Thursday, March 8, 2012

Bros unite!

Posted By on Thu, Mar 8, 2012 at 1:02 PM

Almost two years after it was forced into Chapter 11 to avoid foreclosure, the EpiCentre emerged from bankruptcy protection this morning. Investor group Blue Air 2010 has purchased the popular Uptown complex's troubled loan, according to the Charlotte Observer.

We're spending our lunch break beating the beat at Suite to celebrate.

Some background from the Observer's story:

The popular uptown entertainment complex has been mired in court battles since the original lender, Regions Bank, started foreclosure proceedings in July 2010 after the loan came due.

Shortly after, the two limited liability companies that own the 302,000-square-foot EpiCentre filed for bankruptcy protection, stalling the foreclosure. Regions later raised questions about how Ghazi and Cornelson spent the loan money and accused the men in court documents of self-dealing, which the men denied.

Blue Air bought the note in November 2010. A year later, Blue Air sued the developers, accusing them of wrongfully diverting money from the troubled entertainment complex before filing for bankruptcy protection.

Blue Air claimed in court filings that the developers and others "manipulated and falsified" bookkeeping records and transferred assets to "various insider companies" before the project filed for Chapter 11. The lawsuit also claimed the debtors made "numerous false statements" in their pleadings and court filings.

Read the full story here.

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