InvestorsHub Logo
Boards
News
Market Data
Markets
Discover
Discover
Subscribe Login/Register
S&P 500
5,447.87
(
-0.31%
)
US TECH 100
18,982.40
(
-1.17%
)
Dow Jones
39,411.21
(
0.67%
)
Brent Oil
85.22
(
-0.06%
)
Bitcoin
61,350.00
(
1.81%
)
Post# of 3162
Next 10
Reply Private New
Public Reply Private Reply New Post
Keep Last Read
Keep Next 10 Report Keyboard Shortcuts
Next 10 Prev Next

drsandcrs

Send PM Follow Ignore
Followers 3
Posts 297
Boards Moderated 0
Alias Born 03/08/2010

drsandcrs

Re: drsandcrs post# 1308

Thursday, 04/29/2010 8:53:42 AM

Thursday, April 29, 2010 8:53:42 AM

Post# of 3162
Has anyone heard that MMPI ......

is considering converting from Chapter 11 to Chapter 7 ....

something about the $50 million hit they took on 717 and the price being way below what Meruelo expected and was telling the BK court ...

also the continuing negative cash flow of the properties with the default rate of interest ot 15-18% accruing on approx $220 million of remaining debt and the huge legal fees accruing in BK

MMPI currently owes $19 million in accrued interest and that's at prepetition rates (not default rates) and without legal fees

MMPI is going to try and relase all properties to terminate the negative cash flow, say BANK, to preserve what might be left ...

YIKES! .........

Public Reply Private Reply New Post
Keep Last Read
Keep Last Read Next 10 Report Keyboard Shortcuts
Next 10 Prev Next

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Sign Up