World Class Capital Group - Page 3

We vs us · #41 Posted **Sep 19, 2019, 6:10 PM**

Quote:

Originally Posted by urbancore

Driving around down town this morning, seeing all the “another one” signs, really illicit a completely different thought for me than it used to. “Another One” up for foreclosure?

As Paul78701 said upthread, it's frankly amazing that WCG still has enough credit to work themselves out of so many foreclosures.

I keep wondering why any bank would want to work with WCG after all of these problems and keep coming up empty. Cut ties, yo. And take control of the (amazingly valuable) assets.

urbancore · #42 Posted **Sep 19, 2019, 6:17 PM**

Quote:

Originally Posted by We vs us

Cut ties, yo. And take control of the (amazingly valuable) assets.

How does that work exactly? If you owe a bank $1m on a property worth $100m, you default, bank takes control and sells it for $50, do they cut you a check for $49m?

We vs us · #43 Posted **Sep 19, 2019, 6:35 PM**

Quote:

Originally Posted by urbancore

How does that work exactly? If you owe a bank $1m on a property worth $100m, you default, bank takes control and sells it for $50, do they cut you a check for $49m?

Nope. It's all the bank's.

If it's obvious to me, certainly it should be obvious to these lending institutions that WCG has a business model based on playing fast and loose with credit. Like REALLY fast and loose. Like under-investigation-by-the-FBI fast and loose. It's surprising to me that they find it to be a better bet to work out his loan details than to just foreclose and sell the property in question into this white hot market.

I'm no banker so may not have a full grasp of the complexity here. Maybe there're too many counterparties, maybe the minority investors have a really big voice. But WCG seems clearly to be a bad bet, and getting worse. If I was a bank I'd get out, and fast.

We vs us · #44 Posted **Sep 20, 2019, 2:20 PM**

More foreclosure notices, per the ABJ:

"Foreclosure notices were filed Sept. 10 against four limited liability companies controlled by World Class, including one that owns the site of the former Carmelo’s restaurant at 504 E. Fifth St. The other affected properties are at 7400 South Congress Ave. and a collection of lots just east of I-35 on East Cesar Chavez Street."

https://www.bizjournals.com/austin/n...eclosures.html

zrx299 · #45 Posted **Sep 20, 2019, 3:20 PM**

Quote:

Originally Posted by We vs us

More foreclosure notices, per the ABJ:

"Foreclosure notices were filed Sept. 10 against four limited liability companies controlled by World Class, including one that owns the site of the former Carmelo’s restaurant at 504 E. Fifth St. The other affected properties are at 7400 South Congress Ave. and a collection of lots just east of I-35 on East Cesar Chavez Street."

https://www.bizjournals.com/austin/n...eclosures.html

Alright, well if no one else is going to say it then I will...

Another One!

StoOgE · #46 Posted **Sep 20, 2019, 4:10 PM**

KevinFromTexas · #47 Posted **Sep 20, 2019, 6:54 PM**

• Video Link

Jdawgboy · #48 Posted **Sep 20, 2019, 7:29 PM**

The question that comes to mind now is what happens to all of these properties as they become foreclosed? Will they stay locked up while the investigation continues or will they be bought by other developers? I'm especially curious about all the vacant buildings Downtown, how long will they stay vacant?

StoOgE · #49 Posted **Sep 20, 2019, 8:51 PM**

Quote:

Originally Posted by Jdawgboy

The question that comes to mind now is what happens to all of these properties as they become foreclosed? Will they stay locked up while the investigation continues or will they be bought by other developers? I'm especially curious about all the vacant buildings Downtown, how long will they stay vacant?

These foreclosures are from note-holders not the state or feds. Barring WCC putting up a fight, they would be sold I would imagine.

urbancore · #50 Posted **Sep 24, 2019, 4:11 PM**

Nate just bought the old Weather Up spot. And another one...

https://www.bizjournals.com/austin/n..._news_headline

AusTxDevelopment · #51 Posted **Sep 24, 2019, 6:17 PM**

Quote:

Originally Posted by urbancore

Nate just bought the old Weather Up spot. And another one...

https://www.bizjournals.com/austin/n..._news_headline

The biz journal is misleading with that headline. Nate closed on that property before the FBI raid - same day, in fact. It's a stretch to say he's still buying property. But biz journal gotta get those clicks.

ATXboom · #52 Posted **Sep 24, 2019, 8:28 PM**

Quote:

Originally Posted by AusTxDevelopment

The biz journal is misleading with that headline. Nate closed on that property before the FBI raid - same day, in fact. It's a stretch to say he's still buying property. But biz journal gotta get those clicks.

Thanks for the info... good to know. I don't want this guy buying up any more property.

paul78701 · #53 Posted **Nov 3, 2019, 7:27 PM**

Local real estate titan World Class suffers another setback in court
https://www.bizjournals.com/austin/n...s-suffers.html

Quote:

On Oct. 31, a receiver was appointed to manage and possibly sell four pieces of property owned by the embattled real estate firm: a lot at 99 Trinity St. once targeted for a 39-story high-rise and three parcels surrounding The Austonian skyscraper downtown.

A court-approved receiver has the power to care for property, whether that means selling it or maintaining its condition for a certain period.

Syndic · #54 Posted **Nov 4, 2019, 3:57 AM**

Quote:

Originally Posted by paul78701

Local real estate titan World Class suffers another setback in court
https://www.bizjournals.com/austin/n...s-suffers.html

Holy shiiiit!

Jdawgboy · #55 Posted **Nov 4, 2019, 8:05 PM**

Hopefully this is the start of all of their DT holdings being sold.

urbancore · #56 Posted **Nov 6, 2019, 3:48 PM**

this is getting interesting.

https://atxrealestatenews.com/

BTW, Jan's website is worth subscribing to if you don't already.
Also, Jack Craver's Austin Politics Newsletter is pretty good.

commerciallocators · #57 Posted **Nov 17, 2019, 11:11 PM**

Has anyone noticed the Rastegar banners popping up in Austin? The sign is almost identical to WCC and they use the same vinyl banner.

Just found it odd

austlar1 · #58 Posted **Nov 18, 2019, 7:38 PM**

Quote:

Originally Posted by commerciallocators

Has anyone noticed the Rastegar banners popping up in Austin? The sign is almost identical to WCC and they use the same vinyl banner.

Just found it odd

Here's hoping the similarities are not too pronounced. Ragtegar appears to be building something substantial in Dallas, and he got a big puff piece in Forbes. Maybe he is the real deal in spite of his predilection storage units, student housing, and suburban properties. https://www.forbes.com/sites/candace.../#2ffffa6e4548

AusTxDevelopment · #59 Posted **Nov 18, 2019, 10:55 PM**

Speaking of Rastegar, did anyone read the article Jan linked to in ATX Real Estate? He's trying to be Peter Thiel lite when it comes to biohacking. Watch the video - that orange Tesla-toaster thing is frightening in action.

Quote:

“My biological age is now that of about a 4-year-old,” he says.

https://dfw.cbslocal.com/2019/11/11/...120-years-old/

The ATX · #60 Posted **Nov 18, 2019, 11:25 PM**

I also read that he used to work for WCC which may be why his name is on banners popping up on properties like WCC banners.