CTRMA Robert Tesch bankruptcy Hearing

No camera's were allowed in the building for the CTRMA's Tesch meeting of creditors bankruptcy hearing. So, I took a few pics of what I could outside. The Gov. Rick Perry appointed Robert Tesch recognized me, and smirked, came right over and shook my hand and said "Who's paying you to do this?". I responded "Nobody".





I guess this guy just can't understand that people don't want our freeways tolled. And, we certainly don't want some unelected con artist setting the rates for roads we already paid for! At the end of the hearing I actually heard Bob Tesch say his bankruptcy was "the result of a miscommunication". That's rich. Pics by Sal, story by Roger. Thanks Roger!

The Judge was Valerie Winger was a fill in for her boss. It was called the first creditor hearing in bankruptcy court. Joe Martinez was the lawyer. The Cedar Park development deal was intended as part of a long range real estate development plan that did not pan out as planned. The debt changed hands between banks. Tesch is trying hard to sell the properties or refinance. Don or Dan Quick & Co. is the real estate broker. Tesch considers himself a manager for the debtor. The outfit has one employee named Randy Vaninger.

The one building on the apparently much larger property is 93% occupied with about a three year average lease. Tesch and Associates Inc. is a creditor. (sounds like he may have screwed things up on the whole property by building and leasing just one building in the middle). "Skyline" sent a rep there so they must be a major creditor. There are no final offers yet. They have opened creditor accounts.

There are both capital infusion and sale options being considered. Its chapter 11. The creditor purchased the note but is apparently being intolerant of Tesch's situation. Apparently the speculative debt went through these stages of changing hands: Jefferson Heritage Bank, Union Planter, Mercantile, Regional Bank

Tesch claimed that he thought there would be a $100 payoff to debtors to be resolved shortly, now that the real estate market out there looks so good. Yeah, sure. -- Roger