All Year LLC opts for bankruptcy to stop Bushwick foreclosure

first_img Full Name* After plans for a big portfolio sale and refinancing last year fell apart, All Year’s financial and legal troubles began to escalate at the end of November when the developer missed an interest payment on bonds listed in Israel and delayed its quarterly financial reporting.Biran was brought on as CRO in December, and the company’s four bond series have been delisted from the Tel Aviv Stock Exchange. Several groups of investors — including Criterion Real Estate Capital and Downtown Capital Partners; Madison Capital and Meadow Partners; Dabby Investments; and Churchill Real Estate and Graph Group — have submitted restructuring offers for the company in the past two months.“The Denizen constitutes one of All Year’s most valuable assets and is central to All Year’s ongoing restructuring discussions,” Biran wrote in court filings, also noting that “because the Denizen’s value is derived from its rich amenities,” it was disproportionately affected by Covid shutdowns of shared spaces.The Mack loan covers phase two of the Denizen, at 123 Melrose Street. A $170 million senior loan on the property provided by JPMorgan Chase is also in default. Phase one of the 900-unit complex, at 54 Noll Street, is the collateral for All Year’s Series E bonds.All Year is not seeking any first-day relief in bankruptcy court. Biran says the firm intends to continue discussions with stakeholders and bring the court a restructuring solution that maximizes value for all parties with an interest in the Denizen.In Tel Aviv Stock Exchange filing Sunday, All Year disclosed that Biran intended to “end his tenure” as CRO. An exit date had not been set.Contact Kevin Sun all year managementbankruptcybushwickforeclosureMack Real Estate Tags Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink The bankruptcy filing was made to protect the value of the Denizen. (The Denizen) Three weeks ago, Yoel Goldman’s All Year Management sued Mack Real Estate to stave off the foreclosure of $65 million in mezzanine debt. The move bought the developer time to protect his Denizen Bushwick rental complex — but time ran out.Yesterday, a day before the rescheduled UCC sale, All Year’s debtor LLC filed for Chapter 11 bankruptcy protection.All Year and Mack had talked over the past few weeks about “potential sale structures with respect to the Denizen” but failed to agree on a solution, All Year chief restructuring officer Joel Biran wrote in a Southern District court filing.ADVERTISEMENTHence the LLC’s bankruptcy filing, which was made “on an emergency basis to protect the value of its property.”Including principal, interest, and a forbearance fee, All Year’s outstanding debt on the mezzanine loan exceeds $73 million, according to the filing. All Year did not respond to a request for comment.Read moreAll Year files last-minute lawsuit to block Bushwick mezz foreclosureDrug smuggler pardoned by Trump sued by All Year over high-interest loansDavid Werner sues All Year over scrapped $344M portfolio deal Email Address* Message*last_img read more

