Jim Deal's name has been floated as a person interested in possible acquisition of the Town Center boneyard, but not at $35 million, clearly, and with an effort to get the City to back down on its insistences, on threat of loosing interest and there being no "White Knight."
However, the original Dave Orrick "From Dreams to Desolation" article had this to say:
Among those left holding the bag are numerous contractors.
Blaine-based Glenn Rehbein Cos. claims it's owed nearly $4.7 million from Nedegaard. Its subcontractors, in turn, are suing Rehbein. Blake Drilling Co., for example, said it's owed nearly $263,000, and Lino Lakes-based EJM Pipe Services said it's owed $552,000, court records say. Lawyers for the companies say there are many smaller contractors without the resources to hire attorneys that are also out money.
So it is Deal sniffing around; Bank owed $35 wanting the best outcome possible but expecting well less than $35 million; the City being a complication with the risk of its contract terms binding any subsequent owner - or not - and Rehbine as the third player at the table with a $5 million stake - something hard to walk away from, to fold the cards and walk. Bank, Deal, and Rehbine. With the City only affecting the rules of the game, not the play. All the other contractors are not in at that level, and are spectators until the redemption games may be played.
Think it over, and figure how each, Deal and Rehbine, if Deal is sincerely interested and not just bluffing to help the bank deal with Rehbine, should best deal with the bank.
My guess, the bank has the most leverage holding off its foreclosure, and trying to play Rehbine and Deal against the other, for sale and assignment of the bank's position before any sheriff's sale happens. Think about it. Email if you think not, stating why you feel some other strategic posture is more productive for one or all of the three players. I say bargain over an assignment of the bank's position. Then after buying it, hold the sale as if the bank were doing it - in the shoes of the foreclosing party.
My guess is that the leverage situation attaching to having two parties to play off against the other is why the bank keeps postponing. So, is Deal real, or a bluff on Rehbine?
Two white knights; black and white; or only millionaires playing games expecting the other to get rooked? Is capitalism at this level anything but a casino?
