The City of Minneapolis held a big press conference to announce a civil suit by going after TJ Waconia and then announce that they won! They told the public that they gained control of TJ Waconia's properties but... OOPS! TJ Waconia no longer owned those properties. SunTrust Mortgage owned them and the city failed to notify them of their lawsuit that they claim to have won. OOPS!
Enter SunTrust Mortgage.
Judge rules in favor of SunTrust but, the city didn't bother to tell the public. Why should they? They didn't bother to tell SunTrust about the lawsuit.
Finally, the city settles with SunTrust. The city buys a bunch of properties owned by SunTrust at a whopping 10% discount!
So... The city screws up. The city ends up buying SunTrusts' bad debt and neglects to tell the public!
Oooh! This hurts all the way around!
The Minneapolis City Council had their case against TJ Waconia dismissed but, it sure cost the tax-payers... A LOT!
HOW much did that lawsuit and settlement (yes, settlement) cost the citizens of Minneapolis? We are still adding up all the "sale prices" the city paid SunTrust Mortgage in the wake of the TJ Waconia fiasco.
Looks like Don Samuels, Barbara Johnson and Mayor R.T. Rybak will have the voters to answer to this time! As R.T. said last year at the press conference that announced the city's suit against TJ Waconia (that was DISMISSED), "This time its personal."
Now... HOW MUCH did the city pay SunTrust Mortgage to settle???
Stay tuned because, it is A LOT!