Boreyko proposes sale of $600,000 “underwater” property
No verdict yet on the proposed AZPACK sale, but news today that Boreyko wants to sell off more real estate.
The proposal was made with Boreyko’s full knowledge of the preliminary injunction currently in place, which prohibits him from
selling any real estate asset that is owned or controlled by, or held for the benefit of, Defendant Boreyko, directly or indirectly.
Boreyko claims his
interest in the Property is significantly (approximately $600,000) underwater.
With negative equity, it does not make sense for Mr. Boreyko to retain this property and continue to expend resources on a property that is a financial burden.
For those unfamiliar with real estate investment terminology, Boreyko is claiming he’s lost $600,000 on the property and wants out.
Referring to the proposal as a “short sale”, the specific terms of the sale were not disclosed in Boreyko’s proposal. Ditto how much the property is worth, or what will be done with the proceeds of the sale.
Boreyko sought the approval of the FTC for the proposed short sale transaction, including providing substantiating documentation.
In the event that the Court wishes to review the substantiating documentation, Boreyko will file the transaction documents under seal.
No idea why the transaction documents can’t be made public if everything is above board…
Boreyko’s court filings meanwhile reveal the FTC chose not to sign off on request. Like the AZPACK proposal, it now stands before the court awaiting a decision.
Boreyko claims ‘the lender and purchaser are requesting to close the transaction on or about January 18, 2016‘, and has asked the court to make an expedited decision on the matter by January 15th.
Footnote: Our thanks to Don@ASDUpdates for providing a copy of Boreyko’s proposed underwater property sale.
Update 16th January 2016 – The court granted Boreyko’s proposed short sale today, subject to final approval by Bank of America.