Hi Michael,

Thanks for setting up this blog. In 2007 my husband and I placed a deposit with FC to purchase a condo at 210 Trade.

It has been over two years since we made this committment to buy and have never once been contacted about the progress of the project.

The realtors who were on site during the preselling phase never communicated to us about the legal troubles and the impact on the contract we agreed upon which stated that the condos would be completed December 2010.

Since the latest news that the condos may never be completed, I would like to stay connected with other condo owners and how we can be proactive in making sure that we are not cheated out of our deposits or a better alternative of having the condos completed even though there may be significant delays.

dachu  

Hate to break it to you folks but you'll never see all but $100 of your deposit since that is the only amount that was not to be for the developer's use.  In fact the law firm representing the project quit for non-payment just like all the subs.  Don't forget to blame Allen Tate as well, the agent selling that toxic crap of a project was a Co. set up by them - and they solicited us for that extension knowing full well that it was burning behind the scenes. 

Lesson learned about pre-construction condo's.  Never go near one, and we should have all Googled that ghazi guy.  Captain Slime has pulled this in other cities like Milwaukee.

so, you all feel that you will not get your earnest money back?  if it was help in escrow, by law it has to be returned at a crtain point.

correct?

We need answers! I am suprised that more owners are not holding that Ghazi guy and Flahertty and Collins responsible! What do we do? Does anyone think we are going to get our deposits back? What happens to the property? Who gets it?

Will we get our deposits back? BSI Builders / Allen Tate robbed us! I feel so helpless!!!!!! This is highway robbery. So many smart people invested their money. They put a great show and sucked us in twice! Please someone do something.

Key question for all of us, the NC attorney general and the NC Real Estate Commission.  On what date did the 'sellers' (Allen Tate/BSI, Ghazi, Flaherty & Collins) become aware the Ghazi and Flaherty & Collins division of 210 Trade's commercial section from the residential and hotel towers put EpiCentre in violation of state building codes ? ? 

If this was prior to getting us to sign new contracts changing key sections on the completion date, then they were not acting in good faith by concealing potentially fatal facts.

To anyone who contracted twice (most of us) please compare paragraph #3 Closing of your first and second contracts.

Thank you Michael for this blog -

We Ben Had    

My attorney advised that while the money is likely gone and no civil contract action will help, a criminal fraud and media campaign would not hurt in our cause.  Lets find the hundreds of buyers and contact the AG and media.  Local politicians will help too.

Tate is bad news here and the shell company they set up has let them avoid being named.  Tate and gahzi are of the same character - crooks!

Thank you, Michael, for starting this blog!  I have deposit money invested in two of the condos, and have been really disgusted with the way the entire project has been handled.  Though it may be to little or no avail, does anyone have the name of a good lawyer in Charlotte who may be representing condo buyers?

Thanks.

I'm scared and disgusted.   That was my first dream home I was thinking to move in.....I don't know what to do.   If any one wants to do anything, let's do it together.   More is better than one.

I can not seem to find the Property Report they provided to us during the 2nd contractual period.  Does anyone have a copy and if so, does it disclose anything about the problems or the current dispute being Ghazi and the developer?  If it does not, and if the date of your contract is "post" the discovery of code violations, then we have a case against BSI (Allen Tate) for not disclosing this problem, as what is known in by the NC Real Estate Commission, as a Material Fact.  According to the Charlotte Business Journal Friday Aug 1, 2008, it states that "Nearly a year ago, Bethune says the developers were told there were three ways to resolve the conflict" (Marvin Bethune is the Mecklenburg County Attorney.  This insinuates the problem was known around Aug 07 which would be prior to us signing the 2nd contract, and thus, clearly a disclosure issue of a Material Fact. 

Also, in Item 3 Closing, it states that the closing sale take place by X date (mine is Dec 31st, 2010) and that the seller has up to two extension periods for up to sixty days for each extension.  My interpretation is that the condo unit must be not later than May 1, 2011 or the seller is in breach and thus must return the earnest money to the buyer.  With the law suits that are going on, I doubt this date would be reached.  Does anyone out there know what happens to our money if the company goes bankrupt?

In the meantime, if an abundant number of buyers file complaints with HUD (http://www.hud.gov/complaints/landsales.cfm), NC Gen. Atty (toll-free in NC at 1-877-5-NOSCAM or  www.ncdoj.gov), NC Real Estate Commission, local politicians AND CTV Charlotte (Jason Stoogenke), we might actually make some head way!  With all the pressure and bad press, perhaps Michael is right, the developers might be forced to come up with innovative ideas. 

