Posted 10:52 a.m. Feb. 19, 2010 : The Courier learned exclusively early this morning that the public sale of 9900 Wilshire Blvd. has been postponed by the lender until Feb. 25, according to LPS Agency Sales and Posting. 

The Courier believes this indicates current negotiations between the owners of the property, Project Lotus LLC controlled by Nick and Christian Candy of Monte Carlo, and Banco Inbursa of Mexico City, controlled by Mexican Telecom Billionaire Carlos Slim. Other media, including Bloomberg News and The L.A. Times, have reported that the Candys intend to turn over the property to the lender. 

See article in today’s Courier for more details: 

Candys To Give Back 9900 Wilshire
Early Thursday night, news circulated that Candy and Candy may deed the property back to the lender instead of losing the property through the foreclosure. If so, then the public sale scheduled for 10:30 am today would not be held. The sale can be called off at any time prior to it actually taking place.

There are significant legal differences between the lender accepting the property back instead of foreclosing. If the property is foreclosed, then any mechanics liens or material men liens would be wiped out, as would the liens of any lenders subordinate to Banco Inbursa. If Banco Inbursa forecloses and purchases the property itself by using some but less than all of the amount owed by the owners, it could have grounds to sue the owners for the difference. The owners could then claim an unfair sale and defend against the suit for the difference. In addition, if the lender offers the full amount owed, it would trigger property taxes based on that amount making it in the interest of the lender to bid a lower amount. Any other party may bid on the property if the foreclosure actually goes ahead.