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Nocturnal being foreclosed on (pg. 4)
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| Addictive Global |
| quote: | Originally posted by Donnie Gryphon
Explain how that is unclassy.
I stated the truth. Did you throw parties there? Yes you did. Did they work out for you? No they didn't and you admitted you had no support for the parties. Is Nocturnal a hole? Yes it is.
Again how is that not classy? It's speaking the truth. Did I ever insult you or call you a ing retard? No I didn't. I respect that you throw events and try to grow the scene but once again I was looking out for promoters throwing parties, because there are official documents showing the situation and you guys want to go and get your panties in a bunch.
The only way they get out of this is if they pay the $5M plus on the property. So if they got some sucker with deep pockets to pay $5M+ on a building that's market value is around $850,000 good for them. I feel sorry for the retard who did it.
So now you can tell me who I can and can't address on a forum? It's a public forum and we're having a discussion where you continually keep saying they are not in foreclosure when there are public documents to prove.
I'll address you whenever I want and how I want too. Until you show us documents that prove us wrong, the building is in foreclosure. |
All you do is recycle your own nonsense and act brave because your typing from your comfy couch. Once again since your comprehension skills seem to be lacking. March 10th will come and go, venue will be open for WMC, more to be announced at a later date. |
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| Donnie Gryphon |
| quote: | Originally posted by Addictive Global
All you do is recycle your own nonsense and act brave because your typing from your comfy couch. Once again since your comprehension skills seem to be lacking. March 10th will come and go, venue will be open for WMC, more to be announced at a later date. |
And once again you bounce around the subject at hand. Answer the questions that are in front of you. Are you to dense to understand or read official documents?
Tell me what I'm not comprehending? That the building isn't in foreclosure?
You have yet to illustrate any point to your case. Your responses sound exactly like the nonsense that Nocturnal spouts off about the situation. You both are a bunch of shadow dancers.
Make a valid point in this thread instead of coughing up a bunch of bs.
If it looks like , smells like , then it's a big pile of . That's really what all of your responses are to everyone in this thread
And I'm not acting brave from the comfort of my couch. I have my real name as my handle. If you want I'll meet you wherever you want and say it to your face. Maybe you would understand that way since you can't seem to get it through your head.
.| quote: | It's already been foreclosed on. This is why it's going to auction on March 10th if the $5.2mill isn't paid by then.
EDIT: Or if some loophole isn't exploited by March 10th. And it does sound like there will be a shady move made by the ownership, and it will postpone the sale/auction date. |
One way they can get out of it, is if they file for Chapter 11. That will push the auction back a couple of months |
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| trancension |
Ya, Chapter 11 / Bankruptcy seem like the options the ownership might be taking to postpone the sale/auction.
It won't surprise me if they manage to stay open. They seem pretty confident they will be. So it looks like they will be filing for Chapter 11 or doing something else. |
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| Dream Beamz |
| quote: | Originally posted by trancension
Ya, Chapter 11 / Bankruptcy seem like the options the ownership might be taking to postpone the sale/auction.
It won't surprise me if they manage to stay open. They seem pretty confident they will be. So it looks like they will be filing for Chapter 11 or doing something else. |
i agree, it would be well worth the legal fees paying a lawyer to get this done rather than paying the bank anything. Even if they could just stay open through march it would be worth it. |
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| Donnie Gryphon |
| quote: | Originally posted by Dream Beamz
i agree, it would be well worth the legal fees paying a lawyer to get this done rather than paying the bank anything. Even if they could just stay open through march it would be worth it. |
Exactly. Then you pocket all the cash from Conference, don't pay the employees and get the hell out of dodge.
I was also told that they could make for a motion to cancel the sale and that would postpone the auction also.
They key to both of them is to do right before the sale date. At least that's what I was told.
Funny thing is if they file Chapter 11 what happens with this so called new investor? He spends his money to renovate the venue and then later this year they lose the building and he's out all his money. Awesome business ethics |
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| EDM-head |
| This thread has definitely provided a lil entertainment for the forum...:stongue: |
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| trancension |
I really just want to find out what kind of rabbit Nocturnal management pulls out of their hat to stay open.
Owing $5.2mill and avoiding paying the debts or actually being evicted...obviously it's some sketchy business, but at the same time, you gotta admire it! |
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| EDM-head |
| I say LP should just buy Nocturnal at the auction and expand Space!!!:toothless |
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| ac1dream |
| quote: | Originally posted by trancension
Ya, Chapter 11 / Bankruptcy seem like the options the ownership might be taking to postpone the sale/auction.
It won't surprise me if they manage to stay open. They seem pretty confident they will be. So it looks like they will be filing for Chapter 11 or doing something else. |
This is a very intelligent conclusion. Even though there is a foreclosure sale pending the mortgagor has the right to reinstate the loan, meaning catch up on the behind mortgage payment and attorneys fees and costs. Once that is done the judgment can be vacated and the sale would be cancelled. Remember, Nocturnal is the club the Judgment is on the property. If this was done, they could refinance the loan or continue paying the mortgage as is. Property values have diminished everywhere. The bank may be willing to work with them, you never know.
Bottom line, its a good location, easy to get to from the Ultra venue. Everyone in that area could benefit financially from the UMC/Ultra crowd. If I owned a business in that area, I would strive to be open at that time. We all love the music right? We should want there to be as many options for the club going music lovers to visit and spend money. |
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| trancension |
| As good of a location it is, it's apparently been hemorrhaging money the last 3 years... |
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| OGMiami |
| quote: | Originally posted by ac1dream
This is a very intelligent conclusion. Even though there is a foreclosure sale pending the mortgagor has the right to reinstate the loan, meaning catch up on the behind mortgage payment and attorneys fees and costs. Once that is done the judgment can be vacated and the sale would be cancelled. Remember, Nocturnal is the club the Judgment is on the property. If this was done, they could refinance the loan or continue paying the mortgage as is. Property values have diminished everywhere. The bank may be willing to work with them, you never know.
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Not exactly.
1. Both the business and the building are owned by the same scumbag.
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?
3. There is no way to refinance a $5.2 million dollar mortgage on a building that's only worth $1 million.
4. If you read the entire foreclosure document, you will see that they have foreclosed on the building, the business, all the furniture, the sound systems, the liquor license, the name and everything else in the place because it was all pledged as collateral for the loan.
The only way for them to be there after the 10th of March is to find some scam loophole. They can file bankruptcy but that won't last because the lender will put a receiver in there to oversee everything. The first thing the receiver will realize is that the place isn't viable in any way, shape or form. The only reason they're still there is because they don't pay their bills. They're over $5 million in debt to this one lender. Add it all together and they owe many more millions around. That's not a business.....that's a con job.
All I can say to anyone looking to go to the shows there at Conference is be careful. Make sure you don't use your debit cards. |
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| Donnie Gryphon |
| This is how I look at it......Anyone you goes to the venue is supporting these scum bags and letting them know that is alright to borrow money from people and then never pay them back a penny. You just contribute to the problem when you support this venue. Let the ****** go under. That's what they deserve |
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