Attorney hints at foreclosure of SIST property

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The attorney for an investment group that holds first mortgage positions on a number of properties owned by the Samanta Roy Institute of Science and Technology told the Shawano Redevelopment Authority on Tuesday that at least one of those properties is likely headed for foreclosure proceedings.

The vacant property at 143 S. Main St. is among the priorities the RDA has identified for addressing blight concerns in the city.

That property and another vacant SIST property at 214 S. Main St. were inspected in May by health and safety officials who reported significant water damage, mold and structural problems.

“At this point it looks like that’s going to go through a foreclosure process,” said Jeffery Phillips, an attorney for VDG LLC.

The property originally was one of 15 included in a sweeping, half-million dollar foreclosure suit against SIST.

The action was dismissed after VDG reached an apparent agreement with the creditor, Wells Fargo Bank of Dallas.

Phillips said there was no timetable for when any action might be taken and the investment group was still trying to work with SIST.

“I think we’d get cooperation from SIST, but at this point I can’t really speak to it,” he said. “We’re going to have to foreclose on that property at some point, sooner rather than later.”

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