Andromeda Facility Forclosure Notice

GK2 wrote:What has been used to attract this influx of coaches and then for this to happen. Being in the Real Estate business this is far along in the process folks. We are talking days away. That said I have seen things get worked out the day before. I would wonder if something fell through on the 4.0 million cash infusion. In this economy things fall through everyday in these type of situations.

Well refresh my drink . The party is back on . Axx where's the gonja??

plantit wrote:

hobbit wrote:seems unlikely that this is the Andromeda training facility...

http://www.collincad.org/collindetail.php?theKey=2137041

Tax value listed at $312,000 and the foreclosure amount listed as 7+ million. It lists a total of 35+ acres of land while the Andromeda facility is under 8 acres.

From what I can tell it looks like the company that originally owned the golf course (GOLFCRAFT) and driving range is what is in contention here. The driving range was sold to Andromeda in 2006.

So this does not look like Andromeda is in any trouble...at least as far as I can see.

Party pooper!!

LOL, you are having way too much fun with this? I find it somewhat amusing as well, while I also don't believe it will affect the club. Expect a grandiose press release tomorrow explaining how this is nothing and they are set for 30 years. Then again, the credit market is as bad as it has been in decades, so maybe something did fall through.

Some foreclosure papers is all it takes to get the party started? I'm afraid the money was used to buy the weed and even that has been smoked up, sorry Plantit. But not to worry, things are ok and we will go on. The owner is a smart businessman and is covering his arse. Let's just say that the money came in the form of a large down payment and the remainder was kind of like the Bush days and is "trickling" in slowly. But just in case, my vote is that our team practice at Carpenter park in Plano.............lol.

Axxman wrote:Some foreclosure papers is all it takes to get the party started? I'm afraid the money was used to buy the weed and even that has been smoked up, sorry Plantit. But not to worry, things are ok and we will go on. The owner is a smart businessman and is covering his arse. Let's just say that the money came in the form of a large down payment and the remainder was kind of like the Bush days and is "trickling" in slowly. But just in case, my vote is that our team practice at Carpenter park in Plano.............lol.

Wow, if you move to Carpenter Park, we might have to rethink things a bit... that's walking distance for us

I'm just amused that a clear and obvious troll-post generated 28 responses (now 29), "repo" must be proud.

The property in question is described in excruciating detail in the attachment. We need a volunteer to go out there, look for the steel rod and start walking. If you get hit by a golf ball, it's all good. If you get hit by a soccer ball, come back and let us know. Somehow I think you won't, but that's just my gut feel

all this Ranger talk and I thought that Hicks owned Andro too...all this time I thought he was hated in Liverpool? So confused.

Ok, let's call Mark Cuban or Jerry Jones.....they could practice at Valley Ranch or AAC.
Done Deal.

finish1 wrote:

soccer4fun wrote:Wow... is this for real ? What happened to the 4 million ???

I don't know folks, I like to poke people in the eye as much as anyone, but people are losing their homes in this deal. There is a lot of money involved here. Pure tragedy. Sorry to hear this news...

People have homes at the ATF?

off_the_woodwork wrote:

finish1 wrote:

soccer4fun wrote:Wow... is this for real ? What happened to the 4 million ???

I don't know folks, I like to poke people in the eye as much as anyone, but people are losing their homes in this deal. There is a lot of money involved here. Pure tragedy. Sorry to hear this news...

People have homes at the ATF?

as much as some of these teams practice and play games, maybe its their second home? for me, anyway, i'm under a box by the north oak tree and the portajohn...wait...no, 18th green bunker...wait...i've never been there. maybe this is all a dream?

nuchad wrote:

off_the_woodwork wrote:

finish1 wrote:

soccer4fun wrote:Wow... is this for real ? What happened to the 4 million ???

I don't know folks, I like to poke people in the eye as much as anyone, but people are losing their homes in this deal. There is a lot of money involved here. Pure tragedy. Sorry to hear this news...

People have homes at the ATF?

as much as some of these teams practice and play games, maybe its their second home? for me, anyway, i'm under a box by the north oak tree and the portajohn...wait...no, 18th green bunker...wait...i've never been there. maybe this is all a dream?

