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The partnership, IX LP, listed assets of $10 millionb to $50 million and liabilities in the same according toits petition, filef June 30 in U.S. Bankruptcy Court for the Northern Districtyof Texas. The company has fewer than 50 according tothe filing. The partnership is one of eighgt tied to Woodmont TCI Group to file forChapterd 11, said attorney John The partnerships share common investors. The company is unrelates to TheWoodmont Co. based in Fort Worth. The eigh partnerships combined representabout $90 millionh in assets and about $45 million in combineed debt, Lewis estimated.
He said more detailed courtf documents laying out specifics will be filed in coming The number of creditora in each partnership range from 10to 30. "The goal obviouslhy is to develop a plan ofreorganizatiojn that's fair and equitable to all creditors and partiez and interests, which includes preserving and protecting equity and valur for unsecured creditors and partners," Lewis said. "Thed precise terms of any plan are stillundert consideration." A meeting with creditorsa is set for July 30.
Dallas developer in 2008 announcesd plans to builda $1 billion complex that was to includse about 700,000 square feet of office a 300-room hotel, retail spacs and about 500 high-rise condominiums. The project was put on hold last year because of the recession and the credit It was to be built ona 15-acre tract ownedf by Woodmont TCI Group IX LP that sits just east of the Galleriza Towers at Interstate 635 and the Dallas Northh Tollway. The site previouslh was home to aChevrolet dealership. Icon Managing Partner Dan who is listed in court documents as the managinv member of the WoodmontTCI partnerships, declined comment Thursday. Lender RMR Investmentss Inc.
of California has filed for foreclosurew onthe property, seeking repayment of more than than $18 millionn in debt for a loan to Woodmont TCI Grouop IX, according to statistics from Addison-basesd .
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