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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Nov 01, 2014 3:17 pm 
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Joined: Jun 24, 2008
Posts: 10232
Location: South of the Border (Down Mexico Way)
Going...
The Saga of the Chicago Spire Quickly Approaching Its End
http://chicago.curbed.com/archives/2014 ... ts-end.php

Going...
Say goodbye to the Chicago Spire?
http://www.chicagotribune.com/business/ ... story.html

GONE!
Kelleher's Chicago dream over as backers fail to pay
http://www.independent.ie/business/comm ... 08688.html


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Mon Nov 03, 2014 1:04 pm 
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Joined: Oct 29, 2007
Posts: 11410
Location: Multiverse
What Goes Up... wrote:
Going...
The Saga of the Chicago Spire Quickly Approaching Its End
http://chicago.curbed.com/archives/2014 ... ts-end.php

Going...
Say goodbye to the Chicago Spire?
http://www.chicagotribune.com/business/ ... story.html

GONE!
Kelleher's Chicago dream over as backers fail to pay
http://www.independent.ie/business/comm ... 08688.html



It's almost like a divorce, where one party wants to stay together, whilst the other keeps saying 'time to move on'.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 6:53 pm 
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Too Big to Fail

Joined: Jan 12, 2008
Posts: 4081
Location: California
http://gizmodo.com/no-one-knows-what-to ... hBeckmann#

Quote:
This was the spot where, as the real estate bubble peaked in 2007, a developer planned a 2,000 foot supertall skyscraper called the Spire. Envisioned as the tallest building in the US and the second tallest in the world, it would have cost at least $1 billion to build the twisting tower, designed by architect Santiago Calatrava of One World Trade Transit Hub fame . But the financial crisis that struck down so many other heady, mid-2000s towers came for the Spire, too.

And now that the financial chaos surrounding it has nearly been put to rest, a big question is confronting its owners: What should be done with it? While its future remains unclear, at least one local publication—Chicago Magazine—has already asked local architects for their ideas.


Image


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 7:14 pm 
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Joined: Oct 29, 2007
Posts: 11410
Location: Multiverse
Anyone know how long these things take to build ?

Although there has been tens (hundreds ?) of millions lost on it, the hit would have been much harder had the building been near completion when the crisis occured.

On a number of different measures, a hole in the ground is probably preferable to a half-completed and vacant skyscraper.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 10:09 pm 
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Too Big to Fail

Joined: Jan 12, 2008
Posts: 4081
Location: California
mr_anderson wrote:
Anyone know how long these things take to build ?

Although there has been tens (hundreds ?) of millions lost on it, the hit would have been much harder had the building been near completion when the crisis occured.

On a number of different measures, a hole in the ground is probably preferable to a half-completed and vacant skyscraper.


Particularly one that looks like a huge spliff, or a sex toy.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Apr 15, 2015 3:00 pm 
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Planning Tribunal Attendee

Joined: Feb 19, 2014
Posts: 1380
mr_anderson wrote:
Anyone know how long these things take to build ?

These things can be built relatively quickly. Once the foundations are in, and that can take time, a floor a week is not the norm, but nor is it unheard of either. It's all the associated financial, regulatory, and permitting requirements that are the real time sink.

It should also be noted that Santiago Calatrava is almost as famous for running over budget on his projects, as he is for his designs.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Fri Aug 07, 2015 7:29 am 
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Posts: 14760
US Spire developer sues Nama over Chicago loan row - -> http://www.independent.ie/business/comm ... 32982.html

Quote:
The developer behind the planned Chicago Spire has taken a court action against Nama over the attempted enforcement of personal guarantees and other loans tied to the development.
Lawyers for Garrett Kelleher and his company, Shelbourne North Water Street, have filed papers with US bankruptcy court in Illinois against Nama and debt management firm Capita after Capita attempted to collect loans worth $8.1m from Mr Kelleher.
Mr Kelleher is seeking a declaration that he and his company have been released from those loans. He is also seeking punitive damages as a result of Capita and Nama's "wilful violation of the releases".

