Proposed bidding rules filed for Channelside auction
By Richard Mullins, Tampa Tribune, Fla. | |
McClatchy-Tribune Information Services |
That nugget of intelligence was buried in hundreds of pages of proposed auction rules and criteria filed by bankruptcy lawyers who represent the Irish bank that still holds the mortgage on the shopping and restaurant complex. Ultimately, the auction could help decide the fate of Channelside, and whether the neighborhood overall prospers and becomes fertile ground for dreams of a baseball stadium or other entertainment district.
The port's governing board earlier this week approved the submission of its own
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Lawyers have scheduled a
For instance,
Price alone won't win the day, as rules for the auction follow a tradition in bankruptcy law to consider both the raw dollar amount offered for an asset, but also the "best" bid, or whether bidders have the wherewithal to close a deal and whether their plans will help the asset prosper and avoid bankruptcy again.
Also, lawyers in the case say the court in theory has the authority to award financial damages to the port relating to the overall deterioration of the property.
Yet, the proposed auction rules give the port something to sweat over, too. Auction managers also say the court has the authority to invalidate the Port's veto power. And the court could award damages to the combination
Perhaps evening all this out, auction managers proposed the court award both sides the same amount: Zero dollars.
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For those wondering if all this legal wrangling over Channelside is worth it, auction managers addressed that question too.
If the auction process doesn't produce a satisfactory result, they want the option to simply walk away or "abandon" any responsibility for Channelside -- akin to a homeowner walking away from a mortgage on their house.
As for why the bank would walk away from Channelside, there's one primary reason. Lawyers for the Irish bank are already trying to wind down roughly
Meanwhile, the property is costing
A detailed inspection report on Channelside by the firm of
The report tallies approximately
After the
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