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Re: Packard plant update
#11
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RogerDetroit
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Quote:

Tim Cole wrote:
....Banks for example, don't work with owners of distressed loans to mitigate losses because their "professional" personnel are lazy and would rather write off assets to the detriment of the borrower and lender alike. In return they receive huge bonuses for rotten performance.


This statement is both wrong and irresponsible. Commercial real estate financing (nationwide) was my career before I retired.

Please tell me the name of one banker that refused to work with a borrower and cite the amount of this "alleged" bonus. What is the name of the commercial property in the Detroit area that was written off? A few facts please.

During my career I worked out plenty of loans when I thought the borrower was not at fault. But if I thought the borrower was part of the problem, such as pocketing rent money instead of fixing the place up to make it nice for the tenants then I took the remedies available under the loan documents.

Remember this thread is about the Packard Plant and what Fernando Palazuelo is doing with it.

Posted on: 2014/10/22 20:32
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1941 Model 160 Convertible Sedan
[url=https://packardinfo.com/xoops/html/modules/registry
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Re: Packard plant update
#12
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BigKev
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Remember religion and politics make for poor conversation in mixed crowds. Let's keep this about cars and Packards.

Posted on: 2014/10/22 23:33
-BigKev


1954 Packard Clipper Deluxe Touring Sedan -> Registry | Project Blog

1937 Packard 115-C Convertible Coupe -> Registry | Project Blog
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Re: Packard plant update
#13
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Steve203
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Cleanup along Concord side, removing rubble that was pulled off building earlier.

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Posted on: 2014/10/24 16:12
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Re: Packard plant update
#14
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Steve203
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Cleanup continues at the plant. According to their FB page, about 15,000cuyds of debris has been removed.

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Posted on: 2014/11/6 17:39
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Re: Packard plant update
#15
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HH56
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Definitely an improvement. Maybe there is hope.

I noticed in the paper today the buyer for those 3200 distressed homes and properties backed out and forfeited the deposit. Wonder if he ran into screwed up or unclear titles in that batch like this guy did with the Packard property and they chose not to deal with more hassle.

Posted on: 2014/11/6 18:06
Howard
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Re: Packard plant update
#16
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Owen_Dyneto
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Steve, please keep posting pictures of the cleanup as you run across them. Though I'm still dubious about a good final outcome, it sure is pleasing to see the place getting a little care.

Posted on: 2014/11/6 18:39
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Re: Packard plant update
#17
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Steve203
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Quote:

HH56 wrote:
Definitely an improvement. Maybe there is hope.

I noticed in the paper today the buyer for those 3200 distressed homes and properties backed out and forfeited the deposit. Wonder if he ran into screwed up or unclear titles in that batch like this guy did with the Packard property and they chose not to deal with more hassle.


The local TV news was reporting on that last night. Seems the guy was planning on getting a big stack of Federal or city "blight clearance" money to cover the cost of clearing the derelict buildings. There is money earmarked for blight clearance, but the authorities said that money is not for a speculator that wants to buy land on the cheap, get it improved at government expense, then resell it and pocket the profit.

Comments about the guy on the DetroitYes! site are less complimentary regarding his character and ethics.

Posted on: 2014/11/6 21:17
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Re: Packard plant update
#18
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Steve203
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Quote:

Owen_Dyneto wrote:
Steve, please keep posting pictures of the cleanup as you run across them. Though I'm still dubious about a good final outcome, it sure is pleasing to see the place getting a little care.


Agreed. Nice to see the place get a little respect. There is a Detroit tradition on Halloween eve of arson, so the owners put out a request for volunteers to help their normal security keep an eye on the place. The plant survived with no fires and no trespassing tickets issued.

I don't know who is doing the posting on their FB page, but here are the comments from the 30th and 31st.

Not long ago trespassers on our E. Grand bridge were throwing stones and bricks at our security officers and a Detroit fire truck. Tonight is Devils Night, we are asking you to be kind to the ol' Packard. Trespassers, will be ticketed. Thank you for your support. Any public "angel night" eyes are appreciated.

Thanks to the public, police, security, eyes on the street and everyone who helped protect our plant. We had no fires and no tickets issued. I was out with the teams until 3am and was really impressed by the support. Again, thank you.

Posted on: 2014/11/6 21:28
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Re: Packard plant update
#19
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JWL
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A couple of data points do not make a trend, but we are seeing something positive happening. I hope it will continue in this direction.

(o{}o)

Posted on: 2014/11/6 22:31
We move toward
And make happen
What occupies our mind... (W. Scherer)
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Re: Packard plant update
#20
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BigKev
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Have there been any discussions in trying to reacquire the original doors facades and restoring them?

Since they were auctioned off years ago, I think they are still setting in storage somewhere.

Here is a pic of me in front of the door many years ago, which was a few months before they were auctioned off.

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Posted on: 2014/11/8 12:21
-BigKev


1954 Packard Clipper Deluxe Touring Sedan -> Registry | Project Blog

1937 Packard 115-C Convertible Coupe -> Registry | Project Blog
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