According to one of the Noteholder committee members I spoke with this week, an ‘update’ type website will be set up soon to help folks tune in to see what Woodbridge real estate has
- is “in escrow” (this is a California term for under contract and going through the inspection/financing effort),
- or has fallen out of escrow.
Several Colorado properties have sold/closed and several California properties are in escrow at this time. The largest property, Owlwood in Holmby Hills, has been repriced down to $115 million but (according to my source) has now had similar properties sold near by for $90 and $100 million in the recent past … so perhaps this re-listing effort has some legs.
Also, the various lawyer efforts (from many different parties of interest) is winding down fast and thus the ‘burn rate’ of cash to these law firms consuming out of the pot of money should be down by 80% from the mid summer levels. That’s great news of course.
Stay tuned, I will try to update when I know more on the progress of this real estate phase of the rehabilitation.
Updates: Woodbridge Bankruptcy Updates & News