Hard Times

October 30, 2009 9:48 am

by Erick · 9 comments

Ouch.

Wachovia Bank is suing prominent Gwinnett County land investor Wayne Mason for defaulting on a $7.5 million loan he took out in 2004 to buy three units at a medical office building in Buckhead.

{ 9 comments }

B Balz October 30, 2009 at 3:56 pm

Wayne Mason, Precision Planning, and the rest of them can hang for all I care…

Chris October 30, 2009 at 7:00 pm

So, is he the one sucking the —- of the current Gwinnett Chairman Bannister, or former Chairman Hill?

Romegaguy October 30, 2009 at 7:54 pm

We all know attacks on anything or anyone in Gwinnett found here in Peachpundit is code for Ox. When will these attacks on Ox stop?

Jason Shepherd October 30, 2009 at 11:33 pm

Reminds me of the old quote from John Maynard Keynes, “If you owe your bank a hundred pounds, you have a problem; but if you owe a million, it has.”

American Delight October 31, 2009 at 6:42 am

The AJC just couldn’t resist taking this story and lumping it together with the old Beltline project. “Mason sought to rezone the [Beltline] property to allow for several residential and commercial projects, including twin high-rises near Piedmont Park. That sparked the ire of local residents, who waged a bitter battle to kill the plans…”

The AJC wants to make sure you understand that, not only is this guy an evil defaulter (although when a typical homeowner defaults, the AJC thinks it’s the mortgage industry’s fault), but he’s an evil developer, finally getting the lawsuit he deserves.

Icarus October 31, 2009 at 9:25 am

Or, it could be the AJC’s attempt to help readers connect with “where have I heard of this guy before?”. Heaven forbid those lib’rals try to give a story context.

drjay October 31, 2009 at 11:06 am

wow, ic, you really are pp’s official ajc apologist now aren’t you…

Sleepy Tom October 31, 2009 at 11:45 pm

Or he had breakfast with Jay Bookman recently…

B Balz October 31, 2009 at 9:52 am

Mr. Mason has done some good deals, but the land flip in DeKalb ripped off that County for millions. Of course, that deal could have been an evil kickback.

Usually a rip off for the buyer also means the seller is saddled with the terms (consequences) of the deal. it usually takes time, but the market is self-correcting and folks know who to watch out for when dealing.

Hubris and greed are not easily forgotten by those who find out they overpaid on a deal.

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