clock menu more-arrow no yes

Filed under:

Mexican Billionaire Still Wants His 9900 Wilshire Money Back

New, 4 comments

Thank goodness for the British press, which updates everyone on the long-running saga that is 9900 Wilshire Boulevard, site of the once-planned and now-never-happening Richard Meier-designed condo project. The last thread of news we heard from those Candy Brothers, the team designing the project (and one of the brothers is behind CPC Group, the British-based developer of the project) had to do with a lawsuit filed in a New York court over the bank loan this fall.

You’ll recall that Mexican billionaire Carlos Slim Helú's Banco Inbursa sued for $20 million plus in fees related to carrying costs (interest and other fees) associated with the $350 million loan the bank provided. (CPC ultimately defaulted on the loan.) According to the Telegraph, a decision in that lawsuit is expected on December 14th.
And digging through the lawsuit, which can be read free of charge on this court's web site, there are some more clues perhaps to why Banco Inbursa abruptly dropped that other lawsuit against CPC, the one that sought foreclosure of the property, which had a lot of people, including reps for CPC, completely confused. You’ll remember the the bank filed a suit in June in LA Superior Court, a that would have allowed the bank to foreclosure on the property.

In court documents in the New York case, CPC argues that it was prepared to allow the foreclosure to go through, and that it even mailed the title to the 9900 Wilshire property to Banco Inbursa. CPC’s lawyers also argue that Banco Inbursa returned the title, and refused to accept it. CPC included the letter containing the deed in its filing; download the pdf here.

And now, CPC's lawyers are arguing that Bank Inbursa is avoiding foreclosing on the property simply as a move to keep collecting more carrying costs. From the filing: "Inbursa’s motivation for acting in such a manner is obvious – it seeks to extend indefinitely CPC’s obligations under the Carrying Costs Agreement. "

Who knows what's really going on here, but that's what the court documents say so far. High drama over the old Robinsons. Messages left for attorneys for both sides weren't immediately returned.
· Candy Brothers Barely Hanging On [Curbed LA]
· Mexican Billionaire Sues Over 9900 Wilshire Again [Curbed LA]