As It Turns Out, JPI's Land Along the Trinity River Hasn't Gone Into Foreclosure After All
According to The Dallas Morning News on January 22, today was the day Arkansas-based Bank of the Ozarks was scheduled to hold a foreclosure sale of more than 50 acres Irving-based JPI is planning to develop along the banks of the Trinity River. But the sale of that property, pictured at right and worth more than $25 million, will not take place after all. In fact, says Dennis James in Bank of the Ozarks's Frisco office, "We withdrew that foreclosure notice the day it appeared in the paper."
James forwarded Unfair Park to Dan Thomas in the bank's Sherry Lane offices, who was unavailable. We're also waiting for return calls from at least one of JPI's top executives, with whom messages were also left this morning. Till then, B.J. Austin from KERA-FM (90.1) quotes JPI spokesperson Kristin Reed, who says both parties are "confident that a complete resolution will be reached in the near future."
Update: Bank of the Ozarks's Dan Thomas has called back and says, "There will be no foreclosure today." He also says that "while I can't guarantee it, we're close to a permanent resolution. By the time the [Dallas Morning News] article came out, we were well down the road to resolving it." Thomas, however, can't say what that resolution is, due to confidentiality agreements. "But it's a resolution the bank's happy with and I think the borrower's happy with."
There are, however, big questions remaining -- chief among them, will JPI will indeed develop on the property as planned? "That I can't answer at this point," he tells Unfair Park. But he does say a resolution should be announced by no later than mid-March.
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