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Archive for the ‘Bankruptcies’ Category

From the March 2010 edition of the Glover Park Gazette:

In a lawsuit over who should possess 2136 Wisconsin—the erstwhile party house known as “Wisconsin Overlook” and “The Vixen”—tenant Tyrone Green failed to appear in court on February 12. As a result, his motion to assert his own claim to the six-unit condo building was denied. [Green has since re-filed the motion.] Green has said that building owner Mid-Atlantic Federal Credit Union is unfairly holding $20,000 of his in consideration of buying the property. The credit union says no such payment was made by Green or anyone else.

Now, Mid-Atlantic is taking legal steps that could end in Green’s eviction. On February 17, the credit union filed an affidavit to assure the court that Green’s property-management firm, GreenLight International LLC, is not a person and therefore not in the military.

Green has pled not guilty to a charge of selling alcohol without a license during a party on September 19, 2009. No trial date had been set at press time.

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It's the big tan blob in the middleFrom the October 2009 Glover Park Gazette:

At 2136 Wisconsin, the heat is on … but so is the party. While creditors, neighbors, and city officials press to shut down Glover Park’s loudest unlicensed night spot—the awkward tan renovation near Monarch Paints—the building’s tenant continues to host all-night, all-you-can-drink events for hundreds of paying guests. The latest bash, slated for September 19 (tragically after our deadline), was billed on one website as an “exclusive networking extravaganza” complete with fashion show, DJs, and, of course, an open bar, all for $25. [Click here for promotional video.] The building has none of the licenses and permits required for such an event, city officials say.

Strangely, we were not invitedAt press time [i.e., mid-September], the police and license enforcement agencies were poised to swoop down on the party [invitation at left]. By now, David Cameron—who owns the property through a corporation called “2136 Wisconsin, LLC”—may have a bunch of fines to pay. But fines could seem like small potatoes to Cameron, who is struggling to hold onto the property. A recent appraisal set the building’s value at $2.7 million, but Cameron’s corporation is nearly $3.5 million in debt on a mortgage that came due in June, 2008. This summer, Cameron agreed to sign the property over to the mortgage company, Mid-Atlantic Federal Credit Union, to satisfy that debt, according to a legal pleading filed by Mid-Atlantic. Representatives of 2136 Wisconsin, LLC were scheduled to sign the papers on June 30, 2009, but they never showed up.

Instead, two of 2136 Wisconsin, LLC’s other creditors—an architect and a cabinetmaker—filed suit that day to force the corporation into Chapter 11 bankruptcy. That action automatically created a “stay,” or freeze, on trying to collect the corporation’s debts or foreclose on the property. In a mid-July motion to lift this stay, Mid-Atlantic implied that Cameron may have encouraged the bankruptcy filing after having “a change of heart” over giving up the building. A hearing on whether to lift the stay was scheduled for September 15 (again, tragically after our deadline). Still with us? OK, then. Cameron also hadn’t been paying taxes on the property, so it was scheduled to be sold for back taxes at a government auction. But according to online city records, on July 2—that is, two days after the bankruptcy filing—someone paid about $75,000 $57,000 in taxes on the building, which got it off the auction block.

We couldn’t reach Cameron for comment, so we couldn’t ask him our most burning question: Why in the world didn’t he just unload this building in June?

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