Thomas Seaman Company
 
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About the Company
Thomas Seaman, CFA
Judicial Receiver
Thomas Seaman Company
3 Park Plaza, Suite 550
Irvine, California 92614
Direct (949) 265-8403
Main (949) 222.0551 ext. 101
Fax: (949) 222-0661
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Residential Construction Cases

Huntington National Bank vs. Pomelo Pacific LLC
Three partially complete very large luxury single family homes and nine additional lots located in La Quinta, CA.  Responsibilities include securing and maintaining site, completing construction, and processing incomplete DRE submittal to acquire white report in preparation for sales and completing HOA annexation status.    

Universal Bank vs. Gulf Investment Realty LLC
Eleven partially completed attached townhomes located in Pasadena, CA.  Responsibilities include securing and maintaining site, completing construction, redesign of permitted plans, and processing and amending DRE white report.  Contract with broker to list and sell individual units.

American Security Bank vs. 2295 Pacific LLC
Ten partially complete detached condominiums located in Costa Mesa, CA.  Responsibilities include securing and maintaining site, completing construction, replacement of WRAP insurance policy, and processing incomplete DRE submittal to acquire white report.  Contract with broker to list and sell individual units.

Macquarie Bank vs. Platinum Triangle Condominiums, LLC
Partially complete 92 unit podium style condominium building and 3 acres of land entitled for two additional condominium buildings containing 244 units.  Approximately $38M loan.  Receiver appointed to complete emergency construction to secure building from the elements, retain a new general contractor to complete the building construction, and market the units for sale.  Issues relating to WRAP insurance, prior mechanic’s liens and DRE processing.

IndyMac Bank/FDIC vs. Calimesa Bluffs
Raw entitled land with an approved 18 Tentative Tract Map.  Listed property for bulk sale.

Wells Fargo Bank vs. Cambridge Homes
Single family residential tract consisting of 4 completed model homes, 13 partially complete homes, 29 finished lots, and 81 paper lots located in Hesperia, CA.  485 acre site with an approved specific plan for 885 residential units and 545,000 square feet of general commercial and mixed use space located in Apple Valley, CA.  Completed emergency construction and site work to preserve and secure the homes.  Processed an application through the City of Hesperia to extend the life of the Tentative Tract Map.  Issues regarding allocation of fee credits and failure of drainage basins.  Marketing properties for sale.

IndyMac Bank/FDIC vs. Yucaipa Estates
Rough graded site consisting of 8 single family pads with partially complete street improvements.  Processed an interim grading plan through the City of Yucaipa to address drainage and SWPPP issues, and completed grading.  Listed property for bulk sale.

IndyMac Bank/FDIC vs. Roman Joseph Homes
Detached condominium planned unit development (PUD) consisting of 2 complete model units and 16 partially complete units.  Completed emergency construction and site work to preserve and secure the homes.  Address issues regarding the recordation of condo map, sewer capacity issues, and incomplete building inspections.  Completed dry utility work.

First Private Bank vs. Elegance 69
Single family development consisting of 8 partially complete homes with incomplete off-site improvements and master HOA issues.  Construction loan default case.  Significant issues relating to:  Homeowners Association master and sub-associations, Department of Real Estate, City Planning Department, City Building Department.  Bidding completion of construction of secured lender who will complete the homes using a receiver prior to foreclosure.

GMAC Rescap vs. Fieldstone Homes
Three individual detached residential developments consisting of 8 model homes, 16 completed production homes, and 65 finished lots.  Three lawsuits involving the three projects.  Standing inventory and unimproved land.  Successful closing of bulk sale was concluded immediately following non-judicial foreclosure.

IndyMac Bank vs. Calaveras Estates III
Residential single family development consisting of 3 complete model homes, 11 partially complete homes, and 62 finished lots.  Completed emergency construction and site work.  General maintenance of all collateral including site security, landscape maintenance, interior maintenance, SWPPP (storm water control) installation and maintenance.  Worked with City of Stockton code enforcement to reduce and remove fines and liens recorded against the properties prior to appointment of the receiver.

IndyMac Bank vs. Reynen & Bardis (Springlake)
Entitled raw land with an approved development agreement and Tentative Tract Map consisting of 494 detached lots, 125 attached units, and 5 acres designated for commercial.  Issues regarding affordable housing requirements, ownership and allocation of city fee credits, and drainage easements.  Successfully appealed past and current property taxes to lower assessment value.

IndyMac Bank vs. R&B Land (Reynen & Bardis Homes)
Seven separate detached residential developments consisting of 16 complete homes, 27 partially complete homes, 289 finished lots, and 432 paper lots.  Completed emergency construction and site work to preserve and secure the homes.  Verified status of entitlements and applied for extensions of Tentative Tract Maps, building permits, and development agreements.  Negotiated, submitted, and processed a development agreement.

IndyMac Bank vs. RKB Communities (Corinthian Homes)
Four separate detached residential developments consisting of 17 complete homes and 254 finished lots.  Completed emergency construction and site work to preserve and secure the homes.  Verified status of entitlements and applied for extensions of Tentative Tract Maps, building permits, and development agreements.

Bank of America vs. Barratt American
Judicial foreclosure on $125 million loan, collateral is 13 separate attached and detached residential construction projects in varying stages of construction.  Collateral consisted of 49 completed homes/units, 28 partially complete homes/units, 114 finished lots, 653 attached paper units, 576 detached paper lots.  Issues involving affordable housing restrictions, unpaid permit fees, DRE white reports, mechanic’s liens, and bidding completion of construction.

Indymac Bank vs. PPC Westwood
Eleven partially complete homes and 50 finished lots.  Completed homes, marketed homes for sale, and concluded sales prior to foreclosure.

Western Capital Partners vs. Imperial Associates           
Receiver concluded construction, resolved DRE and HOA issues, marketed 20 high-end single family homes located on Bear Creek Golf Course in Murrieta, California. 

Pacific Western Bank vs. Product A
Single family development consisting of 8 partially complete homes with incomplete off-site improvements.  Completed construction.  Significant issues relating to:  Homeowners Association, Department of Real Estate, City Planning Department, City Building Department. 

Placer Sierra Bank vs. 4120 Kansas, LLC – Maisel Presley
San Diego Condominium Conversion loan default case.  Determined condo-conversion not viable, returned use to multi-family rental property.  Sold property which paid lender’s note in full without lender taking title.

Southwest Community Bank vs. 1386 East Madison
San Diego Condominium Conversion loan default case.  Supervised close of escrows and sold balance of units in bulk sale.  Plaintiff’s note paid in full without foreclosing.