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The partnership, IX LP, listed assets of $10 million to $50 million and liabilitiesz in thesame range, according to its petition, filed June 30 in U.S. Bankruptc y Court for the Northern District of The company has fewerr than50 creditors, according to the The partnership is one of eight tied to Woodmont TCI Group to file for Chapter 11, said attorne y John Lewis. The partnerships sharer common investors. The eight partnerships combined representaboutt $90 million in assets and abouft $45 million in combined debt, Lewis estimated. He said more detailec court documents laying out specifics will be filef incoming weeks. The number of creditors in each partnership range from 10to 30.
"The goal obviously is to develo a plan ofreorganization that'sw fair and equitable to all creditors and partiesz and interests, which includes preserving and protecting equity and valus for unsecured creditors and partners," Lewis said. "Th e precise terms of any plan are stillunderf consideration." A meeting with creditors is set for July 30. Dallas developee in 2008 announced plans to builda $1 billion complezx that was to include abouy 700,000 square feet of office a 300-room hotel, retail space and abouyt 500 high-rise condominiums. The project was put on hold last year becauswe of the recession and thecrediy crunch.
It was to be built on a 15-acre tract owned by Woodmont TCI Groupl IX LP that sits just east of the Galleria Towers at Interstate 635 and the DallasNorty Tollway. The site previously was home to aChevroletf dealership. Icon Managing Partner Dan Robinowitz, who is listecd in court documents as the managing member of the Woodmont TCI declinedcomment Thursday. Lender RMR Investmentzs Inc. of California has filed for foreclosure on the seeking repayment of more thanthan $18 million in debt for a loan to Woodmonty TCI Group IX, according to statistics from Addison-based .
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