In prior years DBSI Inc. prepared all partnership tax returns without charge. However, under bankruptcy, DBSI is not staffed to prepare tax returns and cannot expend its limited funds to hire outside tax professional services on behalf of any of its affiliates, whether they are Debtor (i.e. in bankruptcy) or non-Debtor (not in bankruptcy) entities. Therefore unless partnerships or LLC’s already have cash to hire tax professionals, contributions from partners/investors would be required to provide for normal Form 1065 and K-1 tax preparation.
The following partnerships appear to have enough current cash to hire outside tax preparation services:
Bayside-Seward Ltd Pshp, DBSI/TRI Ltd Pshp, DBSI/TRI IV Ltd Pshp, DBSI/TRI VII Ltd Pshp, Leisure Village Ltd Pshp, DBSI Albany Ltd Pshp (fka DBSI/TRI VI LP), DBSI Reedsport Ltd Pshp (fka DBSI/TRI IV LP), DBSI Boise Valley Ltd Pshp, DBSI Churchill Village Ltd Pshp, DBSI Markana Place Ltd Pshp and Pioneer Shadow Ltd Pshp.
DBSI Diversified Realty REIT Inc. and its subsidiaries appear to have cash and its board has contracted to prepare both 1099’s and REIT or other returns. The board of managers of DBSI State Offices LLC has also contracted to prepare the partnership Form 1065 and K-1’s.
Unfortunately, all other partnerships or LLC’s appear to need investor partners to contribute funds and arrange for payment of outside services as desired. Several investor groups have already arranged investor funding for their partnership return preparation in this way.
Partnership investors using their own funds are free to contract with their own tax preparers. Investors may also contact us at investorrequests@dbsi.com for lists of tax preparers known to be familiar with the DBSI partnerships.
Tuesday, March 10, 2009
Wednesday, February 4, 2009
Important IRS Tax Form 1099 and 1098 Information –Master Lease, NNN Net Plus® Lease and Noteholders
DBSI completed and mailed all IRS 1099 and 1098 tax reports to Investors on or before January 30th, 2009. Since that time, we have received several emails regarding information provided to Investors on their 1099 tax reports and the rent calculations which reflect a higher reported amount than the investor was expecting.
For clarification, DBSI is required by the IRS to report both rental income paid to investors as well as all ratable debt service payments that DBSI made on their behalf on the 1099 tax report during 2008.
If you received interest payments during 2008, DBSI will also provide you with a form 1098 which will report this interest amount. 1098s were sent separately and should arrive at your address of record a day or two behind the 1099s. Investors should consult their tax professional regarding the deductibility of interest expense reported.
In a few instances, DBSI has determined that some 1099s included income for distributions that were made to investors, but were presented to the bank after DBSI filed for bankruptcy and were subsequently rejected. DBSI will be reissuing corrected 1099s to investors impacted in these instances to reflect these unsettled payments. DBSI is aware of these investors and will be reissuing 1099s with no additional action required by the investor.
For clarification, DBSI is required by the IRS to report both rental income paid to investors as well as all ratable debt service payments that DBSI made on their behalf on the 1099 tax report during 2008.
If you received interest payments during 2008, DBSI will also provide you with a form 1098 which will report this interest amount. 1098s were sent separately and should arrive at your address of record a day or two behind the 1099s. Investors should consult their tax professional regarding the deductibility of interest expense reported.
In a few instances, DBSI has determined that some 1099s included income for distributions that were made to investors, but were presented to the bank after DBSI filed for bankruptcy and were subsequently rejected. DBSI will be reissuing corrected 1099s to investors impacted in these instances to reflect these unsettled payments. DBSI is aware of these investors and will be reissuing 1099s with no additional action required by the investor.
Wednesday, January 21, 2009
This information is for TIC owners of DBSI Master Lease and NNN Plus® lease assets.
Here is the Notice of Pre-Qualification of Qualified Bidders (docket number 1309)
Find PDF document here: Pre-Qualification of Qualified Bidders
Find PDF document here: Pre-Qualification of Qualified Bidders
Monday, January 19, 2009
This information is for TIC owners of DBSI Master Lease and NNN Plus® lease assets.
Below here on the Blog you will find links to information sheets on certain parties that have expressed interest in bidding on certain of DBSI's assets. These potentially interested parties are currently evaluating DBSI's assets and are working with DBSI's management and professionals in connection with a possible bid for some or all of DBSI's leasehold-related assets. As you are no doubt aware, the deadline for these and any other interested party to submit a bid for DBSI's leasehold-related assets is approaching. Therefore, we encourage you to take the time to review their information as it may help you with your decision to be made by the upcoming final election date.
