The three-story office building at 1640 Grant St. in 2019. (BusinessDen file)
An office building in Uptown and two others in Colorado Springs may soon be run by a receiver while their co-owners squabble over whether one has been pocketing proceedings.
“The insolvency of the companies is not merely the product of a 50-50 deadlock among management. Rather, it is also the result of a deliberate scheme to siphon assets,” Aviv Rubin, a commercial real estate investor in Denver, alleged in a lawsuit on June 23.
“The blatant attempts by (Matt) Tambor to divert funds due to the companies have so shattered any reasonable expectation of honest management that even in the absence of the critical financial situation, a receiver would be justified,” he wrote of his business partner.
Rubin, a principal at DoubleBay Partners, acquired several properties with Tambor between 2016 and 2019. Those include 1640 Grant St., which was purchased for $2.6 million, 805 Wadsworth Blvd. in Lakewood, and two office buildings in Colorado Springs.
The pair still own all but 805 Wadsworth, which was sold for $1.3 million early this year. Rubin claims that he still hasn’t been handed his half of the proceeds. Tambor has simply kept the cash, Rubin alleges.
Meanwhile, their three remaining buildings “are experiencing negative cashflow,” leaving the owners unable to repay loans, maintain property insurance or pay a property manager. So, Rubin wants Ryan Gulick of the Receiver Group in Denver to maintain the buildings.
Tambor, however, has told the court that “appointment of a receiver is not warranted.”
“Because the rents are being paid to the property manager, appointment of a receiver will delay rather than expedite resolution, and appointment of a receiver will taint the property and make refinance or other disposition difficult and ultimately reduce the value of the property to the detriment of all involved,” he wrote in a response to his business partner’s lawsuit on July 1.
Tambor, who is representing himself in the case, did not answer BusinessDen’s requests for further comment. Rubin declined to comment. His attorneys are Brad Schacht and Nicholas Gunther with the Denver office of Otten Johnson Robinson Neff & Ragonetti.
A virtual hearing in the case is scheduled for July 16.
The three-story office building at 1640 Grant St. in 2019. (BusinessDen file)
An office building in Uptown and two others in Colorado Springs may soon be run by a receiver while their co-owners squabble over whether one has been pocketing proceedings.
“The insolvency of the companies is not merely the product of a 50-50 deadlock among management. Rather, it is also the result of a deliberate scheme to siphon assets,” Aviv Rubin, a commercial real estate investor in Denver, alleged in a lawsuit on June 23.
“The blatant attempts by (Matt) Tambor to divert funds due to the companies have so shattered any reasonable expectation of honest management that even in the absence of the critical financial situation, a receiver would be justified,” he wrote of his business partner.
Rubin, a principal at DoubleBay Partners, acquired several properties with Tambor between 2016 and 2019. Those include 1640 Grant St., which was purchased for $2.6 million, 805 Wadsworth Blvd. in Lakewood, and two office buildings in Colorado Springs.
The pair still own all but 805 Wadsworth, which was sold for $1.3 million early this year. Rubin claims that he still hasn’t been handed his half of the proceeds. Tambor has simply kept the cash, Rubin alleges.
Meanwhile, their three remaining buildings “are experiencing negative cashflow,” leaving the owners unable to repay loans, maintain property insurance or pay a property manager. So, Rubin wants Ryan Gulick of the Receiver Group in Denver to maintain the buildings.
Tambor, however, has told the court that “appointment of a receiver is not warranted.”
“Because the rents are being paid to the property manager, appointment of a receiver will delay rather than expedite resolution, and appointment of a receiver will taint the property and make refinance or other disposition difficult and ultimately reduce the value of the property to the detriment of all involved,” he wrote in a response to his business partner’s lawsuit on July 1.
Tambor, who is representing himself in the case, did not answer BusinessDen’s requests for further comment. Rubin declined to comment. His attorneys are Brad Schacht and Nicholas Gunther with the Denver office of Otten Johnson Robinson Neff & Ragonetti.
A virtual hearing in the case is scheduled for July 16.
