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4848 Wilshire Update: Peachy Mess Still a Mess

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[ Via Korea Times ]
Earlier this month, the Korea Times did a piece on 4848 Wilshire, that peachy-colored disaster that apparently couldn't move enough units to pay back lender Koreatown-based Saehan Bank, which sued the developers over a $15 million loan. There's not a lot of new information in their story, but business editor John Cho, who wrote the piece (and translates it for us), notes that the 17 investors--who backed the project, known as Park Wilshire LLC-- are prominent local Koreatown business persons, and well-known in the neighborhood.

And this morning, we looked over the latest court documents in the case. Park Wilshire LLC filed a cross- complaint against Saehan Bank on August 7th, accusing the bank of wrongful foreclosure and breach of lending agreement. According to the filing, the "bank delayed disbursement resulting in construction delays. These items caused the Defendants to be unable to pay the note when it was due because the project was incomplete." Additionally, some of the defendants named in the suit have indicated in filings that Park Wilshire LLC may file for bankruptcy, although alerting the court of a possible bankruptcy is par for the course in these type of cases.

Regardless, this could drag out: The start of the trial could be 10-12 months away, attorney James Mortensen, who is representing some of the defendants, tells us.
· ????, ?? ??? ?? [Korea Times]
· Koreatown Bank Files Lawsuit Over Park Wilshire Mess [Curbed LA]