Developer Cries Foul as Pacific Genesis Deal Trades Below Par

Saskal, Rich
November 2004
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p44
Trade Publication
The article reports on a California developer Mark Bragg's views about bondholders in a defaulted Pacific Genesis deal in Palm Springs. Bragg feels distressed to see bonds for the Shadowrock project, issued by the California Desert Public Financing Authority, trading below par after he sent payment in full, including back interest, to the bond trustee. The $15 million in unrated revenue bonds were sold in 1997 to finance a golf course as part of the Shadowrock hotel and housing development on the outskirts of Palm Springs.


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