First National Center

[Steve]

yep

[Bailey80]

The Aug. 17th deadline for Milbank to come up with the $12 million has come and gone.

Capmark swore there would be no more extensions but perhaps that's exactly what has happened.

From my story: http://journalrecord.com/2012/08/16/...s-real-estate/
The deadline for First National’s current owners to come up with the $12 million settlement money has been moved up twice already. The most recent change was in July, when the deadline was bumped up to Friday.

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.

“Capmark is aware of the situation, and based on this fact, they are considering a short-term extension to allow this transaction to complete,” Yashouafar said.

[Steve]

My understanding the extension goes for about a week.

[lasomeday]

From my story: http://journalrecord.com/2012/08/16/...s-real-estate/
The deadline for First National’s current owners to come up with the $12 million settlement money has been moved up twice already. The most recent change was in July, when the deadline was bumped up to Friday.

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.

“Capmark is aware of the situation, and based on this fact, they are considering a short-term extension to allow this transaction to complete,” Yashouafar said.

Wow, do they have any proof his mom died or is he just using it as an excuse. He is pulling out all the excuses to keep from paying.

Spartan,

Yes, the First National Arcade extends from Robinson to Broadway and is the key part of the Underground/Concourse that connects the city.

[Steve]

For what it's worth... I suspect Yashouafar's mother really did die.

[wschnitt]

"Wow" is right. What is the point of delaying and delaying if he cannot come up with the money anyways?

[Teo9969]

I mean, if the guy's mom died...some things are more important than business matters. If this goes on another 15 days, that's an issue...but give a man a break when he needs it.

[Just the facts]

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.

I hate unexpected deaths. I now require all friends and relatives to give me a written 2-week notice of any death. Maybe if he didn't wait until the last minute this wouldn't be an issue. BTW - that no business transaction seems like a load of crock - otherwise how would a Jewish funeral director get any business? Of course, Capmark doesn't want the building so any excuse is good for them.

[Bailey80]

Nope, that whole not working for a week thing is real. http://en.wikipedia.org/wiki/Shiva_%28Judaism%29

[Just the facts]

Nope, that whole not working for a week thing is real. http://en.wikipedia.org/wiki/Shiva_%28Judaism%29

Fair enough - I guess you learn something new everyday.

[Pete]

His mother's funeral was August 10th, so the Shiva would have lasted through August 17th.



Hopefully this mess will be resolved once and for all by the end of this week.

[Pete]

Another week has passed...

What the heck is going on here?

[Spartan]

My condolences to the Yash fam, but this is getting insane... My grandpa passed away last week in e middle of my move to Cleveland but I went out of my way to not use that as an excuse for anything, because that's not how you honor someone who has passed. Sheesh

[G.Walker]

http://journalrecord.com/2012/08/24/...y-real-estate/

[Pete]

So Tuesday is D Day.


I hope the City is getting prepared to help Capmark get this property into some responsible hands.

[Rover]

My condolences to the Yash fam, but this is getting insane... My grandpa passed away last week in e middle of my move to Cleveland but I went out of my way to not use that as an excuse for anything, because that's not how you honor someone who has passed. Sheesh

It is a Jewish religious custom, not just how one feels about it. Surely everyone can understand beliefs and customs regarding faith in God trumping a business meeting. Have we all gotten that callous and cynical that these things don't matter? And yes, it appears Yash is a despicable business man, but I cannot read what is between him and God...it is a different judgement and not ours to make.

That said, I do not understand why there is no information on this.

[ljbab728]

http://journalrecord.com/2012/08/24/...y-real-estate/

GW, keep in mind that unless we subscribe to the JR we can't see any part of the article you're posting a link to.

[ljbab728]

Steve's latest comments on the FNC.

http://newsok.com/oklahoma-citys-fir...rticle/3704777

[Pete]

Interesting comment in Steve's article:

At least four significant investment groups are awaiting the close of business today and hope that Capmark's extensions are over and that the property goes into receivership Wednesday morning.

Read more: http://newsok.com/oklahoma-citys-fir...#ixzz24r9x1Ucv

[HangryHippo]

I went into this building for the first time in my life last night. I must say, the Banking Hall is absolutely stunning. Just a breathtaking space. But the lower level that you reach when you come up from the Conncourse is fairly decrepit. I also wondered why some of those shops aren't set up at street level. I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

[Pete]

I went into this building for the first time in my life last night. I must say, the Banking Hall is absolutely stunning. Just a breathtaking space. But the lower level that you reach when you come up from the Conncourse is fairly decrepit. I also wondered why some of those shops aren't set up at street level. I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

The retail on the ground level is called the Arcade and used to be thriving. The current owner started renovating it and stopped just as most of it was torn up.

Under this ownership, lots of tenants have left.


As for the Conncourse/Underground, that is a raging debate and has led some to not want to support it or ad more entrances.

[Just the facts]

I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

Yep.

[Pete]

The 5PM deadline has passed...

I'm sure we'll know more by the morning but I'm hoping and praying that Capmark has finally taken this property back.

[Just the facts]

If they think they are getting $12 million out of Yashouafar they got another thing coming. If they have 4 parties interested in buying they need to take ownership and put it up for auction.

[catch22]

Steve mentioned on twitter he thinks it might be a week before we know what happened today.