For the last forty years Michael Mastro has been Seattle’s Donald Trump. He is now in need of a really, really good Washington bankruptcy attorney. While there are chronological inaccuracies in that statement (Donald being 20 years younger), the analogy is sound. For years, Mastro’s decisions on which properties to develop and not develop have literally shaped the face of Seattle.
Known for aggressive tactics, Mastro lined up a successful string of business decisions including the sale of $211 million in office buildings and garages to Boeing, the sale of two apartment complexes in Lake Stevens and Federal Way to Dino Rossi, culminating in 2007-2008 with a reported income of $56 million!
However, the greater the reward, the greater the risk, and when the market crashed in Seattle, as it did all over the nation, Mastro was caught in the same pickle as many homeowners; owing more on his properties then the property is worth. Mastro owes $27.5m on the $20m valued Lakeview office building in Fremont, $30m on a $15m valued subdivision in Pierce County; and these are just two of over a dozen different properties spread out over the Puget Sound area.
The grand total of all this is over $550 million in liabilities and debts, and only $250 million in assets. It’s being called Western Washington’s “biggest” bankruptcy case ever, and might take up to half a decade to sort out. This is one huge Washington bankruptcy case! In Mr. Mastro’s case, a good Washington bankruptcy lawyer can do many things to protect him and his assets.
The complexities of asset liquidation, court rules, and bankruptcy laws are extreme. No doubt Mastro will have a team of Washington bankruptcy attorneys working on his case for the next five years. When it comes to protecting your assets and navigating a bankruptcy, you better go with the right team of lawyers.