Thursday, October 29, 2009
News Wayne Mason sued by Wachovia
Posted by Thomas Wheatley @thomaswheatley on Thu, Oct 29, 2009 at 5:45 PM
Paul Donsky of the AJC reports that Wachovia Bank has filed a lawsuit against Wayne Mason, the Gwinnett County developer who in 2008 made a windfall off Beltline property in Northeast Atlanta. The lawsuit stems from a $7.5 million loan Mason took out in 2004 to buy three units in Buckhead medical office building.
According to the lawsuit, filed Monday in U.S. District Court in Atlanta, Mason failed to pay $7.07 million remaining on the loan that came due in February. The lawsuit names both Mason and a company he controls, Lone Pine, as defendants.In a statement issued through a spokeswoman, Mason said he received a copy of the complaint Wednesday afternoon.
“Our lawyers will be reviewing its allegations and we’ll respond accordingly,” he said.
Documents included in the lawsuit say Mason and Lone Pine borrowed the money to buy three units at the Palisades at West Paces, a medical office building near I-75 and Northside Parkway. The lawsuit did not say what Mason did with the property.
Comments (14)
Showing 1-14 of 14
Just to be sure your readers know what you mean by "windfall," Wayne Mason bought the NE Beltline land for $25 million, did nothing to it, and sold it to the City for $66 million. Oh by the way, the deal was done after the real estate market had already crumbled. I do not begrudge Wayne Mason because his goal is to make money. But I do heartily condemn Atlanta BeltLine Inc. for entering into a stupendously dumb deal that will haunt the taxpayers and the BeltLine for many years to come.
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I failed to mention that Alex Wan was on the ADA Board and Liz Coyle was on the Atlanta Beltline Board when the $66 million Wayne Mason deal was approved. Alex Wan and Liz Coyle are running for the City Council in the 6th District. The deal reflects very poorly on their ability to handle taxpayer money wisely and to make good business decisions.
So as Atlanta taxpayers we pick up $65 mm for Mason and as federal taxpayers - and thus payors of bankrupt Wachovia's debts - we pick up another $7.5mm for him. If this is capitalism, give me the public option, fast. It sucks that nobody - not Steve, not Tad - held Liz and Alex to account for this garbage, and one of them will be our next D6 council rep.
@recoyle - This IS the "public option", the government takes money from a large group of people to benefit a very small group. When the government plays at business it almost always loses. What makes you think they will be any better at healthcare?
wesleywhatwhat - I believe you meant that for recoyle, the OP who used this as an argument for the so-called "public option". Even the Dem leaders have stopped calling it that. If it was meant for me, thank you for your usual reflexive non-sequitur response to my post.
of course it was directed at your comment. who else makes a habit out of regurgitating republican misinformation in this site, in the the apparent hope that no one will call them out on being misleading and ill-informed? who exactly gives a shit if "dem leaders" have stopped calling anything a public option and what does that have to do with wayne mason or the beltline? talk about trying to change the subject. only a class-a tool would inject misleading right wing nutjob propaganda on healthcare into this particular discussion. here's your prize...
I am not the one who injected the public option into this thread, am I? Speaking of injections I think you missed one of yours. BTW, I have explained many times that I am NOT a Republican.
wesleywhatwhat said "calling anything a public option and what does that have to do with wayne mason or the beltline?" Perhaps you should ask recoyle, the person to whom I was responding and introduced the "public option". If you actually read the post, you would know why it is there. This is pretty good indicator that you don't read the thread, but merely have a Pavlovian reaction to seeing my name on a post.
Yea Dale, and im not a democrat. Just because sometimes we both can see both sides of an argument and do not like labels does not change what we are.
Edgewood Adam - That is why you and i can have civil and substantive exchanges. It is also one reason that you get respect that wesleywhatwhat will likely never receive. I am a Libertarian and a Conservative. Is the GOP for legalizing all drugs? Enforcing our borders? Reducing the size and scope of the Federal government? I am for all those things, therefore I am not a Republican.
Speaking of Republicans, the secret is out. Liz Coyle is a dyed-in-the-wool Republican, in case it makes a difference in the District 6 City Council race.
Liz Coyle is a genuine Republican (if it makes a difference to you in the District 6 City Council race).
CL has forgotten about the District 6 race, and the comments on this story provide the a reasonable place for a Vote-O-Meter update. The District 6 City Council race is close and will result in a run-off. Who will be in it is the question. The Vote-O-Meter forecasts that if that Council election were held today, the voting would be Liz Coyle – 31%, Alex Wan – 22%, Steve Brodie – 21%, Tad Christian – 18%, Bahareh Azizi – 5%, Miguel Gallegos – 3%. The race is tight, voters are shifting their preferences, and it is anyone’s ball game. Coyle is showing signs of stalling. Wan is pulling in big money. Brodie is gaining momentum, especially with his efforts against the SPI club on Peachtree. Christian is winning in yard signs. Azizi continues to impress but not when it comes to votes. Gallegos has faded.
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