PDF Documents;
HAI Advisors - The DeBartolo Group
Lincoln Property Company
NAI Global
Panther Real Estate Partners, LLC
Thompson National Properties, LLC
Block & Company
TIC Properties Management, LLC
Jeff Krinsky
C0-founder
Panther Real Estate Partners, LLC
http://pantheroffice.com/
Jeffrey M. Finn
President & Chief Executive Officer
NAI Global
http://www.naiglobal.com/
Adnan Tapia
On behalf of
HAI Advisors - The DeBartolo Group
http://www.haiadvisors.com/ http://www.thedebartologroup.com
Neil M. Miller
Chief Operating Officer
& General Counsel
Thompson National Properties, LLC
http://www.tnpre.com/
Steve Seitz
Executive Vice President
Lincoln Property Company
http://www.lincolnproperty.com/
Daniel Rikkers
On behalf of
Block & Company
www.blockandco.com
John Boyd
Chief Executive Officer
TIC Properties Management, LLC
http://www.ticproperties.com/
Peter Braverman
Executive Vice Chairman
Winthrop Realty Trust
http://www.winthropreit.com
PDF Documents;
HAI Advisors - The DeBartolo Group
Lincoln Property Company
NAI Global
Panther Real Estate Partners, LLC
Thompson National Properties, LLC
Block & Company
TIC Properties Management, LLC
Jeff Krinsky
C0-founder
Panther Real Estate Partners, LLC
http://pantheroffice.com/
Jeffrey M. Finn
President & Chief Executive Officer
NAI Global
http://www.naiglobal.com/
Adnan Tapia
On behalf of
HAI Advisors - The DeBartolo Group
http://www.haiadvisors.com/ http://www.thedebartologroup.com
Neil M. Miller
Chief Operating Officer
& General Counsel
Thompson National Properties, LLC
http://www.tnpre.com/
Steve Seitz
Executive Vice President
Lincoln Property Company
http://www.lincolnproperty.com/
Daniel Rikkers
On behalf of
Block & Company
www.blockandco.com
John Boyd
Chief Executive Officer
TIC Properties Management, LLC
http://www.ticproperties.com/
Peter Braverman
Executive Vice Chairman
Winthrop Realty Trust
http://www.winthropreit.com
Wednesday, January 14, 2009
IMPORTANT ANNOUNCEMENT – TIC OWNERS OF DBSI MASTER LEASE AND NNN PLUS® LEASES Important Date Alert - January 26th, 2009
The final election date to choose an option under the sales procedures is January 26th, 2009 (4PM EST). If you are still not represented by counsel, we strongly encourage you to get representation to assist you in analyzing your options and making an election by January 26th, 2009 (4PM EST). If you are represented by counsel, we strongly encourage you to discuss and analyze your options with your counsel and make an election by January 26th, 2009 (4PM EST). Your attorney(s) can assist you in the process of making your election choice.
Tuesday, December 30, 2008
Discussing Your Lease Alternatives in Boise, ID – January 12th-16th, 2009
As many of you know, DBSI hosted meetings with current DBSI TIC Investors with ownership interests in DBSI Master Lease or NNN Plus® Lease properties in Boise, ID during the week of December 15th. Many owners took advantage of this face-to-face meeting in which the agenda included many critical issues including:
• Q&A - Lease Alternatives (Amend, Assign, or Reject)
• Information on the Bidders for Amended Leases and Asset Managers
• Property Specific Concerns and Strategies
• Conversation with the Asset Managers
• General Q&A
As you also know, on December 19, 2008, DBSI filed with the Bankruptcy Court a request to approve comprehensive sale procedures that were formulated by DBSI in consultation with the Official Committee of Unsecured Creditors and its professionals. The hearing to consider approval of the sale procedures motion is scheduled for January 7, 2009. In order to facilitate the sale process, if approved, the hearing date for the pending motions to, among other things, reject the master leases has been pushed back to February 4th, 2009 (with a January 26, 2009 deadline for TIC Investors to opt out of the sales process and elect among certain alternatives described in the recent filing with the Bankruptcy Court).
Based on the positive feedback we received from the prior meetings, we have decided to host another round each day between January 12-16th, 2009(10am to 2pm or later as needed)in Boise. The meetings are intended to be informative providing TIC owners with a comprehensive overview of the various issues and explanation of the alternatives made available to the TIC Investors through the proposed sale process. The potential benefits of attending one of these meetings include:
• Your Lease Alternatives Explained
• Getting to Know the Companies Bidding for the Amended Leases
• Comprehensive Overview of Your Property and Short-Term Expectations
Simply put, we believe that your individual participation will allow your TIC ownership group to make a more informed collective decision regarding your Lease alternatives and your participation and role in the proposed sale process.
These meetings are intended for business representatives and not legal counsel. If you are represented by counsel, you should consult with your counsel before deciding to attend a meeting. Financial advisors to the Official Creditors' Committee and the chief restructuring officer of DBSI are invited and expected to attend.
Please indicate your preferred date with us by emailing us at Investorrequests@dbsi.com and reserve a day between January 12th – 16th, 2009. And, if for some reason these dates do not work for you, please email us a date and time for us to consider.
• Q&A - Lease Alternatives (Amend, Assign, or Reject)
• Information on the Bidders for Amended Leases and Asset Managers
• Property Specific Concerns and Strategies
• Conversation with the Asset Managers
• General Q&A
As you also know, on December 19, 2008, DBSI filed with the Bankruptcy Court a request to approve comprehensive sale procedures that were formulated by DBSI in consultation with the Official Committee of Unsecured Creditors and its professionals. The hearing to consider approval of the sale procedures motion is scheduled for January 7, 2009. In order to facilitate the sale process, if approved, the hearing date for the pending motions to, among other things, reject the master leases has been pushed back to February 4th, 2009 (with a January 26, 2009 deadline for TIC Investors to opt out of the sales process and elect among certain alternatives described in the recent filing with the Bankruptcy Court).
