The person who currently owns the building is over $90 million in debt with the lender. They said you could actually see the lender keep the building themselves and then sell it for a much higher amount than they'd get at auction (it was way more complex than that, but I'm paraphrasing).
- HonkFortheGoose

The auction is going on right now, started at 3pm so when do they decide that? lol

Edit: nevermind i see that it has to sell for 91million, and its currently only worth 20 million. So yes i agree with you.

The auction is going on right now, started at 3pm so when do they decide that? lol

Edit: nevermind i see that it has to sell for 91million, and its currently only worth 20 million. So yes i agree with you.
- CoHo_to_B-Lo

I'll buy it for 2 shiny 25 cent pieces.

The auction is going on right now, started at 3pm so when do they decide that? lol

Edit: nevermind i see that it has to sell for 91million, and its currently only worth 20 million. So yes i agree with you.
- CoHo_to_B-Lo

I generally don't usually pay attention to this kind of stuff, but I happened to have the news on yesterday for one reason or another and they were talking to some expert about it. Otherwise, I would have had no idea.

1 more spot available for fantasy hockey if any is interested. Couple people from here. $25 entry. Through ESPN
- CoHo_to_B-Lo

LIVE DRAFT OR NOT? IF SO, WHEN?

LIVE DRAFT OR NOT? IF SO, WHEN?
- turbo044

Think Pegula buys it today?

http://buffalorising.com/...ing-to-auction-block-3pm/
- stashu

Fo Sho

Our defense problems are solved - Benoit is on waivers!

Our defense problems are solved - Benoit is on waivers!
- stashu

l8

l8
- jochfr

Damn...where'd I miss that one? I know Meszaros was brought up, but didn't remember Benoit being named.

LIVE DRAFT OR NOT? IF SO, WHEN?
- turbo044

Online draft, Will be before monday cause my buddy leaves for ireland

Our defense problems are solved - Benoit is on waivers!
- stashu

Damn...where'd I miss that one? I know Meszaros was brought up, but didn't remember Benoit being named.
- stashu

I might have been wrong... Was probably thinking of Mez

More shocking news...Luke Adam re-assigned to the AHL.

I'll buy it for 2 shiny 25 cent pieces.
- jochfr

From the comments:

"Bank keeps it at $28 million."

I might have been wrong... Was probably thinking of Mez
- jochfr

per TSN.. Andre Benoit, D - Sent to minors Chicago-AHL

From the comments:

"Bank keeps it at $28 million."
- stashu

LNR actually are the ones who won the bid for 28 million, what happens to the 91 million they are owed?

LNR actually are the ones who won the bid for 28 million, what happens to the 91 million they are owed?
- CoHo_to_B-Lo

LNR actually are the ones who won the bid for 28 million, what happens to the 91 million they are owed?
- CoHo_to_B-Lo

They probably wanted to win the bid, because now they can turn around and try to sell the building for a higher amount thus recouping the amount they are currently out. (this is what they were talking about on the News yesterday)

They probably wanted to win the bid, because now they can turn around and try to sell the building for a higher amount thus recouping the amount they are currently out. (this is what they were talking about on the News yesterday)
- HonkFortheGoose

But they are owed 91 million from seneca realtor, and it was appraised at 20 million, and they bought it for 28 million, seems like they are just digging a deeper hole.

Online draft, Will be before monday cause my buddy leaves for ireland
- CoHo_to_B-Lo

Online Auto draft or online live draft?

Online Auto draft or online live draft?
- turbo044

Live draft, i mean you can autodraft if you want. The 10 spots are full but i will replace one because its a poster on here that i have no idea who they are. They just sent a DM

But they are owed 91 million from seneca realtor, and it was appraised at 20 million, and they bought it for 28 million, seems like they are just digging a deeper hole.
- CoHo_to_B-Lo

I only caught bits and pieces of it. I think right now that's what it's apparaised at, but with some improvements could be worth a lot more. There's also something to do with the 5 story parking ramp that is being auctioned off separately (maybe tomorrow?) which could significantly impact this particular building.

Beyond that, I'm as clueless as you are about the entire thing.

EDIT: As far as the 28 million, since they're currently the Lienholder anyway, the $28 million isn't actually something they will probably pay out. It's more than likely just going to be subtracted from the $91 million that they are owed.

I only caught bits and pieces of it. I think right now that's what it's apparaised at, but with some improvements could be worth a lot more. There's also something to do with the 5 story parking ramp that is being auctioned off separately (maybe tomorrow?) which could significantly impact this particular building.

Beyond that, I'm as clueless as you are about the entire thing.
- HonkFortheGoose

They need to put in condos/apartments, couple places to eat/ offices and the top floors should be like an observation deck/party deck with a bar maybe to see out over canalside and the entire city. Like a skybar on steroids.

But they are owed 91 million from seneca realtor, and it was appraised at 20 million, and they bought it for 28 million, seems like they are just digging a deeper hole.
- CoHo_to_B-Lo

They get a "credit bid." They can use up to the unpaid amount outstanding on their loan to pay the price they bid.

With a $28M bid - they ensure that they get the buidling and can improve it to realize the benefit of the rehabilitation and flip.

Classic secured real estate lending.

They get a "credit bid." They can use up to the unpaid amount outstanding on their loan to pay the price they bid.

With a $28M bid - they ensure that they get the buidling and can improve it to realize the benefit of the rehabilitation and flip.

Classic secured real estate lending.
- Der Kaiser

Do you sell