What, you moved again? So much for admin jobs in the secondary market...

https://www.youtube.com/watch?v=ZsTTvKWPZGw

hobbit wrote:seems unlikely that this is the Andromeda training facility...

http://www.collincad.org/collindetail.php?theKey=2137041

Tax value listed at $312,000 and the foreclosure amount listed as 7+ million. It lists a total of 35+ acres of land while the Andromeda facility is under 8 acres.

From what I can tell it looks like the company that originally owned the golf course (GOLFCRAFT) and driving range is what is in contention here. The driving range was sold to Andromeda in 2006.

So this does not look like Andromeda is in any trouble...at least as far as I can see.

The ATF is actually made up of two lots. The one that you have highlighted are only the fields on the west side in back of the sewage treatment facility..IE the "stinky fields". The remainder of the facility is known as "Lot 1R Block A" and is indeed the subject of this action.

Worst case for me, personally, is we'd move practices closer to my house.
My prediction is the refinancing goes through and it's moot.

My guess is it won't be a problem - SDL is probably more worried about this than the current Andro teams.
If The Donald owned the property, he'd find a way to get money from the lender rather than owe it (I'd imagine HN has that scenario going now in some form).

This isn't anything the other clubs aren't experiencing in similar situations (if they own land or are leasing land). The difference is who owns them, how they are financed...it's always a struggle to continue to lease/pay for them in optimal fashion.

As cities are more particular about the use of their land - private/club-based ownership of facilities will be paramount in attracting teams/players.

clueless wrote:Worst case for me, personally, is we'd move practices closer to my house.
My prediction is the refinancing goes through and it's moot.

My guess is it won't be a problem - SDL is probably more worried about this than the current Andro teams.
If The Donald owned the property, he'd find a way to get money from the lender rather than owe it (I'd imagine HN has that scenario going now in some form).

This isn't anything the other clubs aren't experiencing in similar situations (if they own land or are leasing land). The difference is who owns them, how they are financed...it's always a struggle to continue to lease/pay for them in optimal fashion.

As cities are more particular about the use of their land - private/club-based ownership of facilities will be paramount in attracting teams/players.

It's not a problem for every club. Though, it is definitely a problem that seems to follow certain people that are involved with the management of their club(s) at the highest levels. Andro, and their individual teams, have always dealt with money in the most irresponsible of ways. To allow individual managers to manage all the money for their team(s) has proven, several times, to cause problems not only at Andro, but at other clubs as well.

If this foreclosure does indeed involve Andro, it would not be surprising. However, I don't think it would affect the teams too much more than proving to be an inconvenience and a slight embarrassment. The teams are pretty much completely autonomous over there anyway.

Embarrassment indeed.....if you recall not very long ago they put out a press release announcing the $4M in financing and re-iterating development plans at the ATF (including re-publishing the now famous architectural rendering showing the finished product with indoor facility, etc., etc. Coaches have been recruited away from other clubs and in some cases have brought teams with them. Lots of new players and parents. Everything is in place, and now.....this.

I agree it's probably not going to affect the teams, at least I hope it doesn't. I think they are a good club and overall a very positive influence on soccer in this area. I am rooting for them to be able to follow through with their plans as it will be good for the sport in this area. Hopefully this press release is nothing more than a temporary black eye on club management.....hopefully.

5. Type of Sale. The sale is a nonjudicial ded-of-trust lein foreclosure sale being conducted pursuant to the power of sale granted by the deed of trust executed by Andromeda Soccer Clug, Inc., a Texas non-profit corporation.

What does that mean in English?

finish1 wrote:What does that mean in English?

It means Andromeda signed a mortgage which is secured by the property in question, and if they violate the terms of that mortgage (i.e. quit making payments) the lender has the right to auction the property to someone else, which is what is apparently scheduled to happen next week.

(I'm not really a lawyer, but I did stay at a Holiday Inn Express last night).

It means that there is a lein against land that is Andromeda owned but hasn't been paid for - to the tune of a little over 1.7 million. With that, there are some property execlusions if you read the full document. My best guess is that the size of the complex will shrink and the undeveloped and outer areas of the complex are what are up for auction. The Clubhouse is part of the exclusion so it would lead one to belive that the club intends to keep the center section of the complex. All the subsequesnt homes in the filing are other properties up for auction so if you're looking to buy real-estate cheaply, here's a great opportunity.

