1. WALK IT OFF:
When Workouts Don’t Work Out- An Exploration of Litigation and Bankruptcy
GreenPearl Midwest: Beyond Distress
May 12, 2011
Chicago Station Urban Condominium case study
Project Background:
 150 unit urban condominium development that is 75% sold.
 25% of the loan is outstanding and is 12 months past its maturity.
 Multiple short term extensions have been granted.
 20% of the units are only framed and need to be complete.
 Sales are at a standstill.
 Borrowers have stopped supporting loan and are no longer cooperative despite
their personal guarantees.
 Taxes and condominium assessments are not being paid.