Saturday, August 02, 2008

Laurelmor ... Flaming Crash?

Bobby Ginn, the big-time wheeler-dealer behind the Laurelmor development in Watauga County, is facing, according to this a.m.'s W-S Journal, "cash-flow problems now and dealing with a number of lawsuits."

That's on the way to pointing out that the 30-day grace period Ginn's creditors had given him to make good on payments on loans ... has now expired, with principal and interest payments way past due. Standard & Poor's has downgraded the Ginn company to a "D" rating. D stands for Default.

"The lack of a loan agreement means that the Ginn companies 'will have to make difficult decisions relating to its management and oversight of four properties,' " one of which is Laurelmor.

"Difficult decisions"? Does that not sound like the pilot just before bailing out of a plane headed into a mountain?

No comments: