Labels:book | reckoner | sky | tree OCR: there werc several foreclosure sales in 1987 Using com parahies that are tied to more upbeat market tends to overstate the cHrrent value col lateral. Even using the 1985 and 1986 comparables, hard to sec how Hastings could have arrived per square foot current value J.A. 108 (emphasis added) Central Bank had its own appraiscr, Ed Elmer, whom it considered to be 'resident expert Cen- tral referred the Hastings evaluation Elmer hs review. Elmer also spoke directly with Hastings Elmer's review and his conversation with Hastings, confirmed that the appraisal was inflated and urreliable and that. Hastings' own admi ission. did not contorm to the liquidation value methodo logy required by the bond covenants. March 1988 letter the developer, Crandall summarized Elmer's conclusions and demanded tha ...
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