Russell in the news [[again)

[Novack]

http://detnews.com/article/20110508/...en-for-artists

[Cooper]

I'm afraid the News missed the real story. From Crain's Detroit:


Unpaid taxes, utility bills put Russell Center owner, Flagstar in tussle

The iconic Russell Industrial Center building is at the heart of a legal dispute between Detroit real estate investor and restaurateur Dennis Kefallinos and Flagstar Bank.

After $180,000 in utility bills and $240,000 in unpaid taxes piled up by January, the bank asked for court supervision of the 2.1 million-square-foot facility along I-75 in Detroit. In March, the request was granted in Wayne County Circuit Court and the property is now being run by a new receiver-appointed operator.

But Kefallinos' attorney said the move is more about Flagstar not wanting to do business in Detroit.

...

He bought the building in 2003 for $1 million but also assumed the Flagstar loan against the building, which was $600,000 at the time and is now $400,000.

The receivership action approved in court was sought by Flagstar under the argument that the owners' failure to pay utilities and taxes jeopardizes the building.

Troy-based Flagstar's attorneys said in the complaint: "The building is in danger of being destroyed because of numerous utility bills not paid, over $180,000."

Flagstar put the ownership group on notice in December, indicating that by not paying $240,000 in back taxes, the loan is in default. The back taxes, however, have since been paid by Flagstar.

http://www.crainsdetroit.com/article...er-flagstar-in

[[Subscription only -- or Google the headline.)

[fryar]

So long as they keep it open...