BigBendFishing.Net

out your piggy bank and go bid.

Lisa L. Spooner said....
Safe bet the bank won't be outbid on the courthouse steps tomorrow at 11am!
Case #: 10-600-CA
Plaintiff: WELLS FARGO
Defendant: THE MOORINGS OF CARRABELLE
F/J Amount: $12,935,988.29
Legal Description: SEE LP

WONDER WHAT ALL THOSE GUYS GONNA DO WITH THEIR BOATS THAT ARE ON TRAILERS, THEY WILL PROBABLY MAKE EVERYBODY MOVE ON, BET YA COULD GET A GOOD BUY ON AN OUTFIT IN THE NEXT SEVERAL MONTHS.
PA
SEMPER FI

If it was a local bank, they might even work it out before going to the steps, but Fargo will probably pull the trigger if it has gotten this far. Looks like the Moorings (with the help of the Banker) has dug a hole to deep to get out of. Probably been loosing money for several years and just staying afloat from bank loans.

I would guess the bank will want to continue the income stream from the rentals until they can find a buyer. They might even have a buyer lined up. Might also, split off the condo's and the motel operation from the boating operation. A operating business in much more desireable than a piece of R/E.

I would see a big bank charge off coming, sure would not want to be that commerical banker (my job for almost 20 years). I see no way their present rentals could service that kind of debt.

I stayed there this summer for the first time. What a cool place. Rooms are big and very nice. With slip right out your door. I hope it stays together.