Courtesy of Tigerdroppings. They've done some serious detective work. Bankruptcy article magically disappeared. But Google cache is our friend.
Looking at Secretary of State's website now....along with Harris County real property records: Beltway 8 Associates LP went through a tax forfeiture in August 2009. It was a Louisiana company registered to do business in Texas as of December 1, 2004. Joseph T. Spinosa and Nick L. Saban are listed as General Partners of that entity. On Harris County Clerk's website, I can't access imaged real property documents...they don't have that up yet. But I can see that this limited partnership granted a deed of trust to Amegy Bank as of August 2012 related to "Beltway 8 at West Road Apartments." I can also see that the limited partnership was given a release by FST Watermarke LLC in August 2012. FST Watermarke was dissolved through a Certificate of Termination, filed voluntarily, on November 6, 2013. The description of the event requiring winding up is: "Voluntary decision to wind up the entity, per Section 11.051, as the business is no longer active for this entity." It's signed by someone named Michael Tonti, with a Dallas address.
This is getting juicy now. It would feel a bit strange to know this is how we pulled Saban, but I guess a crystal ball or two would make me forget about that.
If anyone cares to go through it, here's a link to a 33 page bankruptcy filing in Louisiana for Beltway 8 Associates. http://bankrupt.com/misc/beltway8.DS.pdf
Bankruptcy document says something a little different than Secretary of State regarding the limited partnership... says that Saban and Spinosa are limited partners and there's a limited liability company acting as general partner. That's what I would expect, honestly. But it's not what the Secretary of State's website indicates...having said that, the SOS website isn't always accurate in my experience. Debt to FST Watermarke is around $21 million as of the time of this filing. Apartment complex appraised around that time (2011) for $25-$26 million
Mack scheduled to speak at Alamo Bowl press conference at 10 am. Not likely he will announce anything today.
Get ready to laugh for a few hours http://www.shaggybevo.com/board/showthread.php/139938-Texas-Coaching-Search-Quag****mire-in-MS-PAINT
<blockquote class="twitter-tweet" lang="en"><p>An OB source has confirmed that Nick Saban has initiated the vetting process of trying to see what a staff at Texas might look like.</p>— Geoff Ketchum (@gkketch) <a href="https://twitter.com/gkketch/statuses/411163840974315521">December 12, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
Mack: My situation has not changed. I got the president in the country in Bill Powers. What we did lose is an iconic AD in DeLoss Dodds. He's been my boss for 16 years. We hired a great AD in Steve Patterson. ... Looking forward to the meeting with Bill and Steve, we'll get on the same page and move forward. Do you believe this is your last game? Excited about the game. I won't talk about me or my future because I will have that meeting with Bill and Steve. We won't discuss that anymore today.
I can't see that from that particular document. There are other filings that would list co-debtors (guarantors) of a company in bankruptcy...but I haven't seen those.
This bankruptcy/insolvency stuff seems silly. I've heard about this stuff as far back as 2 years ago, and it makes very little sense. I seriously doubt that Nick Saban is personally guaranteeing a $25mm loan (Or that a bank would even take that guarantee). If it's a commercial real estate venture, it would be an asset-backed loan anyway. Unless he and his investor group are literally the dumbest people on the planet, there is no way they are that under water, especially on an apartment in HOUSTON, where real estate has done well. Even if all of the above were true, we now have a group of rich Texas guys willing to take care of this for him? In what form? A gift? Is this on top of the $100mm and 1% of LHN revenue? This is all just noise. I should probably just stop reading all this #$%@ until a decision is made, but I can't do it...too addicting!
