South Bend Tribune Sasco Article

[gearhead49]

In this mornings South Bend Tribune there is a article regarding Sasco and the fate of the building

http://www.southbendtribune.com/article/20090915/Biz/909169995&template=247art

[warrlaw1]

Thanks, Gear. Let's hope someone like Ed can teach the teachers something and score the inventory (lol). Many thanks to Dennis and his crew for being there all those years.

[Jeff_H]

I am curious about this "auction" the article mentioned. What sort of auction would that be? I'm not familiar with legal/financial stuff of this sort.

Jeff in ND

'53 Champion Hardtop

[DEEPNHOCK]

So let me see if I understand this correctly.
SASCO shuts the doors Friday.
Tuesday the creditors (South Bend Teachers Credit Union)holds a sale.
They are the 'only' bidder.
They now own what they owned before, but there is no other connection to Dennis (or his corporation).
Now they will/might/could be getting a lease extension?
(The lease with the city is only halfway through its term)
Or.... The city could buy out the remainder of the lease to help reduce the credit unions newly (re)aquired debt.
Then the credit union could/can/will hold a sale of the contents and the rest will come down with the building if/when that happens.
So....
The terms of any sale opportunity now resides with the credit union.
That sound about right?

Man-o-man... January is closing in fast[V]....
Jeff[8D]

[warrlaw1]

Keeerect! There had to be a "notional" sale and I think the article is wrong in saying the credit union held the sale. It would have been the bankruptcy trustee holding the sale and the only bidder just happened to be the largest creditor. According to the article they have paper to cover $1 million in secured debt. If the city pays them a few hundred thousand to give up their lease rights, they would have recovered more than most creditors in a b'ruptcy. If I were going to have the remaining inventory appraised, I would ask an expert like Ed Reynolds to put a value on it, and he might just end up being the only bidder, too. Things seem to be moving along pretty well.

[bams50]

This is all normal procedure. If you look at foreclosure listings for homes the usually say some version of "the premises at 123 ------ street will be sold pursuant to a foreclosure lein at 9:30 a.m. On Jan. 10 2009 on the steps of the County Courthouse". It actually occurs, but is always nothing more than reading aloud the official notice followed by open bidding starting at the total amount owed. The creditor then opens with that number, no one else bids, and the sale is done. Then the way is paved for said creditor to have clear possession and dispose of it as they choose/need to. Perfectly normal.

As I've said before, it's just not prudent to reveal all the details publicly, for business reasons. There is of course more to come.

Robert (Bob) Andrews- on the IoMT (Island of Misfit Toys)
Parish, central NY 13131

GOD BLESS AMERICA

[bams50]

Let me also add:

All of us here are very concerned about this situation; and we'd all love blow-by-blow updates, which just can't happen. But let me assure you that this is, and has been, worked on hard EVERY DAY- behind the scenes. More to follow.

Robert (Bob) Andrews- on the IoMT (Island of Misfit Toys)
Parish, central NY 13131

GOD BLESS AMERICA

[StudeDave57]

Very interseting indeed, and on so many levels.

• Ed used to be a teacher (could come in handy)
• Calls to newspapers do get stories writen
• Information surfaces that none of us knew before

Just when we thought we knew the whole story...


StudeDave '57 [8D]
Ferndale, WA

'54 Commander Regal 4dr 'Ruby'
'57 Parkview 'Betsy' (she's a 2dr wagon)
'57 Commander DeLuxe 2dr 'Baby'
'57 Champion Custom 2dr 'Jewel'
'58 Packard sedan 'Cleo'
'65 Cruiser 'Sweet Pea'

[Mark57]

Since there seems to be 2 threads on a similar subject, I am exercising my free speech to make the same post here...

Most unfortunate about the imminent demolition of Building 92 and the apparent zeal of city officials to fire up the wrecking ball... I know many cities around here have laws to protect heritage buildings and any redevelopment must be completed with that goal in the forefront. In fact many new projects have heritage buildings at their core which in my mind is a "win-win". [^]

Too bad that South Bend seems to be in a big hurry to destroy its history in favour of something "shiny and new".

<h5>Mark
'57 Transtar Deluxe
Vancouver Island Chapter
http://visdc.shawwebspace.ca/ </h5>

[StudeRich]

Yeah, I think Ron Smith's post on the South Bend Tribune website about say's it all:
About the most USELESS building in SB is the City Hall, maybe they should tear that down! [}]

StudeRich

[bams50]

Too bad... it makes me sad to think of that building going down. The reality is, it is huge, and in POOR shape throughout- and would cost a fortune to save, let alone restore. Still, if the city wanted, there are many grants and programs that could be obtained to fund most or all the cost. Seems the city is determined to erase the entire complex, but it would be great to see at least the two sides that face the street saved. Anyone ever go to the VF Outlet Center in Reading, PA? That was a much larger site than this, an old knitting mill. It was restored and is very successful. Just shows it can be done if the desire was there.

http://www.vfoutletcenter.com/

Is the problem that the city's plan is that great, or could it be anger at Studebaker for closing still lingering?

Robert (Bob) Andrews- on the IoMT (Island of Misfit Toys)
Parish, central NY 13131

GOD BLESS AMERICA

[Mark57]

Here's an example of what the City of Vancouver, BC did in cooperation with the province and feds to convert a 100 year old department store (built by the Woodwards) into social housing. The original building and signature "W" tower were incorporated into the design.

http://vancouver.ca/bps/realestate/woodwards/index.htm

BTW the Woodwards family and their department store chain was like a much smaller version of the Studebaker clan - family business, makes it big then ultimately closes. I am happy the powers that be decided to save a piece of this history.

So, the City of South Bend could certainly do a much better job of preserving its history if it chose to.

<h5>Mark
'57 Transtar Deluxe
Vancouver Island Chapter
http://visdc.shawwebspace.ca/ </h5>

[showbizkid]

And don't say it can't be done because cleanup's too expensive. Here's the Citadel Outlet Mall, a former Persian-themed U.S. Royal tire plant just outside City of Commerce. When Uniroyal shipped out, a group of private investors gutted the interior and made it a shopping center! Not too many things as toxic as a 70-year-old tire factory




[img=left]http://members.cox.net/clarknovak/lark.gif[/img=left]

Clark in San Diego
'63 F2/Lark Standard

http://studeblogger.blogspot.com

https://www.studebakersandiego.com

[41 Frank]

It would be interesting to find out just how many corporations have made a solid commitment to built on the soon to be completely vacant former Studebaker tract. I don't see this so called nano technology park materializing anytime soon in this current economic climate. The news release states it may be a decade before SASCO is torn down.So what was the rush to push them out?

[BobGlasscock]

The process of the note-holder bidding on the collateral of their loan is pretty normal. If the borrower simply walks away and leaves the collateral for the court system to auction, the lender has no input as to who the new borrower is. If the lender bids on and wins the legal right to the collateral (which represents their money) then they have the ability to select the party who wants to assume the liability of the loan.

'50 Champion, 1 family owner