Real estate developer Bob Bisno, who last year failed in an attempt to build a large redevelopment project in Baldwin Park, has filed for Chapter 11 bankruptcy protection.
The Los Angeles developer owes his largest 20 unsecured creditors more than $250 million, according to an Aug. 31 filing in U.S. Bankruptcy Court. His largest creditor is listed as commercial real estate investment firm iStar Financial, which is owed $109 million.
His company, Bisno Development Co., has suffered a series of setbacks, including slow sales at luxury condominiums constructed in Santa Ana. He also withdrew plans last year for a controversial redevelopment of 109 acres in downtown Baldwin Park that would have relied on eminent domain to clear the land.
Bisno’s plan called for thousands of homes, a school and a hotel, but it reportedly ran into financing problems. The city is now moving forward with a much smaller plan.
Bisno recently listed his mansion in the hillside North Beverly Park neighborhood above Beverly Hills for $29 million, according to Orange Juice Blog, a political blog covering Orange County, where many of his developments are located.
Bisno was among the defendants in North Beverly Park sued by adjoining South Beverly Park for prohibiting their guests and household workers from using the north neighborhood’s streets to reach their homes. The dispute was later resolved.
Bisno could not immediately be reached for comment. Phone calls to Bisno Development, headquartered in Century City, went unanswered.
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The news about Bob is not funny and I did not smile or smirk or chuckle or even make a remark other than to tell Terri who the person involved in this article is.
Times are tough all over and it is not unexpected that a Developer who probably should never have been attempting to develop large residential projects with such little experience in that type of building, would fall into this situation.
It is believed by some that Bob only invested somewhere in the neighborhood of 8 Million Dollars of his own money with his dealings with Ponte Vista at San Pedro.
I consider much of Bob's current situation was brought on by Bob himself and not the problems with the housing industry during the last year or so.
Bob had more than enough chances to remedy much of the problems he himself created with his marketing and management of the Ponte Vista as San Pedro Project.
I don't believe that Bob's current problems will have any real impact on Ponte Vista UNLESS we were given misinformation about whether Bob still continues to be a player in the project.
If he is truly gone, then I think Ted and Tim and the Outreach Team will continue to move forward this month, with launching the 'new' plans for Ponte Vista to the public.
Bob and "The Bob Years" provided many of us the opportunity to learn about developers and developments and what is good and very, very bad. For that, I think I thank him for the education we all got.
Now when folks attempt to come to OUR community and change it because they believe they know what is best for OUR community, whether we already know it or not, we can point to the mountain of information that is still being created related to Robert H. Bisno and those individuals and groups it is not nice to fool with OUR community.
Bob will probably be back out of bankruptcy at some point and he will probably work on future developments. But Bob and others know that those developments will not be in OUR community and we will be watching no matter where he goes and what he tries to do with other communities.
"Bob Bisno is going to save San Pedro!" That was a statement almost shouted out by one of his supporters during a CAC meeting. I don't think any of us want Bob to do anything in OUR community other than what he finally did.........left.
2 comments:
An individual calling himself 'Agent Orange' left a comment to be posted on this post.
As I have a standing rule to publish every single comment posted that arrives at my inbox, I shall post it.....but on one of my other blogs that I hope nobody ever visits.
Whoever this 'Agent Orange' is really doesn't matter to me, but his ignorance is clearly so huge on the matters of Ponte Vista and other things, I do not wish to shame him.
'Agent Orange' doesn't even realize that "Ponte Vista" is Italian and not Spanish.
Apparently 'Agent Orange' doesn't know that there is no such word as "Ponte" in the Spanish dictionary.
The person also is a racist and a fairly ignorant one at that.
So to 'Agent Orange', if you know where to look, look for your ridiculous comment on another one of my blogs because I publish every comment and please, please understand a tiny bit more than absolutely nothing before you attempt to comment on something you certainly know nothing about.
M Richards.
Publisher, Ponte Vista blog.
P.S. to any other ignorant ones out there, 'ponte vista' is Italian for what is most commonly translated to 'bridge view' in English.
even if he succeeded in winning entitlements from the city of LA, his project would have flopped. just look at condo sales in downtown pedro.
there is no way they'd be able to move that much inventory, whether it be 2,300, 1,950, or even at an r-1 density.
they should just revegetate that place with deerweed and let the blues have it!!!
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