The following article appeared in the Arizona Republic yesterday.
Click here to read the full article
Quick synopsis: Mortgages Limited, the lender for Centerpoint Condominiums, is attempting to force the developer into Chapter 7. Currently, the developer is in Chapter 11 whereby they hope to “reorganize” and obtain an additional 45 million dollars from a new lender and finish the first tower. By convincing a judge to move the developer from Chapter 11 to Chapter 7, Mortgages Limited will force the sale of the assets in order to pay back the creditors. Hearings are scheduled for Wednesday and February 26, 2009.
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