Packard Forum Index » General

It almost looks like they're playing a game and are hoping for someone (with money) to bid based on prior bids.

Just like a leaky faucet, drip, drip, drip, drip.........

http://www.freep.com/article/20131106/BUSINESS06/311060156/Packard-Plant-bid-Hults-Peru-developer-Detroit

The Wayne County Treasurer's office has allowed a Chicago-area developer to make a smaller $100,000 additional deposit on his $2 million bid on Detroit's Packard Plant.

David J. Szymanski, chief deputy treasurer, confirmed that William Hults delivered the reduced deposit shortly before 5 p.m. Hults has now put down $200,000 in nonrefundable deposits for his bid.

Hults, who finished second in the county's tax foreclosure auction for the Packard site, was originally required to produce a $300,000 nonrefundable down payment on Monday. But that money never arrived.

Treasurer Raymond Wojtowicz gave Hults' several days extra time in consideration of his earlier nonrefundable $100,000 deposit on Friday. This afternoon, Wojtowicz allowed Hults to put down just $100,000 today as his second deposit instead of the $300,000.

The Treasurer's Office says it is still working on a payment plan for Hults to deliver the remaining $1.8 million.

It's official. The second "developer" failed to buy the Packard Plant, so it is onto bidder #3 - the guy from Peru.

http://www.freep.com/article/20131115/NEWS01/311150068/Detroit-Packard-Plant-deadline-Hults

"Peru-based developer Fernando Palazuelo, now in line to buy Detroit's old Packard Plant, vowed today to finalize the purchase on Monday.

The Wayne County Treasurer is offering the site for $405,000 to Palazuelo, who finished third in an online auction after the second-place bidder, Chicago-area developer Bill Hults, failed to make good on his $2 million bid.

Palazuelo, a native of Spain who lives in Lima, Peru, said in an email to the Free Press that he will send the full amount to Treasurer Raymond Wojtowicz on Monday.

The latest deal for the plant unraveled today when Hults missed an afternoon deadline to produce $1.8 million in cash -- the remaining money for his bid in last month's property tax foreclosure auction. He will now lose his $200,000 in nonrefundable deposits for the crumbling auto factory that crosses East Grand Boulevard."

This could be a second profit center for the city. Auctioning off the plant and collecting the deposits when they fail to pay in full! Amazing people will throw money away like that.

It's all Bullshxt. The title was held by "Bioresource Inc". That is a front for a convicted drug dealer. Apparently he fell behind on his payoffs to the police chief and the city council. Obviously the city wants another drug kingpin to take over so that drugs will continue to be the main form of commerce in the area. This Peruvian character may not be dirty enough to meet the city's standards.

The biggest problem city planners have is that drug addicts don't live very long so drug revenues, and thus payoffs, are falling.

What the government and police are finding out is that drug use is asymptotic. That is, there is a point where the percentage of citizens hooked on drugs does not increase. Cheaper heroin from Afghanistan will boost addiction rates, but only to a limit. Presently a lot of drug dealers are finding that legitimate employment is actually better than selling drugs.

So the government has a problem in that they have subsidized drug use to the point where there is no profit for the pushers even when they get school children hooked on taxpayer subsidized Heroin.

If this sounds insane, well, it is. So goes America.

Well, it looks like Wayne County Treasurer gave Fernando an extra month to pay the balance due.

http://www.freep.com/article/2013111...ando-Palazuelo

"Wayne County Treasurer Ray Wojtowicz has granted a Peru-based developer an additional month to pay his $405,000 auction bid on Detroit's old Packard Plant.

The developer, Fernando Palazuelo, was to make a 10% down payment today on the bid.

David Szymanski, chief deputy treasurer, said the county expects to receive confirmation of that $40,500 payment later this afternoon. "He indicates that he has confirmation that the money is now in America and that it should be in our bank within an hour," Szymanski said."

So we have to wait until DECEMBER 18TH for the next shoe to drop.

Another absentee landlord?? It continues to amaze me that anyone would pay anything for that property. Even if it were free today it won't be going forward. The name is all there is and that probably has as much negative as positive value attached now.

With the surrounding area and all it's problems, can't imagine what anyone could expect to do with the property and have any reasonable expectation of making anything close to what they will have invested back anytime soon.

It's about the drug economy.

I think we should all chip in and make an offer. Think of the wonderful publicity that could be generated. When it all calms down, we give it back.

Of cxourse this is predicated on a maximum offer of $27.19....

"I think we should all chip in and make an offer. Think of the wonderful publicity that could be generated".

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Frankly I agree entirely. Even minus the publicity. Property anywhere is valuable. Let alone property with an illustrious history. Not too far in the future people will be kicking themselves they didn't act on this. Who wants to help organize?