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Wednesday, March 30, 2011
cooper beech-ABOUT US
http://www.copperbeech.ro/About.aspx
Copper Beech is a professionally managed company focused on the development of high quality residential projects in Romania. With a passionate dedication to quality and uncompromising attention to detail and best practices, Copper Beech strives to exceed customer’s expectations through feed-back. The company also strives for leadership through innovation, use of modern technology and respect for the environment.
Copper Beech is a professionally managed company focused on the development of high quality residential projects in Romania. With a passionate dedication to quality and uncompromising attention to detail and best practices, Copper Beech strives to exceed customer’s expectations through feed-back. The company also strives for leadership through innovation, use of modern technology and respect for the environment.
A Hotel Empire Unravels
http://online.wsj.com/article/SB10001424052748703576204576227010473269384.html?mod=googlenews_wsj
The two Asian immigrants have lost 11 properties after falling behind on payments. One year ago, the Pennsylvania attorney general's office filed criminal charges against them on 26 counts each tied to their alleged failure to pay $310,849 in state sales tax and $37,020 in withholding tax. The two have pleaded not guilty and a trial is expected this year.
When their financial problems were escalating in the fall of 2008, their hotel in Lancaster, Pa., was cited by that state's Agriculture Department for using a room air-conditioner to keep meat loaf, apple pies, macaroni salad and other food cool when a walk-in unit wasn't operating.
Now they may be close to losing the crown jewel of their empire, the 183-room JFK Plaza hotel, at New York City's busiest airport. Following a bankruptcy-court auction of the property, a trustee in the case recommended last week that the property be conveyed to Neshgold LP, a secured creditor with a $16 million claim against the property.
In an email Sunday, Mr. Morais said that the JFK hotel "was never a day late or dollar short" on its loan and partly blamed "people trying to squeeze minorities and rob them" for their financial problems.
Messrs. Morais and Mir declined to comment on other questions through the attorney representing them in the bankruptcy case, Walter Drobenko. Mr. Drobenko said that they are continuing to fight the bankruptcy sale. "We haven't given up," he said. "The debtor should be provided an opportunity to reorganize."
Messrs. Morais and Mir's company, Kronos Hotels LLC, at one point owned 36 hotels in 10 states, according to one of its 2008 news releases. It isn't clear how many hotels they currently own. But according to a reports by Trepp LLC, a firm that tracks commercial real-estate debt, 11 of their hotels have been foreclosed on by the special servicer managing $48.5 million of debt backed by the properties. As of this month, nine of those have been resold, Trepp said.
Like many investors during the boom years, Messrs. Morais and Mir financed their buying spree with money from private-equity firms, hedge funds and banks that securitized commercial real-estate mortgages and sold them to investors.
Mr. Morais, 48 years old, the chief executive of Kronos, is a native of Malaysia and India and was trained in the information technology industry, according to a biography prepared in 2008 by a public relations firm.
The two Asian immigrants have lost 11 properties after falling behind on payments. One year ago, the Pennsylvania attorney general's office filed criminal charges against them on 26 counts each tied to their alleged failure to pay $310,849 in state sales tax and $37,020 in withholding tax. The two have pleaded not guilty and a trial is expected this year.
When their financial problems were escalating in the fall of 2008, their hotel in Lancaster, Pa., was cited by that state's Agriculture Department for using a room air-conditioner to keep meat loaf, apple pies, macaroni salad and other food cool when a walk-in unit wasn't operating.
Now they may be close to losing the crown jewel of their empire, the 183-room JFK Plaza hotel, at New York City's busiest airport. Following a bankruptcy-court auction of the property, a trustee in the case recommended last week that the property be conveyed to Neshgold LP, a secured creditor with a $16 million claim against the property.
In an email Sunday, Mr. Morais said that the JFK hotel "was never a day late or dollar short" on its loan and partly blamed "people trying to squeeze minorities and rob them" for their financial problems.
Messrs. Morais and Mir declined to comment on other questions through the attorney representing them in the bankruptcy case, Walter Drobenko. Mr. Drobenko said that they are continuing to fight the bankruptcy sale. "We haven't given up," he said. "The debtor should be provided an opportunity to reorganize."
Messrs. Morais and Mir's company, Kronos Hotels LLC, at one point owned 36 hotels in 10 states, according to one of its 2008 news releases. It isn't clear how many hotels they currently own. But according to a reports by Trepp LLC, a firm that tracks commercial real-estate debt, 11 of their hotels have been foreclosed on by the special servicer managing $48.5 million of debt backed by the properties. As of this month, nine of those have been resold, Trepp said.
Like many investors during the boom years, Messrs. Morais and Mir financed their buying spree with money from private-equity firms, hedge funds and banks that securitized commercial real-estate mortgages and sold them to investors.
Mr. Morais, 48 years old, the chief executive of Kronos, is a native of Malaysia and India and was trained in the information technology industry, according to a biography prepared in 2008 by a public relations firm.
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