There are more than 200 of us buyers out there, letters, calls, e-mails help in large numbers. 

Hi everyone,

I too have bought one of these units and will probably never see it come to fruition.  for the comment above, i would think that if Flaherty & Collins were to go bankrupt we would lose any rights to our deposits back.  Which is exactly what i think is going to end up happening.  I would imagine that even if a judge demands them to refund our deposits, they will file chapter 11.  They don't have the money anymore.  its been spent.  And the last thing they want to do is dig into pocket.  I am going to file a complaint with HUD, and the Real Estate Commission on Allen Tate.  Has anyone gotten anything out of Cathy Desetaeu at Flahertyy and Collins.  She just tells me she knows nothing and also has money tied up in 2 units.  Like that eases my pain any!  She is into them for much cheaper than me (company people did not have to put down the 5%), and you can't tell me that they won't look out fot their own on this... please!  I think we should all get together.  Please feel free to call me at my office  704-982-5000.  I would love for us all to join forces and have a concerted effort. We can meet at my house or a coffee shop.  I don't care.  But we NEED to do something! 

I agree. Maybe we can have a monthly meeting or something....we could brainstorm, divid tasks, etc...  we need to follow up with people in The Park developement...I believe it went bankrupt and someone else bought it... I know they lost their deposit.  I emailed a friend who bought at THE Park...I'll ask if they were offered anything....reduced deposit to purchase again, etc..

also, I don't know if they would file bankrupcty, they are big in IN with many other projects at stake as well as their company...check out their website.  Maybe they would sell to someone else, partner up, etc...

Our contracts (like almost all contracts with builders) give all the options to the builder.  However there are strict regulations required of the real estate agents with regard to disclosure of material facts.

If we force the 210 Trade corporation of Flaherty & Collins to bankruptcy we loose everything.  BSI/Allen Tate was required to disclose everything they knew to us!!!  Let's go after BSI/Allen Tate!

The NC Real Estate Commission is one government regulatory agency that IS CONSUMER FOCUSED.  What did Maya Williams (President of BSI) Allen Tate know of the material fact of the permit problem and when ?    How many of the Allen Tate agents that sold condos have been paid commission?  Maybe those agents as well as the Allen Tate owners need to get off their duffs and work on this problem. 

I'll bet that Allen Tate has received a significant amount of our money from Flaherty & Collins. 

Everybody watch!

http:www.wsoctv.com/video/20389975/index.html

Mike Saya is my hero! Thanks for starting this. We need to do something fast!!! They cannot sell the property. We should be able to get a lien on the property. F&C is huge in Indianapolis. Allen Tate knew what was going on. Who here can be the point person! Jason the newsguy will help us - I am sure. This is big news. The city of Charlotte is guilty too!!! I have over $30K in deposit!

law firm:  Caudle & Spears in Charlotte. 

I also heard there were agents who also purchased units from Allen Tate / BSI. I wonder if they purchased the second time around?!? Also - B.Ready what and who is that law firm. Are we to contact them. The newscast said only 2 COMPLAINTS!!! Come on guys - we all need to file a complaint if we feel we were hurt. Every voice counts. Don't feel like yours won't and let everyone else do the fighting. It's you hard eaned money as well!

Let's keep this forum going...

Longer we wait it's hard to get our money back.   I'm going to call above reference Law firm on Monday.  

Caudle & Spears, 704.377-1200.  Attorney Natalie Potter represents me, ext.209.

Since completion by contract dates is now impossible, we're all going to have to file suits and get in line if there is any money to be recovered in the years to come.  Might as well be ready to file the day these bums breach!

Has anyone complained to the NC Real Estate Commission yet?  Somebody has got to have the second contract process reviewed by that agency if we're to get anywhere on the sales practice issue.

I think everyone thats has a contract need to set up meeting ASAP, so we can brainstorm on how to handle this issue. Power in numbers. Contact Dre @ 704.201.0538

Hi Dre, I wanted to wait a little longer to build up our list of people joining this blog and we are planning to have a meeting in two to three weeks in Cornelius NC off exit 28. I'll keep everyone posted. Thanks Mike Saya 

Let's make sure a meeting is productive so people come and come back.  What's the Agenda?  Should we think about inviting an attorney so we have an informed view of what our options are on these one-sided contracts and bogus sales practices?

