“It’s not nearly as icky as it might sound,” Elzufon says.
“Profinium’s great people,” he says. “We have a very long … and very good relationship with this bank.”
At issue are portions of the Petroleum Building at 221 S. Broadway and Broadway Plaza at 105 S. Broadway.
“We owe more than they’re worth,” Lundberg says.
Elzufon says the filing is mainly about one thing for Profinium.
“They need to protect their interests.”
Also, he says, it’s “for us to continue to make our exit out of various assets that we’ve had down there.”
Lundberg says there are liens and a couple of mortgages on the properties.
“In order to clean up the title, they’re going to foreclose on it,” he says. “It’s all worked out, but they filed it anyway. Their attorney jumped the gun a little bit.”