• Owner of Wrigley Field Rooftop Building Suffers Losing Streak

    The curse of the Loveable Losers is affecting The Lakeview Baseball Club, a three-story building that overlooks the right field at Wrigley. The building is heading to a sheriff’s auction after foreclosure.

    A Cook County judge issued a foreclosure judgment against the owners. A public sale for the building at 3633 N. Sheffield Ave. is scheduled for August 17.

    The owner of the building owes its bank $3 million on a senior and junior mortgage. Three other creditors are owed $715,334 according to the foreclosure judgment entered on July 8, 2011. The owner of the building is a venture of father-and-sons Robert, Anthony and R. Michael Racky.

    The bank holding the loan, First Personal Bank, originally filed its foreclosure suit in February 2010. The bank alleged the Racky venture stopped paying the monthly payments of $27,753 in December 2009. First Personal provided the $2.8 million senior loan in March 2006, and the $350,000 junior loan in April 2007.

    Anthony Racky, a managing director of the club, says the venture is trying to sell the building before the sheriff’s sale. A potential deal is in the works, although he has not identified a prospective buyer.

    Martin Oberman, the attorney representing the Rackys says the building’s worth is greater than the debt due to the bank.

    According to a Chicago Tribune article, in May 2010, the rooftop netted just $34,365. The monthly mortgage payment for that month was $31,865.

    Benjamin Brand Services – Chicago foreclosure attorney

  • Desperate Housewife Eva Longoria in Desperate Bankruptcy Trouble over Nightclub

    The closing of the nightclub Eve, partly owned by “Desperate Housewives” star Eva Longoria, has set off a new round in the legal battle for control of its bankrupt parent company, Beso, LLC. The nightclub is located in the Crystals mall in Las Vegas.

    Ronen Nachum, a Beso creditor, and Mali Nachum, part owner, asked U.S. Bankruptcy Court Judge Mike Nakagawa to place a trustee in charge of Beso shortly after the closure of the nightclub. The judge denied the request to move quickly on the matter, but left open the possibility of hearing the request on a normal timeline.

    Beso owed Crystals mall, part of MGM Resorts International’s CityCenter complex, $2.3 million in back rent at the time of filing for Chapter 11 in January 2011. The mall is the largest creditor in the case. Beso has run up hundreds of thousands of dollars more in unpaid bills since the filing.

    Eve was the only nightclub at Crystals, and tried to position itself as a Las Vegas magnet for entertainment celebrities with Longoria as the marquee owner.

    However, infighting among the owners erupted in 2010 which lead to a protective order being issued against Ronen Nachum.

    Bank account garnishments, unpaid rent to Crystals, a contractor’s lien and ongoing losses drove Beso to file bankruptcy in spite of grossing $14.6 million in 2010.

    Benjamin Brand Services – Chicago bankruptcy attorney