Great Idea! Our contracts are between us and Charlotte FC, LLC.  Charlotte FC is listed as a current active LLC with the NC secretay of state.  Thomas Eatman is listed as tyhe registered agent here in Charlotte. I filed a complaint with HUD over a year ago with Deborah Reid in Washington.  It took over a year to respond and basically I got a no further action reply from HUD. I was complaning about the lack of time between receiving the HUD report and the requirement to return the contract.  If Allen-Tate was aware of the material fact of the rift between developer and builder prior to signing the second contract, then we probably have a case and it should be covered by thier errors and ommissions insurance. Please let me know about the meeting. Thanks, G

I see the note below in the Property Report. Has anyone contacted the company below regarding the escrow account?

"The earnest money deposit was supposed to be placed in an escrow account controlled by an independent third party. Builder Services, Inc. will serve as escrow agent. Their mailing address is

9030 Crump Road, Pineville, North Carolina 28134."

lOOK AT THE TEXT OF THE PURCHASE AGREEMENT CONTRACT BELOW:

It looks like the seller is bound to return the earnest money...

The agreement is with Charlotte, FC, LLC. Can this company alone be declared bankrupt without affecting the parent company?

" 

12. DEFAULT.

(a) In the event Seller fails to comply with or perform any of the conditions to be complied with or any of the covenants, agreement os obligations to be performed by Seller under the terms and conditions of this Agreement, then Purchaser may either: (i) specifically enforce the performance of this Agreement; or (ii) require Seller to return to Purchaser the Earnest Money Deposit and Progress Payment and damages in an amount of Five Hundred and No/100 Dollars ($500) as fixed and full liquidated damages, it being acknowledged that it is impossible to estimate more precisely the specific damages to be suffered by Purchaser, but that the sum herein stipulated is a reasonable estimate of such damages and the parties hereto expressly acknowledge and intend tht this provision shall be a provision for the return of the Earnest Money Deposit and Progress Payment and damages in an amount of Five Hundred and No/100 Dollars ($500) as liquidated damages and not as a penalty. In the event Purchaser elects option (ii) all further rights, obligations and liabilities created hereunder shall be deemed terminated and have no further force and effect. Purchaser's election of either option (i) or (ii) shall be Purchaser's sole and exclusive remedy under this agreement.

Does it help for us to email

David M Flaherty, CEO, Flaherty & Collins Properties. 

dflaherty@FlahertyCollins.com

If a lot of us write to him, we might get a response??

I tried to email David M Flaherty, CEO, Flaherty & Collins Properties and got no response. I sure others have try also. Mike

where do we email back to confirm participation?

This is what I sent David the CEO: We will win. Next stop is the Indianapolis Media. In Charlotte they say you are even worst then the scum of the earth Afsin Ghazi = David !!!   I am attending a meeting where over 150 people have confirmed they will be there. The people who purchased penthouses are coming too!!!!!   LOSER. You and Jim will come to justice.

Keep it up Guys. We need everyone to step up and partcipate so we can get out money back!

Great site.  Thanks for setting it up.  I purchased 2 condos at 210 Trade and, like everyone else, have heard nothing.  I have filed a formal complaint with the NC Attorney General as encouraged by this site.  I look forward to hearing about any progress made on getting information or deposit refunds.

I'm sorry to hear of the problems you're having at 210 Trade.  We have a small condo development, Celadon, 1.5 miles down 4th St. from the Epicentre, and have a few remaining units.  We're offering to credit buyers at The Vue (where work has stopped) the full amount of their deposit (up to 10%) when they buy a similarly-priced home at Celadon. 

We'd like to extend the same offer to buyers at 210 Trade.  Our modern design and fine finishes, and location near Uptown, may appeal to 210 Trade buyers, who may want to move in today.

Thought I'd pass the offer along for those who may be interested in not losing their deposit.  Our website is celadongreenway.com.  Thanks for forwarding as appropriate.  We'll have a full page ad in tomorrow's Observer with additional information, or you can email me at jim@celadongreenway.com

And our website is celadongreenway.com!  Thanks so much.

just what we need, another condo salesman preying on us with a great deal.  

your exactly right once burned, the nerve of some predators is beyond beief. I hope he doesnt target the social security recipients as well

Hello All,

Just found this Blog.  We have also put a deposit down on a unit on the 8th floor.  We have had the same problems/issues as all of you.  I am glad that there is a voice down here, which I hope could make a difference.  With that said, after numerous calls to the "hotline", and with little to no answers, we decided to write the NC AG, but with no response.  Does anyone have any information on the meeting that happened two weeks ago in Charlotte?  Let us know if there is anything we can do, or any meetings we can attend going forward.

