buyer, then I'm sure we'll see soon enough, but I wouldn't expect any (if) announcement until early fall - Sept / Oct.

G'nite.

[PeeJayEss]

Never mind.  scratch that.  Sort this out amongst yourselves.  We can see in a few weeks or so what happens.  Im not a betting guy, but I would kind of think icarus' reading makes sense.

Night.

So icarus, who was basically disagreeing with you on every point and pointed out that you are dismissive of any discussion that doesn't suit your narrative, is the one whose reading you would bet on, were you a betting man? Very interesting.

http://www.urbandictionary.com/define.php?term=tl%3Bdr&defid=2441863

Also, these are the top two definitions for tl;dr, which was of course used in jest both times.
http://www.urbandictionary.com/define.php?term=tl%3Bdr&defid=359766
http://www.urbandictionary.com/define.php?term=tl%3Bdr&defid=57118

Your posting of that cherry-picked definition, as well as the position of its author, clearly requires addition reading:
http://www.urbandictionary.com/define.php?term=ButtHurt

[mtraininjax]

Edgewood Bakery is back to being Edgewood Bakery.  The old management is already back in place.

Whoa, Gary and Sandy Polenta came out of retirement? I thought their son was running the shop, Gary Jr?

[Non-RedNeck Westsider]

Edgewood Bakery is back to being Edgewood Bakery.  The old management is already back in place.

Whoa, Gary and Sandy Polenta came out of retirement? I thought their son was running the shop, Gary Jr?

Semantics.  Gary Jr. was managing prior to the purchase.

[Houseboat Mike]

Barnett Tower group said it was never supposed to repay $3.16M in loans to Shad Khan's Stache Investments
Monday, June 22, 4:20 PM EDT
By David Chapman, Staff Writer

The group that purchased the Barnett Bank building said it was never supposed to repay the $3.16 million it borrowed from Shad Khan's Stache Investments.
That's the contention made by Barnett Tower LLC in a response filed Friday afternoon to Stache's foreclosure proceedings.

Stache began the proceedings on the historic Downtown building in late May, claiming Barnett Tower hadn't made any payments on the more than $3.16 million it was loaned.

Full Story:

http://www.jaxdailyrecord.com/showstory.php?Story_id=545675

[Steve]

This has "attorneys get rich" written all over it.

[dp8541]

Just from the linked article this sounds very similar to the Bakery proceedings.  My initial guess is thatthis will hash out similar in the foreclosure proceedings; ie the defendant (Barnett, Edgewood) is claiming the initial loan had "handshake" deals or terms that were not included in the loan docs. 

I am interested to see this play out.  It is good to see Barnett has hired Rogers - if there any truth or legal precedent to Barnetts claims in their response to the foreclosure - Rogers will give them more than adequate representation (maybe level the playing field a little more).

[Noone]

WOW!
Anyone else feeling sorry for the Baltimore guys 2014-412?
Visit Jacksonville,
Stay positive.