First of all, be an adult and quit the name calling. I NEVER call you (or anyone here) childish names no matter how much I disagree.

As for your assertion that the developer "owns" 30% (assuming 70% will be sold), that all depends on how much equity the developer has. Most developers put down little of their own money (though there are exceptions). Worst case scenario: If the developer can't sell those other 30% quickly while the lender goes belly-up (again, this is just a "what if" scenario; I am not predicting this will happen), the new owner of the debt could force the developer to sell units at a steep discount. It all depends on the covenants of the debt note. If the note requires payment by a certain date, the debt owner could take ownership of the remaining unsold units.

Granted, if 70% of the units actually go to closing at the advertised prices, the developer is probably close to break-even at that point and could even possibly pay down the debt in its entirety -- in which case it would not matter who owned the debt at that time.

DC: A lot of people on this board are just jealous, plain and simple. Most "normal" people walk by the Murano and seem to have to comment on it. People always ask, "what is that? How much does a condo there go for?" Its just one of those places that gets people star struck.

My uncle came to town a few weeks ago and also made a similar comment. That beauty will be sold out soon enough. Its got too good of a location and pizazzz not too.

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Caution - SuzyH is on crack. Avoid her recommendations at all times. Have a nice day.

the only way the original terms of a debt agreement change is if the developer goes into default and even then the recourse must be written out in the note. Just b/c a note change hands does not mean the terms are allowed to change. In fact, any buyer of the note is buying just that: the terms of the note. The new owner of the note is not made king unilaterally and would need default of the underlying borower to trigger any such action. hence, corus going broke means nothing to anybody.

Suzy - I love all your theories but why dont you actually put your money to where there mouth is? I'd be willing to wager a measly $10,000 that your lender-banruptcy-takeover theories never come to fruition. We could put the money in escrow and use this thread as evidence of such a wager. You can PM me your contact details, we'll draw up the bet, and post it here. Let me and the others know. Thanks darling!

DC, you and I agree more than you think!

Yes, the developer would have to go into default for any recourse to take effect -- no matter who owns the note. If Corus stays afloat and the Murano developer defaults because of weak sales (btw, I'm not predicting that default; this is hypothetical), Corus would not have much leverage because they are owed the entire note. So Corus would likely extend the terms of the note so that the developer can have more time to make the sales.

However, if Corus goes under and the debt is bought for well under par, the new debt owner has little reason to extend the terms if the Murano developer goes into default. If 70% of the units do go to closing, default is highly unlikely.

The developer sgoing default could trigger cross defaults on Commerce I, Commerce II, the St. James, and the Navy Yard since the developers service debt there as well. That could be mean armageddon for Philadelphia real estate and Suzy would be right! My money would be on pigs flying however.

As I have said several times before, it's not clear what the rights are of the lender at this point.

I'm sorry that you've made various claims about how the building is not collateralized, etc, and you now have to admit that you were mistaken. Nothing in my prior posts regarding this is incorrect. If you feel you've been somehow wronged because your various statements are rather silly that's unfortunate, but that's just the way it goes. I can't really do anything about that for you. It's probably best to just recognize that you need help in doing your due diligence with respect to a purchase in the Murano and get that help now. I would recommend an attorney for this.

I don't think it's a good idea to PM you my contact details since you have threatened me in prior posts, however I would consider the following:

Depending on who you are and your level of financial capability, I may be willing to wager that the valuations in the Murano will deflate. If you are able to read my posts, they say quite clearly that if Corus goes kaput it is possible that the ultimate holder of the note may have rights that will lead to a liquidation of the unsold apartments. I did not say that it was likely. It may be likely, or it may not be, I have no idea and I doubt you do either. Again, I have said all of this in prior posts (you may not have understood what was said, but if you get someone to help you read these posts you'll find out that this is the case).

However, I am quite confident that the valuations in the Murano will deflate. If you want to make that bet, and make it for a sizable amount of money ($10k is not sizable), then PM me your details including where you work and what you propose and I will consider it. As you can imagine (or maybe you can't, but a rational person would realize), putting the details of this kind of a wager on a public forum is unwise.

Also just FYI - people who make threats to others and who get into tantrums online (as you do) aren't particularly credible. However, having said that I realize that it's not impossible that you are not only foolish but that you may have some means. Obviously this isn't likely, but it's not inconceivable. To that end, please feel free to PM me your information (per the above) and I may look into engaging you further, should I determine that you actually have any real financial capacity and should you want to make a prediction, backed by resources, about future valuations in the Murano.

Please don't be offended by any of the above - I'm just trying to be honest in my analysis of your situation. I'm certainly not trying to be provocative especially given the fact that outward appearances indicate that you are unstable.

Have a nice day.

They have a long way to go before they close on 70% of that building.

Corus has recently liquidated at least one of its notes, see here.

Apparently Jim Cramer said this week on "Mad Money" that he's "most worried" about Corus and three other entites, see here.

I'm quite clear in my position. You are waffling like a little girl.

So now you have verified that you don't know **** and you are just making stuff up. You are too scared to make a bet that the lender will go broke and force a repossesion. You simply dont trust what you type. I don't blame you since the crap that spews out of your mouth is bullshit as you now admit. You simply talk **** but when push comes to shove, you are too much of a p*ssy to put your money where your hole is. We'll simply discount anything you've said regarding Corus impact since even you cant back it up with any other words except hesitation. as i expected, you have waffled like a little girl.

uh huh, like i would give a crazy psychotic bit&h my place of work. However, i'm excited that you have agreed to do this bet on some pretty quick terms. email me at muranobet@gmail.com (i just set it up) and we'll set your deflation predictions into the bet agreement. I'm fine with betting more than $10,000 as long as the money sits in escrow. I'd prefer we meet in person in Philadelphia (perhaps at the Murano?) to sign the agreement. Email me and i'll send you the contract i've created. I'll even post it here and make sure witnesses are present at the signing. bring atleast 2 forms of identification including your PA drivers license. better yet, i will get my attourney friend from Blank Rome to notorize both of our signatures.

let me know once you fire off the email with your deflation % guareentee. thanks!

GB/dc/losecannon -

crazy and psychotic is being up at 3:52am on a Sat/Sun setting up email addresses for silly bets and posting messages arguing about this shiiit.

nobody has to bet you. you already made your bet when you signed on the dotted lie for your unit. now all we have to do it sit back and watch the carnage. the ice is melting right underneath your feet.