Oh, some unpleasant conversations around the dinner table in Denver today
"You did WHAT with our retirement savings"!?!?
We'll soon see many articles about flight attendants, bartenders, strippers and shoe shine guys who were going to flip condos or what have you, and then POP.
Real estate investors who signed contracts with Mile High Capital Group LLC are growing anxious about the prospects of getting their money back as the Englewood company reorganizes under the supervision of a bankruptcy court trustee.
"I'm getting by more on a prayer than a wing," said Ron Hunt, a United Airlines flight attendant who invested $70,000 in five Mile High properties in addition to taking out $180,000 in construction loans on two Mile High projects.
Hunt, 52, bought the option to purchase Mile High duplex units in Grand Junction, Brighton, Cañon City, Colorado Springs and Kansas City. While his nearly completed Cañon City duplex is tied up in liens, Hunt said the remaining projects are far from completion.
Earlier this month, a court-appointed receiver for Mile High filed for Chapter 11 bankruptcy on behalf of the troubled real estate investment company -- casting more doubt on how much money creditors will recover.
"I have the same feeling I had about the Broncos winning [the Jan. 22 AFC playoffs] -- about a 50-50 chance," Sam Noel said. Noel, who loaned Mile High $360,000, said he stands to lose up to $300,000 if the company is unable to pay back creditors.
February 02, 2006
Easy come, easy go: Mile High investors fret their money is lost
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7 comments:
I went to one of their seminars in August and in January their bankrupt. Shows how fast things can change. The seminar by the way was a great experience and they taught a lot of valuable things. Probably because they spent A LOT of money putting on the seminars. They had a lot of salespeople!!!
I guess the investors didn't read blogs like this one before investing!
I heard that when you joined the MIle High club you got screwed. Thought it was just airplanes.
Wow, the dangers of preconstruction. Anything that needs a seminar to be sold is probably a bad idea. (My last house was preconstruction, but it is a stable company with no seminar. (Don't worry, that house was sold -- at the peak.))
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