Teddy Hall reach final with epic performance

first_imgSt. Edmund Hall 54 – 5 St. Peter’s Some things never change. Teddy Hall are the most successful side in the history of Cuppers, and this dominant display against a confident St. Peter’s team was a performance that any Hall XV of the last century would have been proud of. In confidently racking up fifty four points, they have also sent a warning to Keble, the young upstarts, that this year might be different. The final, to be played in two weeks time, should be a fantastic game. Hall were in no rush to assert their dominance in this match. In fact, for most of the first fifteen minutes it was St. Peter’s who had the upper hand. They dominated territory and possession, keeping the ball close but unable to find a way through. When Teddy Hall scored the first try of the game, it was a breakout that came against the run of play. However, this unconverted score plus a further penalty settled Hall into the game. Even when they began to put pressure on St. Peter’s, it was not as though Hall completely kept them out of the game. Rather, it was the fact that they were able to soak up any pressure that Peter’s could put on them, easily turn over possession and then break down the scrambling defence in a few simple moves. Hall’s second try was a great example of this, with a period of Peter’s possession breaking down, before being penalised for holding on. The kick to the corner, the simple rolling maul followed by a basic switch between scrum half and number eight saw the big back-rower Chris Davies going over to make the score 13-0. With Will Stevens converting and then adding a further penalty, the lead was stretched to eighteen points and St. Peter’s were beginning to seek a score with some desperation. It was Hall that presented them with the opportunity, with the generally outstanding Sam Humphrey- Baker throwing a poor pass out of contact that was snapped up by Peter’s left wing Dawit Demetri, who ran the length of the field to score. The significant crowd, which included a giant orange cat sporting St. Peter’s green, felt that the away side may have had a chance of pulling themselves back into the game, even after the conversion was missed. Half time followed soon after, and with the score 18-5, Hall were certainly well on top. However, it was a strange and fragmented half of rugby, with no clear pattern to the play, and it was certainly possible that if St. Peter’s could find way to hold Hall off and retain the ball, they had the skills in the backs to make it a close finish. However, it was not to be. St. Peter’s crumbled under some sustained Hall pressure in the opening minutes. Some quick lineout ball sent their burley inside-centre Ben Cossey through the middle of the Peter’s defence. Brought down just short of the line, the second phase of possession saw his centre partner Humphrey-Baker running around the outside to touch down. It was the perfect demonstration of their excellent combination in the heart of the Hall midfield. It was this try that opened the floodgates for Hall, and they scored at will for the rest of the half. The St. Peter’s attack, and their defence, fell apart completely. Even their kicking game fell apart; their hurried and conservative kicks were consistently charged down and proved unable to relieve the pressure. A further try for Chris Davies came from a quickly taken Hall lineout catching the Peter’s defence unaware, and when Ryan Buckingham scampered over after some misplaced Hall passing worked to their advantage. It became a matter of damage control for Peter’s, with Hall running through their replacements bench and keeping up the pressure, and consistently running through tackles, with captain Philip Satterthwaite and outstanding number eight Chris Davies both making memorable runs. Further tries kept the scoreboard moving, and by the final whistle it had reached 54-5. This Hall side have shown in the last two weeks that they are far too good for all but one team in college rugby. This final test will come in two weeks time at Iffley Jack Marshlast_img read more

Power Play – Innovation at Harvard

first_imgBringing electricity to remote areas in developing countries is a challenge Harvard graduates Jessica Matthews AB ’10 and Julia Silverman AB ’10 are tackling head on. As students, they developed sOccket, a soccer–ball–shaped device that harnesses the kinetic energy generated as users kick, dribble, or throw it around. Once the energy is stored, small electrical devices such as LED lights can be plugged into sOccket. Matthews and Silverman are now working with organizations serving resource-poor communities to distribute the ball on a larger scale.last_img read more

FL woman taken on police chase during first date

first_imgA first date for a Florida woman went terribly wrong after the guy she’d met online lead police on a high-speed chase and took her along for the ride.Flagler County sheriff’s deputies used stop sticks to disable a vehicle after the driver fled from a traffic stop around 2 a.m. on Thursday.Police approached the vehicle to find a woman in the passenger seat but the driver seat completely empty.The male suspect reportedly fled into woods nearby.On body cam footage, the woman could be heard telling authorities that the man said was that he didn’t have a license and didn’t want to go to jail before taking off.According to police, the pair had dined at an Orlando-area Denny’s and were headed back to her place when the chase ensued.Authorities were stopping the vehicle for a tag violation, and say the man was driving erratically and over the speed limit.The woman told officials she was scared and didn’t know his last name.This isn’t the first time in recent months the unidentified woman has been unlucky with men.Deputies say the same woman was the victim of a separate violent incident, last month.In the previous incident, the unidentified woman was knocked unconscious while attempting to get away from a man she was seeing.Police say the woman fled to her car before the man threw himself on her vehicle, shattered her windshield then attacked her when she got out.She was not injured in Thursday’s incident.The man from Thursday’s incident remains at large.last_img read more