Omni to leave Detroit.

[Packman41]

Originally posted by Lincoln8740:
"Not if the loan was non-recourse.

or
the "owner" is an LLC[[or some other formation) which has no other assets and is now defunct, making the individual people that are a part of the group virtually judgment proof."

This is all true, except the article http://detnews.com/article/20100909/...#ixzz0zWIKGAcj specifically states that, "The lawsuit says the Ferchill team has an outstanding balance totaling $24.5 million on its loan, including fees and penalties. Wells Fargo and Capmark want the Ferchill officials to pay off the $5.5 million gap that the $19 million foreclosure sale price a week ago Thursday didn't cover, according to the lawsuit."

Banks are notorious for requiring personal guarantees from the individuals that comprise the LLC and not just the LLC. In light of the lawsuit that has been filed it appears Wells Fargo has personal guarantees from Ferchill officials.

[lincoln8740]

Banks are notorious for requiring personal guarantees from the individuals that comprise the LLC and not just the LLC. In light of the lawsuit that has been filed it appears Wells Fargo has personal guarantees from Ferchill officials.

Agreed as to right now but during the previous fifteen years, banks rarely asked for a personal guarantee.

People made a lot of money, espescially on buildings in Detroit.

If you had a good appraiser--the sky was the limit

[Danny]

Oh well! there goes a piece of a be Coleman A Young's Detroit's Renaissance plan.