Probably penny on a dollar for that piece of land but who wants to live in the area where it's smell like sewage all the time. I have to give Andro players and parents for enduring the smell all these years.

SoccerNutz07 wrote:Probably penny on a dollar for that piece of land but who wants to live in the area where it's smell like sewage all the time. I have to give Andro players and parents for enduring the smell all these years.

BB has never played for Andro, but we have been out there several times for various activities and have never smelled anything. Maybe we got lucky and caught the wind blowing in the right direction each time, dunno.

Be glad you guys do not have a senior boy. We followed our coach after being with previous club for 4 yrs. It's very frustrating, confusing and even maddening on what you have to deal with in youth soccer. Just wanted our last year to be positive and so far nothing has gone our way! It just sucks...

scrmom wrote:It means that there is a lein against land that is Andromeda owned but hasn't been paid for - to the tune of a little over 1.7 million. With that, there are some property execlusions if you read the full document. My best guess is that the size of the complex will shrink and the undeveloped and outer areas of the complex are what are up for auction. The Clubhouse is part of the exclusion so it would lead one to belive that the club intends to keep the center section of the complex. All the subsequesnt homes in the filing are other properties up for auction so if you're looking to buy real-estate cheaply, here's a great opportunity.

What is excluded are 7.8 Acres of "smelly fields" on the west side of the complex. These were sold to the club by a group different than the one that holds the lien on the rest of the 27 acres. What is up for action are the 27 acres - the main fields with the clubhouse, shed, and all of the other stuff.

quickfoot wrote:Be glad you guys do not have a senior boy. We followed our coach after being with previous club for 4 yrs. It's very frustrating, confusing and even maddening on what you have to deal with in youth soccer. Just wanted our last year to be positive and so far nothing has gone our way! It just sucks...

Know exactly what you're talking about quickfoot. All the changes that go on over the years that we have to put up with and you really just hope it all works out in the end. There is so much that goes on behind closed doors that the average person never even knows about. But when it ends up being all about the money and you have coaches running for the hills for a few extra bucks and people making immoral political moves just to get a one up on the next guy it's a sad thing. The mixture of money, politics, and greed doesn't often produce a happy outcome. Sorry to hear your frustration but I totally understand where you're coming from. Hope it all works out for Andro and the innocent families involved.

SoccerNutz07 wrote:Probably penny on a dollar for that piece of land but who wants to live in the area where it's smell like sewage all the time. I have to give Andro players and parents for enduring the smell all these years.

It's usually not smelly...but when it is....yikes! If you drive in from the North, you get the 'whose shin guards are those???' eye-opening waft. If you drive in from the West or South - it's usually not noticeable.

I still have no idea how they sell homes around there - almost as bad as homes near railroad tracks or fire stations - timing is the key!

In a nutshell - this is a refinance deal everyone (including the lien holders) are counting on. They are hedging their bets by putting this out there. No idea/nor care if they skipped payments (as is common in cases that are press worthy - i.e. Hicks just did that, the auto companies, many businesses....they skip payments while they seek refinancing). It's often a ploy to force negotiation/rate adjustments, but I don't think that's the case here.

Regarding the changes lately - man, there has been a lot of movement of players and coaches - seems like that will continue with all the different leagues and club/parent financial situations.

clueless wrote:...

In a nutshell - this is a refinance deal everyone (including the lien holders) are counting on. They are hedging their bets by putting this out there.

hahahahaha!

Ya know I have done several large refinance deals and never had to deal with the threat of foreclosure. There is only one reason for a foreclosure sale notice: Andro has not been paying their bills.

If Andro is able to pull off a restructuring - thats great and more power to them. However, everyone - Andro soccer parents in particular - ought to be asking why it came to this point. Anyone who has been around Andro and SS in particular will be familiar with the grand plans and vision for that complex. Its been pretty clear to me that the Andromeda was way over leveraged and that the extremely poor management of the club could only lead to this sort of ongoing drama and excitement. Debt restructuring will not fix those problems at Andromeda!

sounds like andro needs to hold a mandatory club wide raffle...