SOURCE: Palisades Petroleum

September 27, 2010 10:04 ET

Palisades Petroleum (PAPT.PK) Updates Shareholders -- Announces Program to Save Distressed Commercial Real Estate Owners From Tax Ramifications of Foreclosure

ANN ARBOR, MI--(Marketwire - September 27, 2010) -  Palisades Petroleum (PINKSHEETS: PAPT) President and CEO, Brad Hayosh states the following: "Our work continues to progress well as we continue to work on moving toward Current Information status on the Pinksheets. Our expectation is to have this process completed by the end of October or early November.

The Company currently has its interest in Monroe Apartments located in Monroe, Michigan as its first real estate asset and we expect to be bringing in substantial additional assets shortly. Monroe Apartments presents a typical acquisition candidate for the Company as it is a broken condominium project that requires our asset management expertise where we can recover lost value by using creative management and exit strategies. Given proper timing, it may be possible to create several million dollars in added value to the asset. Deals such as these present the best opportunities for growth in the new real estate economy as working class housing continues to exhibit growth and future stability. We have several proposals out for consideration and are working diligently toward some exciting acquisitions. These acquisitions will bring in substantial revenue as well as assets. Current outstanding proposals represent over $100,000,000.00 in asset value. In addition to real estate acquisitions, we are considering additional markets including several operating companies that would benefit from our experience in sales, marketing and management."

Brad Hayosh continues, "In conjunction with our CPA and tax advisors, we have developed a platform that can save distressed commercial real estate owners from the tax implications of an impending foreclosure. As we make brokers and other professionals in commercial real estate aware of this program, we expect to be able to generate additional revenues as well as acquisition opportunities.

The tax implications from a foreclosure on a non-recourse commercial real estate deal can be quite costly to all the parties involved and we have a way to substantially mitigate or even eliminate those costs if we are able to get involved early enough in the process. I would encourage any commercial property owner to contact us for a review of their situation."

Contact Information

  • Contact:

    Bradley J. Hayosh
    Palisades Petroleum
    Email Contact
    734.369.2100 x 503 voice