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Fri Aug 07, 2015 8:14 am 
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Too Big to Fail

Joined: Nov 9, 2006
Posts: 4483
Location: South of the Border
Is the Capita mentioned the same one involved with Eircode ?


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Fri Aug 07, 2015 10:29 am 
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Posts: 1784
Yes, but like all outsourcing firms Capita do nothing without written instructions


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Jul 30, 2016 12:43 pm 
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Joined: Apr 27, 2014
Posts: 431
Spire-boy spiked.

How stupid and/or desperate do you have to be to fund a doomed case and try to hide that funding but not very well?

His shyster friends are an interesting bunch:

http://www.martinkenney.com/

http://www.lohman-law.ch/page1.php

http://www.irishtimes.com/business/comm ... -1.2736537

Quote:
US court finds Irish developer in contempt over insurance claim

Chicago Spire backer Garrett Kelleher's legal bill for role in €60m claim

Garrett Kelleher: Invested $2.85m in 2006 to help Liberian group AJA to enforce a $66.5m judgment against US insurer Cigna Worldwide in return for a share of the lawsuit’s proceeds.

Irish developer Garrett Kelleher is facing a multi-million dollar legal bill after a US federal court found him in contempt arising out of his involvement in a €60 million insurance claim taken by a group of Liberian businessmen.

Mr Kelleher, best known as the backer of the Chicago Spire, invested $2.85 million in 2006 in the efforts of Liberian group Abi Jaoudi and Azar Trading (AJA) to enforce a $66.5 million judgment against US insurer Cigna Worldwide (CWW) in return for a share of the lawsuit’s proceeds.

The case failed, but the US District Court in Philadelphia, Pennsylvania, has found Mr Kelleher and two others, Martin Kenney and Samuel Lohman, in contempt for their role in funding the AJA litigation, as they breached an injunction barring the Liberians from ever attempting to enforce the judgment.

The ruling by Judge Paul Diamond means that Mr Kelleher and the others could be ordered to pay CWW’s legal costs, which are likely to run into millions of dollars. The court has set Friday, August 5th, to deal with this.

Malta companies

In his ruling, Judge Diamond noted that the court heard that Mr Kelleher and others attempted to hide their identity and the Irishman’s involvement in funding the litigation through using a series of companies based in Malta. The judge described their actions as “outrageous” and “an affront to the court of the United States”.

Howard Schrader, general counsel for Chubb Overseas General, which took over CWW’s assets, said on Wednesday that the company would seek reimbursement of its costs.

“CWW will ask for an award of the fees expended in this case and will seek to enforce that award against Mr Kelleher and the others,” he said. Chubb was not a party to the court case, but it assumed CWW’s liabilities in 1999 and this has to indemnify against legal judgments.

It is also understood that a contempt ruling by a federal court could potentially create difficulties for Mr Kelleher in any business dealings in the US or with state or government agencies.

He is now based in the Republic, but lived in Chicago for 11 years and his Shelbourne Developments was the principal backer of the Spire, a high-rise residential tower planned for the US city, whose construction stalled in the financial crisis.

Efforts to reach the developer were not successful on Wednesday.

Civil war

Mr Kelleher invested in the AJA claim through companies based in Malta. They invested in CC International, which Mr Kenney and Mr Lohman established to get the judgment enforced on behalf of AJA and 22 other Liberian businesses.

The Liberians involved lost their businesses in the country’s civil war in the 1990s. Commercial property owner AJA claimed against an insurance cover it had with Cigna, but in 1995 the US district court ruled that the policy excluded damage caused by war.

The US supreme court upheld this. AJA then went to a Liberian court, which in 2000 ordered Cigna to pay $66.5 million. However, in 2001 US judge Thomas O’Neill barred AJA from taking any action to enforce that judgment in any jurisdiction.


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