DBSI sells property-management business in auction approved by bankruptcy court
A part of DBSI Inc. has been sold as the Meridian real-estate investment company’s bankruptcy case proceeds.
DBSI’s property management business was put on the auction block last month. This week, a 7-year-old South Carolina company, TIC Properties Management LLC of Greenville, won the auction.
That means DBSI is surrendering 44 properties it managed for tenants in common, investors around the nation who each owned pieces of the buildings DBSI managed. DBSI is giving up management of 1.6 million square feet of retail space, 1.8 million square feet of office space, 92,000 square feet of multifamily buildings and 179,000 square feet of industrial buildings.
TIC declined to disclose what it paid.
Before it filed for bankruptcy in November, DBSI controlled 248 commercial properties around the nation and had more than 8,500 investors.
DBSI laid off workers last June and September amid worsening conditions in the commercial real estate markets, was sued by investors in October after it stopped paying them, filed for bankruptcy in November, and was sued for fraud by Idaho securities regulators this month.
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5% down, 110% to go. Their math, not mine.
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To read is wonderful. To comprehend art. Falling back to whatever you believed in is NORMAL.
Recession takes a backseat
That's been the story of so many American companies. Even though they were sitting pretty with large sums of cash flow. Lehman Bros. went bankrupt and that triggered a collapse. But more recently there is encouraging signs from real estate markets of UK and US. Hope the markets recover and the term recession takes a backseat.
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DBSI
DBSI’s “first day” bankruptcy motions search for orders since the court allowing it to offer adequate assurance to its utilities, pay pre-petition taxes, use DBSI’s cash management system and refuse firm leases...
california real estate lawyer
The company, started by
The company, started by accountants about 29 years ago, relied on about 12,000 investors for equity. Many of those investors hold fractional interests through tenants-in-common investments.
A DBSI spokesman said in October the company owned 18.6 million square feet in 34 states, which it valued at about $2.6 billion.
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Like a midair collision with a tugboat