Woodmont TCI Group files for bankruptcy - Triangle Business Journal:

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The partnership, IX LP, listed assets of $10 million to $50 milliomn and liabilities in thesame range, accordint to its petition, filed June 30 in U.S. Bankruptcyh Court for the Northern District of Texas. The company has fewer than 50 creditors, accordinhg to the filing. The partnership is one of eighr tied to Woodmont TCI Group to file forChapter 11, said attorneu John Lewis. The partnerships share common The company is unrelated to TheWoodmont Co. basecd in Fort Worth. The eight partnerships combined representabout $90 million in assets and about $45 million in combined debt, Lewis estimated. He said more detailedf court documents laying out specifics will be filed in coming weeks.
The number of creditors in each partnershipl range from 10to 30. "The goal obviously is to develoo a plan ofreorganization that's fair and equitable to all creditors and partiese and interests, which includes preserving and protectingv equity and value for unsecure creditors and partners," Lewis said. "The precised terms of any plan are stillounder consideration." A meeting with creditors is set for July 30. Dallaws developer in 2008 announced plans to builda $1 billio complex that was to includs about 700,000 square feet of office space, a 300-room retail space and about 500 high-rise The project was put on hold last year because of the recessio and the credit crunch.
It was to be builg on a 15-acre tractg owned by Woodmont TCI Group IX LP that sits just east of the Galleriw Towers at Interstate 635 and the DallasNorth Tollway. The site previousl was home to aChevrolet dealership. Icon Managing Partner Dan Robinowitz, who is listedr in court documents as the managingt member of the WoodmontTCI partnerships, declinesd comment Thursday. Lender RMR Investments Inc. of California has filerd for foreclosure onthe property, seekin repayment of more than than $18 million in debt for a loan to Woodmon t TCI Group IX, according to statistics from Addison-basedr .