|
Frank Crivello, NNN Group, Inc. and Phoenix Investors, LLC Announce Household Finance Renews Lease at Centro Plaza, Lincoln, Nebraska
Milwaukee, WI – March 7, 2006 – Frank P Crivello, Executive Vice President, Phoenix Investors, LLC (“Phoenix Investors”), and NNN Group, Inc., (“NNN”) announced Household Finance has renewed their lease at Centro Plaza, Lincoln, Nebraska. Centro Plaza is a neighborhood shopping center located in central Lincoln, Nebraska.
Phoenix Investors Vice President Paul Schwabe stated: “Household Finance has been a quality tenant for Centro Plaza and for the residents in the local community for several years and we’re pleased they have renewed their lease at Centro Plaza”.
About NNN Group, Inc:
NNN provides Phoenix Investors with real estate management and advisory services.
About Phoenix Investors, LLC:
Since 1994 Phoenix Investors has been offering professional management and advisory solutions to public and private companies, trusts, and individual investors. Our management endeavors to understand our clients' individual needs, work with our client to assess specific goals, and structure investments according to our clients' specific risk/reward profile to meet both the clients' short term and long term needs. Our real estate management team professionally manages our portfolio properties through a combination of local and national representation in order to effectively create a "working-bridge" between owner and tenant, building a cooperative mutually beneficial working relationship. Our experts assess and refine our client's portfolio's to maximize our clients cash flow, equity accumulation, and internal rate of return based upon our clients' specific dynamic goals.
About Centro Plaza:
During the late 1980's, Frank Crivello and Joseph Crivello built and acquired a large portfolio of shopping centers, including many anchored by Kmart’s, across the country that totaled millions of square feet. Most were anchored by Kmart or other discounters along with chain grocery or drug stores. In addition, Frank Crivello built or acquired operating businesses including a restaurant chain and six big box grocery stores. Joseph Crivello and Frank Crivello, cousins, were partners in the shopping center development enterprise. Additionally, Frank Crivello served as an Executive Vice President of National Management, Inc. Joseph Crivello is the sole shareholder of National Management, Fifth Corporation, Berkshire Factoring, Inc., Sierra Finance Corporation, and Sierra Holding Corporation. Frank Crivello owned in whole or in part 122 companies and employed over 1,000 individuals.
During the late 1980's Metro North State Bank was Frank Crivello and Joseph Crivello’s primary bridge and construction lender. In 1989, Plaza Sixty, Inc., Frank Crivello’s corporation, purchased Centro Plaza from Metro North State Bank. Metro North State Bank was part of a multi-billion dollar bank group in Kansas City, Missouri. Under the weight of the nation’s recession, Metro North State Bank failed in 1992. The Federal Deposit Insurance Corporation, ("FDIC"), become the Receiver for Metro North State Bank. The FDIC placed Frank Crivello’s loans in liquidation. Thereafter, litigation commenced between the FDIC and Frank Crivello. Joseph Crivello was not a defendant in the FDIC litigation. The litigation related to shopping center loans, not including Centro Plaza, made in the late 1980's by Metro North State Bank to Frank Crivello. Frank Crivello was represented in the FDIC litigation by Leonard G. Leverson, of the law firm of Kravit, Gass & Weber, S.C. ("KGW"), www.kravitlaw.com. KGW generally represented Frank Crivello, Joseph Crivello, and their companies.
After efforts aimed at out-of-court settlements with creditors and the FDIC failed, Frank Crivello filed a voluntary chapter 11 petition on November 20, 1992. KGW acted as bankruptcy counsel for Frank Crivello, as a debtor-in-possession. Frank Crivello, as a chapter 11 debtor-in-possession stood in the shoes of a trustee and acquires the same rights, duties, and responsibilities as a trustee. Between November 20, 1992 and August, 1994, KGW and Frank Crivello, as a debtor-in-possession, worked to confirm a Chapter 11 Plan of Reorganization (“Plan”). The Plan had broad creditor support and was supported by the unsecured creditors committee. The FDIC was Frank Crivello’s largest creditor given the concentration of the FDIC’s loans giving the FDIC an effective veto over Frank Crivello’s Plan. Indeed, without the consent of the FDIC Frank Crivello’s Plan couldn’t be confirmed. Unfortunately, the FDIC voted against Frank Crivello’s Plan. In September, 1994, Frank Crivello’s bankruptcy case was converted to Chapter 7. Between September, 1994 and November, 1994, KGW and Frank Crivello negotiated with the Chapter 7 Trustee, his counsel, and the US Trustee’s office to settle all claims between Frank Crivello, including his related parties, and the bankruptcy estate. Among other assets, Frank Crivello and his related parties purchased the trustee’s interest in Plaza Sixty inc. and Centro Plaza.
In November, 1994, KGW and Frank Crivello and his related parties settled all matters with the bankruptcy estate subject to payment of $2,250,000 and a closing in March, 1995. On March 31, 1995, Frank Crivello closed the underlying transaction and paid the bankruptcy estate the required settlement. In April, 1995, Frank Crivello was granted his discharge in bankruptcy. However, Frank Crivello’s bankruptcy settlement didn’t include the FDIC’s direct claims including its loan on Centro Plaza. The FDIC and Frank Crivello settled the matters related to Centro Plaza in 1995. In 2003 Frank Crivello settled his remaining litigation with the FDIC related to Metro North State Bank.
The Crivello family continues to own Centro Plaza. Centro Plaza has flourished since its opening. Best Buy and Centro Plaza's other tenants enjoy strong commercial activity.
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the Phoenix Investors could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in Phoenix Investors's operations or business.
Contact:
New-School Communications, Inc.
Blois Olson, 651-221-1999
Back
|
