While I’ve posted the article, S.F. tower’s owners will foreit it to lender which appeared in today’s San Francisco Chronicle, over in the News Articles section, I feel the matter warrants a separate post here at Heller Highwater.
If you read the article you will see that the building’s former owners try to place the blame on the Heller Ehrman dissolution (and its impact on the 65% vacancy rate). While Heller’s problems are directly related to a large block of 333 Bush being vacated prematurely, it also appears that Heller’s former landlord purchased the building at an inopportune time (in 2007 at the height of the real estate market) and that they were over-extended on their other properties.
I also wonder why 333 Bush Associates still sits on the Unsecured Creditors Committee with the U.S. Trustee’s office during this bankruptcy process. Will they be asked to vacate their seat on the committee? Perhaps it will be offered to a former Heller Ehrman non-shareholder employee?
Right now the committee seems to be overloaded with former shareholders who have no incentive to oversee the collection of some $70 million in outstanding client billings owed to the estate.
The employees still have no voice on that committee despite repeated requests with the U.S. Trustee’s office.
(San Francisco Chronicle via SFGate)
© 2009, copyright Thomas MacEntee


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