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drsandcrs

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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! .........

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