Crescent Resources LLC CEO Sees Positive Signs

Many were confused with today’s announcement that Morgan Stanley gave up ownership of Crescent Properties to lender Barclays. That was a different Crescent.

Palm Coast, FL – November 20, 2009 – Several readers contacted me about a Wall Street Journal story announcing that Morgan Stanley had given back Crescent Properties to lender Barclays. They thought the story was about Crescent Resources LLC, parent company of LandMar, one of Palm Coast and Flagler Counties major real estate developers. Morgan Stanley owns 49% of Crescent Resources in a joint venture with Duke Energy. Crescent Resources and its subsidiaries are in bankruptcy (see story below). It turns out that Crescent Properties is another company entirely.

By: Will Boye, Staff Writer – Charlotte Business Journal
November 19, 2009 – The chief executive of Crescent Resources says the Charlotte real estate firm is on track to emerge from bankruptcy late in the first quarter. While uncertainty about real estate is hampering a recovery, he sees positive signs.
“I feel a lot better about the marketplace than I did three months ago,” says Andrew Hede, who was tapped to lead Crescent when it filed for Chapter 11 in June.
Toby’s Commentary: This is another example of confusing corporate identities. By the way, Crescent Resources Corp. (TSX VENTURE:CRC) is a mining exploration company unrelated to either Crescent Resources LLC or Crescent Properties. Thanks to all readers who contacted me about this story.
1 reply
  1. George Meegan
    George Meegan says:

    Morgan Stanley 50% and Duke Energy 50%

    But the 50% Morgan Stanley owned was financed partialy with a $3,000,000,000 loan from Barclays, that now ownes the 50% give by Morgan Stanley as payment of outstanding $2,000,000,000 balance they owed Barclays, as payment in full. It is Crescrent Resourses LLC and is related to the 120 plus companies of which own properties in Flagler county including the three golf courses, and many residential lots and some commercial/industrial land. Now the court has to deal with only Duke, and Barclays, and you can bet Duke will buy out Barclays in the final resolution to be done by April 2010. Only confusion was all the articles refering to the Crescent Properties, and confussing all the readers. It was in fact CRESCENT RESOURSES LLC, WHICH INCLUDES ALL THE 120 COMPANIES LISTED IN THE COURT PROCEEDINGS AND CONSOLIDATED TO BE KNOWN AS CRESCENT RESOURCES LLC BY THE COURTS. Just like GM, Crescent Resources LLC will operate some day at a profit and be put up for public offering again some time in the future.

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply