In Summary, Shad Khan Loses Foreclosure Bid for Barnett

[fieldafm]

His name is Atkins, not Adkins as you refer to him throughout.  At one point, you also refer to him as Mr. Adams.  Mr. Atkins' name is mentioned numerous times in the order.

Mr Adams is the attorney who represented Stache in this case.

Despite a (pretty common) spelling error on Steve Atkins' name... Mr Hand is pretty spot on in his assesment

Thanks Mike. I can assure you I won't make that particular error again! 

Despite being only 5 letters in length and one syllable in pronunciation, smarter people than me misspell my last name constantly. Don't worry, you're in good company.

[Chris Hand]

His name is Atkins, not Adkins as you refer to him throughout.  At one point, you also refer to him as Mr. Adams.  Mr. Atkins' name is mentioned numerous times in the order.

Mr Adams is the attorney who represented Stache in this case.

Despite a (pretty common) spelling error on Steve Atkins' name... Mr Hand is pretty spot on in his assesment

Thanks Mike. I can assure you I won't make that particular error again! 

Despite being only 5 letters in length and one syllable in pronunciation, smarter people than me misspell my last name constantly. Don't worry, you're in good company.

Mike, you and I are in the same boat. For years, I have been asked to spell my last name. I suspect some people just can't believe that someone would be named after a body part. You would think that Ray Walston's role in Fast Times at Ridgemont High would have convinced the world that this a real last name, but apparently not. 

[dp8541]

This is pure speculation at this point - but what are the pros and cons for the CITY once this litigation is resolved and this property is either owned by Stache or Atkins?

At this time do people think that Atkins will still be able to secure the necessary funding to completely renovate the tower and secure tenants (or sell) if this foreclosure suit is either dropped completely or in his favor? 

I may be completely off here, but my guess would be that if Stache were to successfully foreclose on the tower there may be a better chance for something to actually happen with this tower than to just sit vacant.  Is the worry Stache just demos once they take ownership?

[tufsu1]

Bringing up Wimbledon and Fast Times at Ridgemont High in the same thread....Chris Hand for the win!

[whyisjohngalt]

How long has Atkins been trying to lead this project?

Khan would be develop faster and could do shipyards and trio simultaneously.

[mtraininjax]

Moral of the order: real estate deals can be complex and whether you actually owe payments, and when such payments are due, can be unclear and complicated.

Ask the former owners of Edgewood Bakery how "unclear and complicated" turned out for them. Moral of the story, pay your damn bills, period.

[thelakelander]

Fast Times at Ridgemont High

Great movie and great theme song by Jackson Browne!

https://www.youtube.com/watch?v=nNTb5sBvJPY

[Tacachale]

Khan didn't lose the foreclosure bid, let alone "summarily" lose the foreclosure bid.

In an order filed Monday, Circuit Court Judge James Daniel denied the summary foreclosure. The case now continues through the standard foreclosure procedure with the eventual possibility of going to trial.

http://jacksonville.com/business/2015-07-28/story/judge-denies-shad-khan-request-foreclosure-o-barnett-national-bank

[PeeJayEss]

Despite being only 5 letters in length and one syllable in pronunciation, smarter people than me misspell my last name constantly. Don't worry, you're in good company.

i before e except after Mike

[kimbiwa]

This comment clearly establishes that either A. You didn't bother to read the ruling, or B. You weren't capable of understanding what it said. The mortgage was, according to the allegations, made by the defendant, never intended to be repaid, by the defendant, but instead immediately sold to a company, that was, at the time of the transaction, pre-selected by STACHE, to buy the property. Barnett was never designed to be a company that ever created revenue, but simply as a temporary holding company, of sorts, to shield both STACHE and Barnett, from significant financial loss, in the event that the deal fell through, except in this case, the deal fell through, because STACHE no longer wanted to company to sell the very client that STACHE, itself had lined up.

So yeah, the moral to the story is read more and say less. This was never about not paying bills.

[Tacachale]

Khan didn't lose the foreclosure bid, let alone "summarily" lose the foreclosure bid.

In an order filed Monday, Circuit Court Judge James Daniel denied the summary foreclosure. The case now continues through the standard foreclosure procedure with the eventual possibility of going to trial.

http://jacksonville.com/business/2015-07-28/story/judge-denies-shad-khan-request-foreclosure-o-barnett-national-bank

[mtraininjax]

So yeah, the moral to the story is read more and say less. This was never about not paying bills.

Spoken like a renter who gets an eviction notice, rather than an owner who appears in Foreclosure court. Of course its all about paying your bills, the only free thing in life is the oxygen, everything else has a cost.

[Ajax]

New Thread Title:

Short Version: Judge Denies Motion in Barnett/Stache Inv., Case moves forward.

Tabloid Version:
Stache Investments (company owned by SHAD KHAN (AKA the Bumper Devil)(AKA rich jerk that got free jumbotrons) tried to Steal an Historic Building from Barnett Tower Group (AKA Steve Atkins (good intentioned fellow)) But Local Magistrate says "Not so Fast my Friend" and Summarily Denies The Bumper Devils request for Summary Foreclosure. Justice Prevails.

Just thought I'd help...

"What Billionaire Shad Khan gets wrong about business"

or

"Goliath takes David to court.  You're not going to believe what the judge says!" 

[duvalbill]

Hey Chris!

Thanks for the suggestion, but I think if you read the order, It seems like the judge is pretty clearly giving a temperature of the court's opinion on how such a foreclosure attempt would play out.

Unless I'm reading the docket wrong, the order is to deny the only motion on the docket, which is to foreclose through summary judgement.

Which motion, Stache Investments just lost.

Considering the precedents cited in the order, which the Judge mentioned as guiding his judgement, if you were the plaintiff in this case, would you file a further action for foreclosure in this court?

I would think that the judge has clearly signaled that this is a conflict in equity, and would require that the plaintiff respond in equity wouldn't you?

Stache filed the action, so I sincerely doubt they're going to dismiss the case and subject themselves to attorney fees.

The precedent cited pertains to the grounds needed to enter a judgment after an order to show cause.  All the opposing party needs to do is provide a motion or a sworn pleading or affidavit to prevent the entry of an expedited judgment.  I see nothing in the Court's Order, which would prevent a judgment from being entered at a later time, it will just take longer and cost more money to obtain said judgment.

All the allegations contained in the affidavit will be fleshed out through the discovery process and I'd imagine Stache will make another run at summary judgment before setting the matter for Trial.

[RattlerGator]

Stache filed for foreclosure, Barnett raised issues the judge (at this stage of the proceedings) *has* to review in a light most favorable to defendant Barnett, and the judge properly admitted Barnett's defenses may not be legally or factually viable -- but that can't be concluded at this early stage. It's on to discovery. Time for some lawyering by both sides.

Nothing in that order is favorable or unfavorable to either party.

I'm wondering if this is a situation where Shad Khan has been screwed by those idiotic One Spark / KYN people living high on the hog with Shad's money and this resulting foreclosure action is an attempt by Shad to make some lemonade out of a lemon-worthy project.