Jen and I are receiving emails from neighbors who are concerned about the bankruptcy letters we've all been receiving. At this point, the only information I really have is what I've found online (Google "Mastro Properties" and "bankruptcy" and you'll find news articles.. the Puget Sound Business Journal has several articles as well).
See the comments section for some information from Jim Ehnborn, who has been closely following this issue for some time.
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Banner Bank – Motion for Relief from the Automatic Stay in the bankruptcy of Michael Mastro.
I received the copy of the Motion and supporting declaration from the attorney today. Please send me an e-mail if you want a copy of the 27 pages.
Summary – A draft against a letter of credit was cashed via a wire transfer between two banks on August 18, 2009. Banner bank is asking the court to grant them access to the bank account that they held as collateral for the letter of credit.
Since I am not an attorney, I cannot state my opinion or give legal advice if you should file an objection or response to the motion. I am interested in the judge’s ruling on Oct. 9th.
We can discuss the other letters during the meeting on Oct. 14th at the Fire House from 7pm to 9pm.
Jim, thank you for your knowledge, research, and genuine interest for the neighborhood. Please continue to keep us updated.
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