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Saturday, August 02, 2008
Laurelmor ... Flaming Crash?
Bobby Ginn, the big-time wheeler-dealer behind the Laurelmor development in Watauga County, is facing, according to this a.m.'s W-S Journal, "cash-flow problems now and dealing with a number of lawsuits."
That's on the way to pointing out that the 30-day grace period Ginn's creditors had given him to make good on payments on loans ... has now expired, with principal and interest payments way past due. Standard & Poor's has downgraded the Ginn company to a "D" rating. D stands for Default.
"The lack of a loan agreement means that the Ginn companies 'will have to make difficult decisions relating to its management and oversight of four properties,' " one of which is Laurelmor.
"Difficult decisions"? Does that not sound like the pilot just before bailing out of a plane headed into a mountain?
That's on the way to pointing out that the 30-day grace period Ginn's creditors had given him to make good on payments on loans ... has now expired, with principal and interest payments way past due. Standard & Poor's has downgraded the Ginn company to a "D" rating. D stands for Default.
"The lack of a loan agreement means that the Ginn companies 'will have to make difficult decisions relating to its management and oversight of four properties,' " one of which is Laurelmor.
"Difficult decisions"? Does that not sound like the pilot just before bailing out of a plane headed into a mountain?
Labels: Bobby Ginn, Laurelmor
