The great thing about EpiCentre filing for bankruptcy is the window it provides into the operation of the taxpayer-subsidized complex. The Charlotte Business Journal dove through that window last week and came up with some interesting stuff, to wit:
- There is reason you’ll find so many Afshin Ghazi defenders around town — he’s paid for an awful lot of them. His Pacific Ave. I and II have thrown boatloads of EpiCentre proceeds at local law firms, the CBJ reports. Johnston, Allison & Hord got about a cool million, and is still owed some $448,000. The firm is home to Mecklenburg County Bar president Pat Kelly. Bill Diehl and crew at James, McElroy & Diehl billed $126,000 for its role in fighting off the Regions Bank foreclosure on its $90m. loan. Grier Furr & Crisp also got about $125,000 for bankruptcy work.
- EpiCentre really does not throw off all that much income for a 312,000-square-foot property. Net operating income was $318,640 in June, and routine, recurring capital expenses could easily claim one-third of that. No wonder the flurry of legal bills tipped the property to a $144K loss for the month. And rumors of an on-and-off “rent strike” among some unhappy EpiCentre tenants gain substance with the claim that almost $120K in rent is owed to the property. That and $1.3m. in lease payments were never made because tenants never moved in after signing leases. Overall, not good signs and no wonder EpiCentre stopped paying on its note.
- EpiCentre did keep paying Afshin Ghazi, CBJ’s report makes clear. Call it at least $900,000 to Ghazi and Ghazi-related entities over the past two or so years. And that includes almost $110,000 to keep Ghazi in choice Bobcat and Panther tickets.
Me, I cannot wait to see which local pols take and cash Ghazi’s campaign donations.
