Tuesday, June 15, 2010
Railyard Foreclosure Proceedings Begin
The Sac Bee’s reporting that Inland American Real Estate Trust has filed a notice of default against Thomas Enterprises because they have failed to pay off $187 million worth of loans. A Thomas representatives saying that this is "just a formality" which sounds almost identical to what John Saca said a few months before he had to release the former Towers site over to CalPERS in a buyout to avoid foreclosure. Earlier this year, Thomas Enterprises struggled to pay over $200,000 in property taxes to the city and that red flag should have been a sign that they were struggling to move forward with the project. I have a feeling that we will be looking at 240 empty acres for a vary long time.