Thanks,

Sean Colas

Thanks all for this blog. We have deposits on two units. We are out of state (MD.) and have had the same experience as the rest of you - the run around from F&C and from Allen Tate.  We will do what we can from where we are - filing complaints etc.  Are there any minutes from the meeting of Sept. 10th?

Do we each need to get an attorney, or is there going to be a class action suit?

I spoke with a representative from the Attorney General's office about the 210 Trade situation.  She said for people to file a formal complaint with their office online: http://www.ncdoj.com.  Unfortunately, the woman said they have little to no enforcement rights to the developers/builders.  She then went on to tell me the best, and maybe the only way, to deal with this problem is to hire a lawyer.  So, with that said, I would like to hear what everyone else is doing before I go at it alone.  I can be reached at 704-219-3202 for further discussion or please respond to my posting.  Thanks.

Sean Colas

Thanks Mike for organizing all of this.  We really appreciate your efforts and we will be there.  Is there anyway we can setup a telephone at the Cornelius location with a call-in number/passcode and post it on this blog for those that cannot make the meeting....for example, owners out of state could call-in during our meeting.

Thanks,

Danny 

If there is no phone available at the Cornelius Center for the out of state people to dial/listen in, will there be some who culd take notes and then post them here?  That would be most helpful to those of us who are far away.  If the phone situation can be figured out, that would be wonderful.  Has a date been set?

FYI...

Representatives of Builder Services Inc. (BSI) and Allen Tate Company were disappointed to learn that Charlotte FC, LLC, the developer of 210 Trade,  filed bankruptcy in the State of Indiana. Both BSI and Allen Tate Company remained hopeful that Charlotte FC would find a way to complete the project and honor its commitments to the many buyers who held contracts to purchase condos.

These buyers, who are listed as creditors in Charlotte FC's bankruptcy filing, include BSI's on-site sales representative for the project, Allen Tate agents, and members of the Allen Tate leadership and executive team. These individuals join the many others who personally believed in the success of the 210 Trade development; invested in the project; and now have serious concerns about the return of their deposits.

In accordance with the contracts of sale and North Carolina law, BSI was responsible for collecting the earnest money deposits. Charlotte FC withdrew the great majority of such deposits pursuant to the terms of the purchase contracts signed by Charlotte FC and the buyers. BSI representatives will work with the bankruptcy trustee to determine if and how any remaining funds in their possession may be returned to the buyers.

Dear Doesn't Look Good,

Speak for yourself!........Flaherty and Collins are trying to scare us all off from continuing to band together to take legal action against them.

I say we keep blogging and meeting in person, to see if we can all get an attorney to file a class action suit to recover our deposits.

Flaherty Collins/Allen Tate/BSI are all counting that we stay ignorant of our rights as buyers in the hopes that we do not take legal action to force them to return the deposits.

Sean Colas left a contact number if we wanted to hire an attorney collectively to represent the group. I have already left him a message saying that my husband and I are interested in hiring an attorney with him.

The law is on our side as buyers and at a minimum we are entitled to at least partial payments should the developer default on the terms of the contract. I am surprised that Allen Tate and BSI a subsidiary of Allen Tate is willing to risk their reputation in Charlotte considering they have so much invested in the people of Charlotte....looks like this recession is forcing companies to let go of their morals and behave badly in the name of the almighty dollar!!

Let's focus on putting together our next meeting to get an attorney on board.

DACHU

Thanks for starting this Mike. Like you I am a realtor who bought a unit and also sold a unit in this development. This project had so much potential, it would have been something that would truly show the nation that Charlotte can handle a skyline that can compete with the rest of the big cities and still maintain it's small town charm.

I am a person that strongly believe in Karma so if BSI and Allen Tate knew what was going on or had any inkling that something is off and didn't disclose it and for some reason we can't make them accountable for their actions then their time will come, same goes for Flaherty and Collins.

Does anyone know if it's possible to take this as a loss (taxes)in the event we can't do a recovery?

Everyone who bought in this development know that this was a solid investment with a huge potential. I still think it does. What I hate to see happen here is for the project to get dropped and all the buyers get pushed to the side only for another investor to buy it later on and build at a clean slate. Let's not lose hope here people and let's continue to gather everyone in the hopes of Flaherty and Collins looking for ways to finish this project.

As far as I am concerned, there are 265 people that are under contract. If you translate those numbers to an average price of $400,000 each, that amounts to $106,000,000. That's huge considering they only owe $52 million in claims.

