Exit133 is about Tacoma

Tacoma real estate developers will have their estates liquidated

It's been a while since we've written about Prium, but for several years they were a pretty hot topic. First the development rumors, then the deals, then the financial troubles...  Most recently the news hasn't been good, with development partners Tom Price and Hyun Um filing for bankruptcy in 2010, followed by Prium itself earlier this year.

Today we read that a judge has okayed the bankruptcy plan for Price and Um. It doesn't look very good for anyone. The liquidation of assets is only expected to yield around $2.3 million toward a $202 million debt. You can do the math. After four years in bankruptcy court, that's not much - and it will be even less once administrative costs are covered.

This isn't quite the final chapter in the Prium saga, with Prium itself still facing bankruptcy reorganization, but the sooner Tacoma can put the whole Prium cluster... debacle behind us, the better.

Read more at The News Tribune


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