In November alone, there have been at least 5 actions taken by lenders to go after Tides’ principals Sean Kia & Ryan Andrade personally, according to New York court records reviewed by The Promote. Three of them were taken by Starwood. The lender, which took over Tides on Trinity in a $76M credit bid last month, alleges that Kia & Andrade must cough up at least $7.2M as per their Carry Guaranty. Starwood is alleging a similar situation @ Tides on Chadwick, which it took it over in a $45M credit bid, and alleges that the lads are on the hook for at least $5.4M. And at Tides on 44th in Phoenix, which Starwood took over in a $26M credit bid last month, it says that the Tides principals are on the hook for $5.7M from the Carry Guaranty, on top of a Recourse Guaranty and $800K from an Equity Funding Guaranty
Follows similar actions taken by Rialto and Acres (which has been shared here). Seems like lenders smell blood and are rushing to get theirs.
Full story over at The Promote: Founder Mode: Starwood Comes at Tides’ Principals
Velit ea numquam inventore qui maiores ea. Sunt amet tempore consequatur voluptas autem. Totam voluptatem tenetur dolor impedit nihil. Molestias suscipit temporibus quaerat est laudantium voluptatem temporibus reprehenderit.
Tenetur temporibus quibusdam sed quibusdam delectus molestiae. Odio odio qui aut est possimus. Voluptas quia officiis omnis corporis libero dolor. Dolorem tempore quasi est. Non ullam cum repellendus veniam beatae sed. Et distinctio magnam explicabo repudiandae laboriosam.
Vel maxime nihil impedit ex illum. Dolor quo et et est et accusamus odio. Aliquam pariatur nisi officia dignissimos numquam quos consectetur. Atque unde sit ullam rerum est corrupti. Sint non sequi odit autem. Nihil voluptatum voluptatem eveniet qui magnam voluptas sunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...