COATS
UNLEVIITED

Oak Park
Lincoln Center 26150 Greenfield Road

12 MONTH
CERTIFICATE

Oak Park, MI 48237

(313) 968-2060

West Bloomfield
Orchard Mall 6421 Orchard Lake Road
West Bloomfield. Ml 48322 (313) 855-9955

5.50%
5.6 1

Local Investor
Files Chapter 7

Troy
Troy Commons 871 E. Big Beaver Road
Troy. MI 48237
528-9966

INTEREST RATE

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JULIE EDGAR STAFF WRITER

SHIRT
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Southfield, Michigan 48075

60 MONTH
CERTIFICATE

(Between Southfield and Evergreen)

352-1080

6.00'
6.

Mon.-Sat. 9:30 a.m.-6 p.m.
9 . 30 a.m.-7 p.m.
Thursday

Hours

PARKING AND ENTRANCE IN REAR

INTEREST RATE

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(810) 355-1400

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The dramatic downturn in the
real estate market in the late '80s
and early '90s claimed a few vic-
tims. The list now includes real-
estate financier Eric Yale Lutz.
Mr. Lutz and his wife, Linda,
of West Bloomfield, have filed a
voluntary Chapter 7 bankruptcy
petition in federal court, which
would relieve them of further
debts. He said his liabilities
amount to about $7 million, some
of it in debts to friends and rela-
tives, some to creditors.
The Chapter 7 filing is used for
individual debtors and liquidates
all assets, whereas in the more
common Chapter 11 filing, assets
are protected so the business can
reorganize and restructure its
debts.
"I had up to $150 million in-
vested in buildings. I sold those
in order to retire my obligations
and repay debts to mortgage
lenders or partners who had mon-
ey invested," said Mr. Lutz pres-
ident of the Southfield-based Lutz
Companies.
He said he borrowed against
his home to pay off bills as well.
"We fully understand our oblig-
ations and have acted as individ-
uals under the most difficult
circumstances in a full, ethical
and proper way," Mr. Lutz said.
His troubles stem partly from
a precipitous drop in real-estate
values in the late 1980s, when the
landscape was suffocating from
too many new, vacant office build-
ings, he said. But investments in
a number of properties, most no-
tably the Ann Arbor Hilton, also
went sour. In 1984, Mr. Lutz and
partners bought the Hilton with
a $14 million loan from a Texas
thrift, a loan that the federal gov-
ernment's Resolution Trust Cor-
poration came to collect in 1989
on behalf of failed savings and
loan investors.
"The cause of my problem was
not overbuilding. Whereas I built
a portfolio through new con-
struction in the '70s, in the '80s I
bought properties and improved
them.
"I did not have enough retained
earnings, and when the Resolu-
tion. Trust Corporation was not
cooperative and made demands,
I had, as a forthright business-
man, paid my obligations, and I
wasn't in a position to pay $14
million," he said.
Some of Mr. Lutz's debt is due
to the hotel purchase.
Mr. Lutz has been involved in
the development of a number of
properties, including Norman's
Eton Street Station and the
Brown Street Center in Birm-
ingham.
The Lutz Companies, which
Mr. Lutz describes as a group of

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