The corporation purchased the property for 100 cents on the dollar. Ackley would have had to have bid on the property above the payoff, which means turning cash over to Whitley. That is the last thing anyone wanted to do.
gtfs2009 - you do not understand the nature of the foreclosure sale. Mr. Whitley had title to the property encumbered by the lien that Mr. Ackley held. In order to get the property or the money back, Mr. Ackley had to foreclose on the property. Otherwise Mr. Whitley would continue to hold title to the property. It is exactly the same for Prosperity Bank, if they had not foreclosed, Mr. Whitley would still have title to the property.
gtfs2009 - Mr. Ackley was in the same position as Prosperity Bank. Mr. Whitley borrowed money from Mr. Whitley to purchase the properties, which he sold to the Berry family. The caveat to the situation is that Mr. Whitley actually sold these properties before he had purchased/borrowed the money from Ackley to purchase. Mr. Ackley had to foreclose to get the property back just like any other lending institution would, and in this case, like Prosperity Bank did. He was not a partner with nor in no way connected to Whitley. The only difference in relation to the Prosperity Bank foreclosure is that the company from Houston, BK/HSH, LLC , a company owned by Reese Baker, who was Whitley’s bankruptcy counsel in both cases, stepped in and bought the Berry property at the foreclosure sale. Mr. Ackley could not prevent what happened at the sale. If BK/HSH, LLC had not purchased the property back, then there would have been an agreement reached between Mr. Ackley and the Berry’s. BK/HSH, LLC prevented that agreement from occurring.
It is actually very common for cities to provide wi-fi areas downtown as it aids commerce and business, which in turn produces more revenue for the City
Newsletter
The corporation purchased the property for 100 cents on the dollar. Ackley would have had to have bid on the property above the payoff, which means turning cash over to Whitley. That is the last thing anyone wanted to do.
gtfs2009 - you do not understand the nature of the foreclosure sale. Mr. Whitley had title to the property encumbered by the lien that Mr. Ackley held. In order to get the property or the money back, Mr. Ackley had to foreclose on the property. Otherwise Mr. Whitley would continue to hold title to the property. It is exactly the same for Prosperity Bank, if they had not foreclosed, Mr. Whitley would still have title to the property.
gtfs2009 - Mr. Ackley was in the same position as Prosperity Bank. Mr. Whitley borrowed money from Mr. Whitley to purchase the properties, which he sold to the Berry family. The caveat to the situation is that Mr. Whitley actually sold these properties before he had purchased/borrowed the money from Ackley to purchase. Mr. Ackley had to foreclose to get the property back just like any other lending institution would, and in this case, like Prosperity Bank did. He was not a partner with nor in no way connected to Whitley. The only difference in relation to the Prosperity Bank foreclosure is that the company from Houston, BK/HSH, LLC , a company owned by Reese Baker, who was Whitley’s bankruptcy counsel in both cases, stepped in and bought the Berry property at the foreclosure sale. Mr. Ackley could not prevent what happened at the sale. If BK/HSH, LLC had not purchased the property back, then there would have been an agreement reached between Mr. Ackley and the Berry’s. BK/HSH, LLC prevented that agreement from occurring.
It is actually very common for cities to provide wi-fi areas downtown as it aids commerce and business, which in turn produces more revenue for the City