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To the Lenders in Project: #1186 - Wilmington River Development
Lender update
April 29, 1998
Project Status
We have held a number of discussions with the borrower and their legal council concerning settlement of the outstanding mortgage. The borrower initially offered to pay the appraised value of the property without any consideration for the value of their guarantees. Several promises of an offer have been made, but without substance.
Legal council in Savannah, Georgia has been retained to initiate legal proceedings to recover under the mortgage and on the personal guarantees. We expect the process will take at least six months, but may prompt a serious offer of settlement from the borrower and guarantors.
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