Comment of the Day: The Ghost of Wilshire Village

COMMENT OF THE DAY: THE GHOST OF WILSHIRE VILLAGE “Where is Jay Cohen in all of this? Supposedly he sold the property and yet continued to collect rent from the ‘squatters’ as they are referred to by Dilick. Did he, does he, still own an interest in the property?” [Matt Mystery, commenting on Wilshire Village Owners Try To Hold Off the Bank]

11 Comment

  • Inquiring minds want to know….

  • Inquiring minds want to know….

    Probably only the National Enquirer will ever find out…

  • They proved themselves to be better journalist that most institutions in the recent past…

  • Cohen is a limited partner and Dilick is the general partner. That helps explain why last February Dilick was telling people they were evicted and Cohen was telling them they could stay. Dilick is the GP and gets to call the shots. Who knows how or for how much Dilick became the GP(remember the rumors of tax delinquencies and Cohen seeking a bailout a few years back?)but I do recall Dilick surfacing in 2006 with his plan for putting a high rise there. That’s also the same time he started taking out loans on the property.

    So, my theory is that Dilick acquires his position as part of deal to help Cohen pay his taxes while maintaining partial ownership, uses the property as a piggy bank, comes to realize his development plans are going nowhere and he can’t find a buyer, can’t pay his loans because he couldn’t sell the property or make it profitable enough to cover his loans, defaults on his $13 million in loans, and tries every trick in the book to find a buyer and avoid foreclosure (including taking affirmative steps toward marketing the property, such as demolition, in an effort to satisfy lenders that money is on the way).

    Then Bill White engineered the international liquidity crisis so Amegy Bank (in desperate need of cash like all the other banks) would be motivated to sell its $10 million promissory note to Wedge — Bill’s buddies, who could then be in a position to foreclose and buy the property at auction well below its $26 million appraised value.

    It’s so simple.

  • and tries every trick in the book to find a buyer and avoid foreclosure (including taking affirmative steps toward marketing the property, such as demolition, in an effort to satisfy lenders that money is on the way).

    I think you think we all wear tin hats – he didn’t voluntarily decide to demolish. The city condemned the property. So either he did or the city did. And condemned it within a week. Must have set an all-time record at Neighborhood Protection which usually spends years issuing citations. And apparently wasn’t involved in this. No warnings. No citations. Just condemnation.

  • Here’s the catch. According to his pleadings, Dilick agreed to demolish to help sell the property and avoid foreclosure.

    And he agreed to do all of this before the Fire Marshall deemed the buildings uninhabitable.

    The first thing they did last February was evict everyone — and then to avoid possible hangups with that process they got a Fire Marshall to declare the buildings unsafe. He wanted those people out so he could demolish.

    Were they really a fire hazard? Who knows? But the citation and warning process is designed to maintain compliance among uncooperative and absentee owners. When an owner calls the fire marshall and says, “I think I’m out of compliance and my apartments are a fire hazard, can you come see?”, the city is going to act quickly. And I think it’s worth noting that nothing the city did mandated destruction, just vacation. Dilick could have spent millions fixing it up, but he obviously didn’t have the cash.

    Did someone at Wedge make a call and speed things up with the Fire Marshall? Who knows. But the reason for doing so would be to help Dilick sell the property to his proposed buyer, avoid foreclosure, and get Wedge paid — as Dilick said their agreement was. If Wedge was trying to speed foreclosure so they could pick up the property on the cheap at auction, why would they help Dilick avoid foreclosure?

  • One must wonder if Cap’n McBarncale is Bill White.

  • I can’t comment on that, except to say that I hope you don’t vote for a shampoo magnate in the primary. And big ears are sexy.

  • I can’t comment on that, except to say that I hope you don’t vote for a shampoo magnate in the primary. And big ears are sexy.

    I really had enough of the Howdy Doody Show long before it was cancelled so to speak.

    I voted for not-so-tall but dark and handsome. And financially conservative.

  • Let’s see:

    Farouk – made recent statements that insult the majority of Texans

    White – left the CoH more broke than it was before and avoided all hard decisions by kicking them down the road for the next mayor.

    Hutchinson – Washington elite that for some reason wants to demote herself to be a governor. Something doesn’t smell right.

    Perry – A political blade of grass that bends to whatever public sentiment is currently popular, if the tea party movement slows down he’ll go back to being less vocal as a conservative.

    Medina – inexperience player that has too many unknowns.

    Out of this bunch of clowns, I think I’m sadly having to support the current governor. As long as the tea party movement keeps pressuring Perry, he may not go astray.

  • Farouk – a master at marketing. You just think he’s interested in being governor. Whoever urged him to run just thinks he’s interested in being governor. He’s interested in selling his hair spray. I suspect his sales have gone up even while his standing in the polls have gone done. Even Madison Avenue wouldn’t have been able to match the marketing power of running for governor. And, he’s having fun!

    White – Howdy Doody on a string. Or strings. He’s hilarious to watch. The strings are not so hilarious to watch.

    Hutchison – her husband’s law firm is one of the strings attached to Howdy Doody which is why he agreed to huff and puff and blow that nasty old hirise down. They have lost their “power” in Texas under Rick Perry. And want it back.

    Medina – Out of nowhere she came, out of nowhere she will return. She and Shami of course were urged to run by someone. Most likely someone connected to Rick Perry. Shami guarantees Democrats will go to the polls to vote against Shami instead of going to the polls to vote for Hutchison. And Medina guarantees Republicans who might have voted for Hutchison will instead vote for Medina. Aren’t Trojan Horses fun to watch?

    Perry – the state of Texas so far is solvent. And he’s obviously more Machiavellian than Karl Rove. That right there is a good reason to vote for him as well. Smart as a whip. And not afraid to crack the whip to keep the state solvent. Any more questions?

    I voted for Perry for one reason. The thought of Hutchison as governor is scarier than the thought of White as governor.

    None are really my first choice. But then Molly Ivins is dead. Rick Perry is my second choice. Molly Ivins at this point probably concur. Just as soon as she stopped roaring about it.