PNC filed a lawsuit against TCI and its subsidiary Continental Common on October 21, 2010 in U.S. District Court in the Eastern District of Louisiana. PNC was able to obtain a sequestration order the same day seizing the property. However, Continental filed bankruptcy on October 28, 2010 in Dallas. The bankruptcy case is still active. There is a reorganization plan submitted to the court extending the maturity date of the note to the end of 2012. So, once again, TCI defaults on a huge loan and then scurries off to bankruptcy court where the lender is tied up while trying collect on the mortgage. Unfortunately, this is not the last time TCI pulled such a stunt.
Meet Caddo East Estates I, Ltd, a Texas company that loaned TCI and its subsidiary TCI Dedeaux Road a loan of $1,520,000. The total amount due after interest and fees are added is $2,068,048. TCI defaulted on the note and Caddo sued TCI in Dallas County on April 29, 2011. TCI sparred with Caddo in court for awhile then………surprise….TCI Dedeaux filed a bankruptcy petition on September 26, 2011. Filing bankruptcy petitions usually “freezes” other pending lawsuits and they are transferred to the bankruptcy court.
What is emerging is a pattern by TCI. Several lenders: Wells Fargo, Armed Forces Bank, Caddo, Petra, and PNC lent TCI and its subsidiaries over $121,000,000. TCI and its subsidiaries default on the notes.
Jackson Jambalaya
10/5/11
Magnolia Tribune
