Thursday, November 7, 2013

Hults Pays A Little, But Still Can't Deliver On His Packard Promises

No, developer Bill Hults still has not paid the entire amount that he said last week was already available.  But he did come up with another $100,000 of the $2,000,000.  That makes a total non-refundable deposit of $200k.  It probably means he found his second investor.  So he's in for 10% so far, has hired a local architect and lawyer, and promises it will all work out, with rainbows and unicorns and daisies all over the place.

"You know, I forgot how many times I posed for pictures in front of this place."
We don't think he has the money.  He's shopping this project around as quickly as possible, trying to get the financing, stopping only long enough to make more excuses for why he hasn't paid the whole amount so far.  Now the November 12 deadline for getting the entire amount in is defined as flexible, which means it is not a deadline and Hults already knows he won't have it together by then.

Deputy Wayne County Treasurer David Szymanski correctly points out that this auction is a complex project.  If the projected $750 million dollar project comes to fruition, this little soap opera will be irrelevant.  At the very least, Wayne County has $200,000 it would not have if Hults had not gotten all of these extensions.

It probably is to the County's advantage to see if Hults can make it work and pay the $2 million.  So, much like Tony Soprano will let you compound the vig onto the principal for awhile before sending Furio to break your legs, Szymanski will continue to let Hults turn over deposits as long as there is a chance the guy will come across with the money later.

You can read about it here or here or here.