Any Word On Today's Hults Payment? [Fails to Make Payment]

**corktownyuppie** · November-05-13, 09:33 PM

Of course it'll be a negative amortization note with a balloon payment in year 400, right?

**MikeyinBrooklyn** · November-06-13, 09:36 PM

Apparently, both of his payments [[now totaling nearly 10% of the money due last week!) were made with Confederate money.

**Richard** · November-06-13, 10:19 PM

And the point of this is?

**Vic01** · November-06-13, 10:25 PM

Originally Posted by MikeyinBrooklyn

Apparently, both of his payments [[now totaling nearly 10% of the money due last week!) were made with Confederate money.

gotta ask, where did you get this? So far the entire process is a joke, maybe the post is too?

**Richard** · November-06-13, 10:36 PM

The hardest part of funding is the actual acquisition after that it becomes easier.

**Hamtragedy** · November-06-13, 11:20 PM

Huh? Whut?

**Packman41** · November-06-13, 11:42 PM

Originally Posted by MikeyinBrooklyn

Apparently, both of his payments [[now totaling nearly 10% of the money due last week!) were made with Confederate money.

When you say “Confederate” money do you mean that it has an engraving of Robert E. Lee and has the Stars and Bars flag on it?? Really?

**MotorCityTrikes** · November-06-13, 11:44 PM

What's this all about?

**davewindsor** · November-07-13, 04:03 AM

Originally Posted by MikeyinBrooklyn

Apparently, both of his payments [[now totaling nearly 10% of the money due last week!) were made with Confederate money.

Maybe I'm just Canadian, but the joke doesn't make any sense. Confederate money isn't worthless. Genuine confederate money is worth a lot more than face value because of it's collector's value for being a century and a half years old. Here is a 50 cent Alabama confederate note selling on e-bay with the bidding price now at $25 http://www.ebay.com/itm/1863-State-o...80760734895%26

Here is a 25 cent Georgia confederate bill with the bidding currently at $23.73 http://www.ebay.com/itm/25-1863-Mill...item58a71bbcaf

If Hults paid 10% with genuine confederate money, he would have covered the whole purchase price.

**MikeyinBrooklyn** · November-07-13, 07:49 AM

The Confederate money crack was just a reference to the fact that the money was worthless to those who held it at the end of the Civil War. I realize that its collector's value now exceeds the denominations printed on the face.

**night-timer** · November-10-13, 11:59 PM

I honestly have no expertise on the Packard site other than to suggest we let the plant 'Rest In Peace' once and for all.

Beyond that, I'd say Hults will fail to come up with the proposed bid price and will then ask for a discount so at least some of the purchase price is received/recovered by government.

If he told them honestly that he only has ten grand, no-one would give him the time of day. He has been taken seriously by introducing himself as a big spender. Does he also promise girls he'll take them for a spin in his Ferrari tomorrow morning?

**MikeyinBrooklyn** · November-11-13, 06:58 AM

Totally demo'ing the plant, to me, is preferable to never developing it, but a few points to consider before we get to that point. First, at least one bidder [[Palazuelo) has some history taking on big urban reno projects, although certainly this is the largest. Second, the plant will be an ever-larger eyesore and public safety threat. Eventually it will need to be demolished, at presumably huge expense. So, it is fiscally preferable to have a private developer take over the site. But I hope that if there isn't a developer actively working on it in a couple of years that the county just bites the bullet and demolishes it.

**WaCoTS** · November-12-13, 09:49 AM

http://myfoxdetroit.com/story/437654/hults-spotted-checking-payphone-coin-return-slots

**MikeyinBrooklyn** · November-13-13, 05:23 PM

Isn't today scheduled for his next missed payment?

I haven't found anything online.

**Packman41** · November-13-13, 05:29 PM

He has until Friday, November 15th to come up with the cash.http://www.crainsdetroit.com/article...e-1-8m-payment

**MikeyinBrooklyn** · November-13-13, 05:33 PM

Originally Posted by Packman41

He has until Friday, November 15th to come up with the cash.http://www.crainsdetroit.com/article...e-1-8m-payment

I will believe it when it happens. Or the following week.

**401don** · November-13-13, 07:50 PM

He spent all his money paying Albert Kahn Assoc. for that fancy rendering. The umbrellas were a particularly nice touch [[wouldn't want debris falling in your latte.)

**downtownguy** · November-14-13, 01:51 PM

I missed this interview of Palazuelo in the Freep from Oct. 31. The more I learn of this guy, the more I'm hoping Hults doesn't get the Packard. Palazuelo seems like he's got his act together. He said if he didn't get the Packard, he had his eye on several other east side industrial properties. When I clicked on the video part of the interview, Palazuelo struck me as Dan Gilbert with a Spanish accent. Me gusta!!!

Packard Plant bidder from Peru: Ruined structure has 'size ... charisma ... history'

http://www.freep.com/article/2013103...S06/310310112/

**WaCoTS** · November-15-13, 12:32 PM

4hrs left:
http://www.freep.com/article/20131115/NEWS01/311150068/Detroit-Packard-Plant-deadline-Hults

no word yet on whether he could convince American Jewelry & Loan to float him some scratch for his mom's wedding ring...lol

**MikeyinBrooklyn** · November-15-13, 01:27 PM

I just can't understand why anyone would believe that someone who couldn't cough up $1M with several months to get it [[before the auction), will be able to both cough up a total of $2M and have the money to keep up with the taxes, let alone any money to renovate. Hults might be sincere, but he is not serious.

**mikeg19** · November-15-13, 03:47 PM

I don't even understand how he convinced people to give him the $200K, seeing as it's non-refundable. I hope the guy from Peru is as serious as he sounds regarding the Packard Plant. I just have a really hard time imagining anyone wanting to live in that distressed of an area that far away from downtown. But hey, if he wants to do it, go for it.

**MikeyinBrooklyn** · November-15-13, 04:14 PM

Originally Posted by mikeg19

I don't even understand how he convinced people to give him the $200K, seeing as it's non-refundable. I hope the guy from Peru is as serious as he sounds regarding the Packard Plant. I just have a really hard time imagining anyone wanting to live in that distressed of an area that far away from downtown. But hey, if he wants to do it, go for it.

I, too, wonder how he's raised any money. I wonder if the people that did give him money have grounds for a lawsuit.

I share your thoughts about the plant being sort of isolated where it is. But I think a few things would happen when it was renovated. First, since the site is huge, when renovated it would not seem like a renovated house in the middle of blight. It would almost be a small neighborhood unto itself. It would also improve the value of the surrounding area enough that I think more new construction and renovation would emerge on the surrounding blocks, especially if there were some combo of white collar professional jobs, neighborhood retail, and an arts center. And I suspect that the city would invest in upgrading the infrastructure in the surrounding blocks. I have thought a renovated building there could be a good location for a university extension [[I know CMU and GVSU have been looking to expand their Detroit presence). It could house classrooms, offices, and a city recruitment center. That could also bring in a good mix of users in the day and the evening.