SPOOZ Inc (SPZI)

[I ll be back]

We likely will not see one and here's why.

How long does it usually take for a deed or mortgage satisfaction piece to show up in the recorders office in NJ?

As the PR posted, it was a "membership interest" inside the LLC that was sold. It was not one legal "entity" selling to another. Which is why the bank likely didn't even review it and why the property taxes were not required to be brought current at the time of sale. That being said, mortgages like the one on this project would restrict a majority membership transfer inside the LLC without the lender's approval. UNLESS, they happen to reassign the key management role.

In order to record a new deed, you would have needed to see a change in titled ownership. A sale of shares or in this case a transfer of a LLC's membership would not be treated the same has if there had been a new legal "entity" taking title. LLC's are a great vehicle in hiding from the bank what is really going on inside the Operating Agreement (OA) that governs the LLC.

IMO, the loan is still in default under the outstanding property tax issue. As long as Park's maintains the majority control, the loan would not be triggered. By selling a "membership interest" the bank will NEVER know.



Hope this help!