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12-19-2008, 12:00 PM #1
Renter
- Join Date
- Sep 2008
- Posts
- 5
And Another One
Believe me, I would like to be writing good news about the 1031 business, especially this time of year. But I thought this posting from the Summit 1031 website would be of interest:
“To All Customers of Summit 1031 Exchange:
Summit Accommodators, Inc. (”SAI”), which maintains the exchange fund accounts for customers of Summit 1031 Exchange (”Summit Customers”), is experiencing significant financial issues. As a result, at this time, Summit is not accepting new exchanges, has curtailed its daily operations, and ceased funding existing exchanges until SAI can address and resolve its financial issues.
Currently, there are significant funds in the exchange fund accounts maintained by SAI. However, the balances are less than the total amount of all currently open exchanges for Summit Customers. SAI is attempting to address this liquidity problem through the liquidation of other assets and potentially available resources. SAI is committed to making every effort to address and correct these issues.
Summit sincerely regrets the concern SAI’s financial issues presents for Summit Customers. SAI management is devoting all of its attention to finding a prompt resolution of these issues and avoiding detriment to Summit Customers. Further status updates will be provided on Summit’s website at summit1031exchange.com as soon as possible.”
I don’t know the details behind Summit’s financial problems, but I believe Summit also offered Tenant-in-Common packages as part of its services and I would bet that it was problems with those buildings that led to the financial reorganization Summit now plans.
Peter WunschLast edited by Chief Tutor; 12-19-2008 at 01:15 PM. Reason: No Phone Numbers
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