None of the news sites are reporting on it. I thought the Treasurer set a deadline of 3pm. If anyone hears, please post.
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None of the news sites are reporting on it. I thought the Treasurer set a deadline of 3pm. If anyone hears, please post.
[[WXYZ) - Bill Hults, the second bidder on the Packard Plant, failed to meet the Wayne County treasurer's deadline for paying his full bid of $2,003,000 on Monday.
Instead, he proposed paying an additional $300,000 to his $100,000 deposit, promising to deliver the full amoung by noon on November 12.
Wayne County Treasurer Raymond J. Wojtowicz accepted the extension on Monday.
“We seek to secure the best purchase price we can and believe this arrangement protects our interests while allowing for plans to proceed to develop what has been a blight on the eastside for decades. We are hopeful work on the Packard Plant can begin soon,” said Treasurer Wojtowicz.
Last week, Hults missed the deadline for his $100,000 deposit by several hours.
Hults won the auction after the highest bidder failed to make good on their bid. Dr. Jill Van Horn had originally bid $6,038,000 for the Packard Plant.
yeah i heard they had several county employees working overtime, busily counting out all of his pennies from his piggy bank one by one...
Quote:
Originally Posted by Wingnatic
$400,000 is all they would have gotten from the Peruvian, so if I'm the county, I'd accept it. $400,000 non-refundable is not chump change.
Presuming, of course, that the wire actually arrives.
It is embarrassing that he has to make baby payments. It is even more embarrassing that the county is accepting those payments. How is he going to pay the assorted contractors to do the work? Is he going to bring his can and bottle returns to Michigan for the extra nickel? We should cut our losses on this fool and move on. He has had since the summer to get loans or line up investors. It's a bigger and more expensive project than he could handle.
yeah, Palazuelo bid $2M, the same amount as Hults, and is way less of a tool; Wojtowicz should just friggin skip Hults already, dammit! Palazuelo could prolly pull $400k out of his pocket right now. maybe Wojtowicz is just dragging this out to make an entertaining spectacle of Hults' toolishness haha. the media sure is loving it thats for sure. the higher the price tag gets, the less of a chance Hults is going to be able to pay it.
when Nov 12 rolls around i wonder if he will offer to pay $600k for another extension? :D
Hults has no capacity to do this project; its a shame that he's the front runner on bid price alone.
Well by this rate he will pay his $2 mil by Christmas LOL. They have no choice but to accept his non-refundable payments.
The treasurer by no means has to agree to an installment plan. Before accepting the installment today, he could have required a full payment. Now on the 12th, he could require the whole payment, or could just accept a partial payment. I would think at some point Palazuelo could sue. So far, the two bids ahead of him [[the Texas whack-job and Hults) have not actually complied with the conditions of winning the auction [[paying their bid price). Under those circumstances, the next highest bid [[his) should be honored.Quote:
Originally Posted by Cliffy
Per Detroit News, still no payment received. http://www.detroitnews.com/article/2...text|FRONTPAGE
Maybe he can open up Clown College-Detroit on the site when it gets done.
Pathetic. A guy that can't get $2M together isn't going to get $100M+ together for a project of this size. He'll be trying to work every angle he can trying to get state, county and city dollars to pay for it. Problem is he isn't Ilitch or the Ford family and nobody cares about this side of Detroit. Just more Detroit hopelessness on display.
Well if its not in the county bank account by the start of business tomorrow then its time for the next guy.
This whole thing reminds me of John Spano, and him trying to swindle a sport franchise with no money.
Does anyone know how frequent train traffic is along the Packard tracks?
I'm pretty sure those train tracks are out of service there.Quote:
Originally Posted by MikeyinBrooklyn
It's more than a little embarrassing the amount of attention the Detroit media is giving to this non-event. It's a good thing there's no pregnant panda at the zoo.
That's a good thing. Surprised no one stole the rails!Quote:
Originally Posted by Cliffy
I was actually thinking the exact same thing...Quote:
Originally Posted by tetsua
Clown show continues in Detroit. It is literally impossible to make a return on any investment on this side of Detroit -- let alone a private investment of this magnitude. So what does that leave? A huge gov subsidized housing complex?
This is from the previous "Packard Plant Purchase" thread, in case people missed it.......
"I'm not sure of the legal ramifications if it doesn't go to the 2nd highest bidder, but that's exactly what they should be doing. Interview the interested parties, ask to see a game plan, see if it's workable and financially sound. The highest bidder, just like the lowest bidder, isn't always the wisest choice."
Honky Tonk
... for his non-refundable $100,000 donation to Wayne County.
http://detroit.curbed.com/archives/2...kard-plant.php
By the way, Bill Hults can be reconfigured into Bull Sh!t [[with an L left over; I guess that can be refunded to him).
and the games continue... How many times will "I'll have the money in a couple of days..." be allowed? Just keep his "deposit" and move on, time to call Fernando in Peru.
“Based on the significant earnest money that has been placed with our office, I feel it appropriate to meet with Mr. Hults and his team and hear them out as to their position relative to the Packard Plant,” Wojtowicz said in a statement this afternoon".
http://www.freep.com/article/2013110...121/1001/rss01
I had never before thought that the Treasurer's office as a bastion of incompetence, despite the swirling inferno of corruption that is Ficano's Wayne County government, but I am actively developing that opinion. I hereby announce my own plan to buy and renovate the Packard Plant, provided I am given 400 years to pay for it.
http://www.detroitnews.com/article/2...RO01/311040101 If you look in the comments section, you will find Jill Van Horn has posted. I think it was her spelling in the 3 press release from before, as this is her job title : Private Pratice.
http://www.freep.com/article/2013110...SS06/311050121
Starting to wonder why anybody would ever pay Wayne County anything on time.Quote:
The Wayne County Treasurer has given Chicago-area developer William Hults at least one more day to produce an additional $300,000 down payment for Detroit’s old Packard Plant — the latest missed payment in a string by would-be buyers of the industrial ruin.
If Hults makes the nonrefundable payment by Wednesday, he would win another extension until Nov. 12 to pay the remaining $1.6 million of his $2-million auction bid for the former auto plant. Hults made a nonrefundable $100,000 deposit on Friday.
Until Hults delivers the deposit, his bid “is sort of in limbo,” said Chief Deputy Treasurer Dave Szymanski.