Published: 1 years 249 days ago
Sacramento Bee: Three months after its developer defaulted on his loans, downtown
Sacramento's troubled railyard is flirting with bankruptcy – a move that could disrupt the massive face-lift of the property.
Negotiations between developer Thomas Enterprises Inc. and lender Inland American Real Estate Trust Inc. have reached a critical stage, knowledgeable sources said Tuesday, with the two sides working toward a deal that would put Inland in control but preserving a role for
Thomas.
Because of the default, Inland has the right to seize the property via foreclosure as early as mid-October. But Sacramento officials and others say Stan Thomas, head of Thomas Enterprises, could stymie a foreclosure by putting the 240-acre property into bankruptcy protection, something the debt-ridden developer has done elsewhere.
http://www.sacbee.com/2010/09/15/3030110/sacramento-railyard-developer.html
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