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-- Nocturnal being foreclosed on
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quote:

Originally posted by trancension Starts with the promoters. As long as promoters bring in talent people want to see, people will continue to go. And it seems like there are promoters who want to support Nocturnal for some reason.

There's only so long people will go there. Look what happened with AG, they brought in some good talent that I would assume people would want to see, especially you trance heads. Look how that situation turned out for them. Not that great since they no longer do parties there.

Ya, I'm not familiar with the Miami scene/history. Only spent a total of 4 weeks there spread out over several years. So I do not know AG and what not.

quote:

Originally posted by trancension Ya, I'm not familiar with the Miami scene/history. Only spent a total of 4 weeks there spread out over several years. So I do not know AG and what not.

I don't know AG either but I'm just stating what happened with their parties. They were on here saying that the parties didn't have support so they cancelled the rest of the bookings, I believe

quote:

Originally posted by OGMiami 2. They can not simply "catch up" on payments and interest and reinstate the mortgage. The lender, which is not a bank because no bank would lend to them, would have to agree to that. Why would they agree to reinstate the mortgage to a guy who was in foreclosure on the previous mortgage and then never paid this mortgage?

I am in this line of work. There isn�t a question of why.

The right of reinstatement means you must pay off all amounts currently due to include principal, interest, legal expenses and lender fees. You pay only the total amount in default and not the entire amount of the mortgage.

Whether in judicial foreclosure or a trustee�s sale and depending on the state you live in, you have the right to reinstate your loan before the sale date.

There may be some negotiation room in the total amount needed to reinstate your home loan, depending on how far in default you are and other factors. Payment must be made in certified funds, such as a cashier�s check. Personal checks, credit/debit cards, cash or money orders are not accepted. A representative of the lender will tell you how to make the reinstatement payment.

Once funds are received by the lender, the loan will be reinstated. This means that you now keep making the monthly payments as if nothing happened and the loan was never in default. If at some future point you miss another payment, the lender must start the foreclosure process from the beginning.

Florida is one of these states.

I never said this is what they are going to do, I just thought this could be the "loophole" some of us have been thinking could be the reason they are able to stay open. It�s a discussion, what people do on message boards. Relax.

One way or the other, it doesn't effect me or my life at all.

You have to understand that this is not a standard commercial mortgage with a bank. They were in foreclosure at the time they got this mortgage and it was their second time. The owner has terrible credit, no bank account and a history of bad financial behavior so they had to go to an unconventional lender who was willing to give them the money for a high interest rate because of the severe risk. That meant that they basically had to accept whatever terms the lender wanted to put on the money. Read the mortgage documents that were recorded and you'll see that they relinquished that right. They have no right to reinstatement at all and couldn't pay it up to date if they did.

By the way, if they intended to do that, they would simply be saying that instead of leaving everything the way it is. Their plan is obviously to try and pull another scam, which they don't want the lender alerted to.

So...time to bring this topic back to life to feed my curiosity. Any word on what's going on from someone not employed or working with Nocturnal?

It looks like the auction postponed due to a technical mistake by the lender's lawyer.

quote:

Originally posted by OGMiami It looks like the auction postponed due to a technical mistake by the lender's lawyer.

they obviously knew of this mistake and waited till the last second to get through WMC

BUMP!

so wtf ended up happening? i see events are still going down there (horribly no doubt) but i was kinda hoping this place would die already... so wtf?

quote:

Originally posted by PatMcGroin BUMP! so wtf ended up happening? i see events are still going down there (horribly no doubt) but i was kinda hoping this place would die already... so wtf?

No idea. I'll see what I can dig up

Supposedly going down on Tuesday

quote:

Originally posted by Donnie Gryphon Supposedly going down on Tuesday

cool. if you or anyone else could keep their ears open about this thatd be great.

quote:

Originally posted by PatMcGroin cool. if you or anyone else could keep their ears open about this thatd be great.

I'll do my best gonna be cut off from civilization starting tonight but when I get back I'll update

Foreclosure auction is set for tomorrow. Looks like they threw in the towel a while ago. The whole "Volume" changeover is history. The renovations never happened. I don't even think they're open now. Looks like it's finally over.

they're still selling tickets...
http://www.wantickets.com/Events/Sh...x?eventId=89264
http://www.wantickets.com/Events/Sh...x?eventId=89495

Optimistic as always, I guess.

05/18/2011 NO FURTHER JUDICIAL ACTION
05/18/2011 FINAL DISPOSITION DOCUMENT
05/18/2011 27694 / 4659
Pages: 11 COURT ORDER BK:27694 PG:4659 ON FINAL SUMMARY JUDGMENT OF FORECLOSURE, R.A.S.A LLC


Auction:

Auction Starts
05/24/2011 09:00 AM ET
Auction Type: FORECLOSURE
Case #: 08069512CA01
Final Judgment Amount: $5,204,067.26
Parcel ID: 01-0101-080-1030
Property Address: 50 NE 11 ST MIAMI, 33132
Assessed Value: $681,642.00
Plaintiff Max Bid: $2,500,000.00

Nocturnal filed for bankruptcy. So they will be open for a few more weeks and then that's the end of that.

i know its still a ways off... but i wonder whatll happen with space. hopefully someone can buy it for cheap and do something decent with it.

quote:

Originally posted by PatMcGroin i know its still a ways off... but i wonder whatll happen with space. hopefully someone can buy it for cheap and do something decent with it.

space is in the same boat???

quote:

Originally posted by drEamer space is in the same boat???

LOL!!

i meant to say 'i wonder whatll happen with THE space.'

I agree the space has potential. Yet it has been wasted big time. Would like to see Opium Group buy it. They have the money to fix & change it up, and also to give Space some 24-hour-zone competition ...

quote:

Originally posted by av1 I agree the space has potential. Yet it has been wasted big time. Would like to see Opium Group buy it. They have the money to fix & change it up, and also to give Space some 24-hour-zone competition ...

im kinda disappoined by opiums bookings so far this year. they ended last year so strong but so far this year there hasnt been much. mostly just shit at set on sundays.

I still love the thread icon I used.............. I can find this thread pretty easy

quote:

Originally posted by PatMcGroin im kinda disappoined by opiums bookings so far this year. they ended last year so strong but so far this year there hasnt been much. mostly just shit at set on sundays.

No doubt musically their bookings have gone down this year. But when it comes to the Noc space, I just cannot see anyone else stepping in that could possibly compete with Space on any level ...

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