The bankruptcy, like the one mentioned in the July 6 Turner Report, was not filed by Wallace-Bajjali Development Partners, but did list Wallace-Bajjali as a co-debtor. The Chapter 11 bankruptcy was filed Sept. 7, 2010, by SWB Waco SH LP and as in the Jan. 1, 2013 bankruptcy mentioned in the earlier Turner Report post, was filed to keep a bank from foreclosing on a part of the Wallace-Bajjali firm's Waco development project.
From the bankruptcy court documents:
The debtor owns a recently constructed 375-bed apartment complex, part of a redevelopment project of the downtown Waco area and serves primarily as an off-campus student housing facility at Baylor University.
The bankruptcy was filed to keep Sterling Bank from foreclosing on the property when SWB Waco SH LP could not make payments on a loan. Court documents indicate the company owed Sterling Bank $18 million and combined with other debtors listed, the debt was far in excess of $20 million.
The companies involved in the Waco development project and the two bankruptcies are both located in Sugar Land, Texas, a Houston suburb. Wallace-Bajjali co-partner David Wallace (pictured) was once the mayor of that community.
In the 2010 bankruptcy filing, the city, county, and school district were among the creditors listed, the city of Waco for $117,684, McLennan County for $66,323, and Waco ISD for $204,517.
4 comments:
How dumb is it to put someone in charge of a lot of money who can't handle his own finances? I wonder if other organizations around here have made that mistake.
The best way to get rich is with other peoples money. When something goes wrong, then it is the other peoples money that is lost.
THE MUSIC MAN REDUX GOING TO HAPPEN IN JOPLIN AKA RIVER CITY. :)
Isn't this about the third bankruptcy you've reported on these people? Why do others keep investing with them or lending to them? Anyone who would put a person who has declared bankruptcy in charge of his money deserves what he gets. If someone declares bankruptcy, that's sad, but he shouldn't be able to continue investing and managing the funds of other people, and certainly not those concerned with community or public trusts. Who is dumb enough to trust someone like that with large amounts of money?
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