Bankruptcy judge OKs sale of Moore, OK, retail center; developer criticizes banks
A bankruptcy judge gave the go-ahead for Inland Real Estate's $38.75 million purchase of the Shops at Moore after a hearing Thursday. Developer Burk Collins lambasted banks for taking billions in taxpayer money and sitting on it rather than lending to get the economy healthy again.
MOORE — A bankruptcy judge gave the go-ahead for Inland Real Estate's $38.75 million purchase of the Shops at Moore after a hearing Thursday that left developer Burk Collins with mixed emotions but a clear view of banks: Negative.
“Snakes,” he said.
Collins denounced banks for taking billions of dollars in taxpayer money and sitting on it rather than lending it.
“They turned around and hammered us,” he said. He said lenders who won't lend are keeping the economy staggering.
Collins and business partner William Lippman, under the name Moore Sorrento LLC, developed the Shops at Moore southeast of S 19 Street and Interstate 35 in 2004-2005.
They refinanced the project with Wachovia Financial Service, since acquired by Wells Fargo, and borrowed money for improvements in November 2007, just weeks before the recession and credit freeze. The notes were due Nov. 9, 2009, extended to June 30, 2011.
Collins sued Wells Fargo, the lender started foreclosure proceedings and Moore Sorrento LLC filed for Chapter 11 bankruptcy protection Aug. 17.