Based on the positive feedback we received from the prior meetings, we have decided to host another round each day between January 12-16th, 2009(10am to 2pm or later as needed)in Boise. The meetings are intended to be informative providing TIC owners with a comprehensive overview of the various issues and explanation of the alternatives made available to the TIC Investors through the proposed sale process. The potential benefits of attending one of these meetings include:
• Your Lease Alternatives Explained
• Getting to Know the Companies Bidding for the Amended Leases
• Comprehensive Overview of Your Property and Short-Term Expectations
Simply put, we believe that your individual participation will allow your TIC ownership group to make a more informed collective decision regarding your Lease alternatives and your participation and role in the proposed sale process.
These meetings are intended for business representatives and not legal counsel. If you are represented by counsel, you should consult with your counsel before deciding to attend a meeting. Financial advisors to the Official Creditors' Committee and the chief restructuring officer of DBSI are invited and expected to attend.
Please indicate your preferred date with us by emailing us at Investorrequests@dbsi.com and reserve a day between January 12th – 16th, 2009. And, if for some reason these dates do not work for you, please email us a date and time for us to consider.
Monday, December 22, 2008
Amended Lease & Sales Procedure – Updated Dates – 12-22-08
This message is intended for TIC Owners not represented by Counsel and should not be read by TIC Owners who are represented.
On December 19th, 2008, DBSI, in consultation with the Official Committee of Unsecured Creditors, filed a motion seeking approval of comprehensive sale procedures pursuant to which DBSI intends to amend, assume and assign, sell, reject or otherwise dispose of each of the leases of a tenant-in-common properties for which it is a lessee or master lessee. These procedures have been carefully developed over a several-week period and developed with the considered input of the Committee and to address a number of concerns and comments raised by counsel for groups of TIC Investors, individual TIC Investors, counsel for certain TIC lenders and potential bidders on the assets. As noted in the sale procedures motion, various parties have expressed an interest in acquiring the leases (as amended or otherwise) and, if applicable, the related subleases, including, but not limited to, NAI Global Commercial Real Estate Services, Thompson National Properties LLC, GVA Advantis and other nationally-known real estate management companies. Discussions with these and other potential bidders will continue through the sale process.
A hearing to consider approval of the proposed sale procedures is currently scheduled for January 7, 2009 at 2:00 p.m. and, at that time, DBSI expects to pre-qualify certain of the potential bidders, several of whom may be well known to you, as Qualified Bidders that have already expressed interest in the assets for sale.
As a result of this proposed sale process, DBSI has adjourned the 3 pending motions seeking authority to reject master leases until February 4, 2009 at 10:00 a.m., and has extended the deadline to respond to those 3 pending rejection motions until 4:00 p.m. (ET) on January 12, 2009.
We encourage you to read the sale procedures at your earliest convenience as they contain a number of options that may be exercised by the TIC Investors with respect to their individual properties. A brief summary of the sale procedures and the options available to the TIC Investors is attached below this posting and is called "Sales Procedures".
Sales Procedures
On December 19th, 2008, DBSI, in consultation with the Official Committee of Unsecured Creditors, filed a motion seeking approval of comprehensive sale procedures pursuant to which DBSI intends to amend, assume and assign, sell, reject or otherwise dispose of each of the leases of a tenant-in-common properties for which it is a lessee or master lessee. These procedures have been carefully developed over a several-week period and developed with the considered input of the Committee and to address a number of concerns and comments raised by counsel for groups of TIC Investors, individual TIC Investors, counsel for certain TIC lenders and potential bidders on the assets. As noted in the sale procedures motion, various parties have expressed an interest in acquiring the leases (as amended or otherwise) and, if applicable, the related subleases, including, but not limited to, NAI Global Commercial Real Estate Services, Thompson National Properties LLC, GVA Advantis and other nationally-known real estate management companies. Discussions with these and other potential bidders will continue through the sale process.
A hearing to consider approval of the proposed sale procedures is currently scheduled for January 7, 2009 at 2:00 p.m. and, at that time, DBSI expects to pre-qualify certain of the potential bidders, several of whom may be well known to you, as Qualified Bidders that have already expressed interest in the assets for sale.
As a result of this proposed sale process, DBSI has adjourned the 3 pending motions seeking authority to reject master leases until February 4, 2009 at 10:00 a.m., and has extended the deadline to respond to those 3 pending rejection motions until 4:00 p.m. (ET) on January 12, 2009.
We encourage you to read the sale procedures at your earliest convenience as they contain a number of options that may be exercised by the TIC Investors with respect to their individual properties. A brief summary of the sale procedures and the options available to the TIC Investors is attached below this posting and is called "Sales Procedures".
Sales Procedures
Subscribe to:
Posts (Atom)