The condo developer at Celedon (James Funderburke) recently had sold all of us units to people that have lost some money in high rise. He asked how much deposit they lost by buying high rise condos and turned around and gave them the exact number off for his units. He saw the potential of people buying the units overall and to not ruin the market any further by under selling.

Now seeing how the Epicentre is right now and how lively it is, does it seem too far fetched if another investor was to honor everyone's deposit and continue to build this project? Call me optimistic, call me hopeful but in my eyes, there might be something we can do as long as we don't give up on this.

Eric Halili

Let us know when the next meeting is on this.......WE NEED AN ATTORNEY!!

Chapter 7 liquidation is it for us folks, bad ending.  Lessons learned; 1. Never deal with Allen Tate again, particularly after their self pity laced face-saving statement pasted above. 2. Never buy a condo pre-construction.  3. Dot Com bubble, Real Estate bubble - all bubbles burst and we were fools to get swept up into it.

Just because they file for Chapter 7 does not mean that it will be granted by the state.  We may still have a case against the parent company based out of Indianapolis.

I Will not be able to make the meeting on the 16th but, would like to receive feedback.  I purchased a unit for my wife and I and we are very disappointed.

Maybe we can all bring our tools from home this weekend and finish the project ourselves!  Was it over when the Germans bombed Pearl Harbor? No way!  Who's with me?  I'll meet you guys there first thing Saturday morning!

Michael,

Do you know if anybody is bringing an attorney on Friday?  We just got the bankruptsy notice in the mail.  A meeting of creditors is set for November 13th.  We need an attorney to represent us on this important date.

Danny

I am interested in attending. Are we still meeting October 16th.

Mike, saw the e-mail to late to attend the meeting. Could you please post some notes as to wht was discussed Fri for the rest of us who are interested but unable to attend.  Thanks, Brian

Hi All,

The outcome of the call Oct 16th we have decided to create a Yahoo Group to communicate effectively and have discussion about the Selection of the Attorney. We have added all those people who have left their e-mail addresses after the call. If you want to enroll below is the detail. To send a message to everyone in the group send an e-mail to 210TradeCondoBuyers@yahoogroups.com. Below are those details.

Group Email Addresses

Thanks

Venket

Please include us in this group and forward all information.

Thank you. 

Vince & Rosemarie

Dear Venket,

This is Richard Gwilt. I was going to contact the lawyers this week and am having trouble joining the yahoo group.  Could you possibly give me a call at your earliest convince? My cell is 704-651-8613 or email rgwilt@roadrunner.com

Thanks,

Richard

I bought a unit in this development, please include me in this group and forward all discussion. Thanks.

The Home page for the Yahoo Group is as below

http://groups.yahoo.com/group/210TradeCondoBuyers/

Please include Andre Williams on list, had problems trying to get on page. Contact info 704.688.6886, email dreday7500@mindspring.com

To get added to the Yahoo Group please send an e-mail to 210TradeCondoBuyers-subscribe@yahoogroups.com

with below information

Last Name, First Name

Contact Phone Number

Condo Unit Numbers (if multiple units seperate them with commas)

As this will help us manage effectively

Thanks

Venket

Venket, could u please add me to list, for so reason can't send

Contact info: Williams, Andre

704.688.6886

Unit number: 2311

Thank you

Mike,

Were you able to access the yahoo account.  Please contact Venket as it seems easy to use the yahoo group.  I was hoping we could meet again on Friday.

Richard,

Had any luck with the attorneys?  We need to set a deadline to have secured an attorney by Friday if possible. Please contact Venket to access the yahoo group

Williams,

Please send the e-mail 210TradeCondoBuyers-subscribe@yahoogroups.com

with below information

Last Name, First Name

Contact Phone Number

Condo Unit Numbers (if multiple units seperate them with commas)

As this will help us manage effectively

In case not able to please post your e-mail address for me to add you.

Thanks

Venket

Has anyone attended the creditor's meeting 9:30am, on 11/13/2009 at the Courthouse on Ohio St in Ibdianapolis?  I sure would like to hear what happened there.  Sue 

When is the next meeting I have yet to go to one. I just found out that you all were organizing these things, and Im very interested. Please email and let me know.

Thanks,

Roman

roman@rockincleveland.com

gotta love the scum bags at tate claiming $177,000 - lost money selling us the second contract I'll bet......

I just found out about this blog. GReat Job Guys.

Please let me know when is the next meeting. Although I am in NJ I will try to join.

Email: dipti.hati@yahoo.com

Ph # 7324859282