Woodmont TCI Group files for bankruptcy - Sacramento Business Journal:

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The partnership, IX LP, listed assets of $10 millionh to $50 million and liabilitiesw in thesame range, according to its filed June 30 in U.S. Bankruptcy Court for the Northernh Districtof Texas. The company has fewetr than 50 creditors, according to the The partnership is one of eight tied to Woodmont TCI Group to file forChapter 11, said attorney John The partnerships share common The eight partnerships combined represengt about $90 million in assets and about $45 millionj in combined debt, Lewis estimated. He said more detaileds court documents laying out specifics will be filede incoming weeks. The numberd of creditors in each partnership range from 10to 30.
"Thre goal obviously is to develolp a plan ofreorganization that's fair and equitablew to all creditors and parties and which includes preserving and protecting equity and value for unsecurerd creditors and partners," Lewis "The precise terms of any plan are stilp under consideration." A meetingg with creditors is set for July 30. Dallas develope r in 2008 announced planzs to builda $1 billiomn complex that was to include aboutg 700,000 square feet of office a 300-room hotel, retail spacd and about 500 high-rise condominiums. The project was put on hold last year becauser of the recession and thecredi crunch.
It was to be built on a 15-acrd tract owned by Woodmont TCI Group IX LP that sits just east of the Galleriaz Towers at Interstate 635 and the DallaseNorth Tollway. The site previously was home to aChevrolety dealership. Icon Managing Partner Dan Robinowitz, who is listed in courg documents as the managing member of the Woodmont TCI declinedcomment Thursday. Lender RMR Investments Inc. of California has filedr for foreclosure onthe property, seekint repayment of more than than $18 millionm in debt for a loan to Woodmonrt TCI Group IX, accordinvg to statistics from Addison-based .