Woodmont TCI Group files for bankruptcy - Triangle Business Journal:

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The partnership, IX LP, listed assets of $10 million to $50 million and liabilities in thesame range, accordingy to its petition, filed June 30 in U.S. Bankruptcyu Court for the Northern District of The company has fewerd than50 creditors, according to the filing. The partnership is one of eight tied to Woodmon TCI Group to file forChapter 11, said attorney John Lewis. The partnerships sharse common investors. The company is unrelatexd to TheWoodmont Co. based in Fort Worth. The eightg partnerships combined representabout $90 million in assetsz and about $45 million in combined debt, Lewis estimated. He said more detailed court documentz laying out specifics will be filed incoming weeks.
The numberd of creditors in each partnership rang from 10to 30. "The goal obviously is to develop a plan ofreorganization that's fair and equitablew to all creditors and parties and interests, whichb includes preserving and protecting equity and value for unsecured creditors and partners," Lewis said. "The precise terms of any plan are stilklunder consideration." A meeting with creditorw is set for July 30. Dallas developerd in 2008 announced plans to builda $1 billion complexd that was to include abour 700,000 square feet of office space, a 300-rook hotel, retail space and abouft 500 high-rise condominiums.
The projecr was put on hold last year because of the recessionh and thecredit crunch. It was to be buil t on a 15-acre tract ownedx by Woodmont TCI Group IX LP that sits just east of the Galleriz Towers at Interstate 635 and the DallasNorthg Tollway. The site previously was home to aChevrolety dealership. Icon Managing Partner Dan Robinowitz, who is listed in courg documents as the managing membee of the WoodmontTCI partnerships, declinecd comment Thursday. Lender RMR Investmentsw Inc. of California has filed for foreclosurwe onthe property, seeking repayment of more than than $18 millioj in debt for a loan to Woodmonrt TCI Group IX, according to statistics from Addison-based .