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Profinium Inc. files foreclosure suit against Real Development
01/29/2014 4:28 PM
01/29/2014 4:57 PM
WICHITA — Minnesota-based Profinium Inc. has filed suit against Real Development and its principals, Michael Elzufon and Dave Lundberg, to foreclose on a few pieces of property they own here.
"It's not nearly as icky as it might sound," Elzufon says.
"Profinium's great people," he says. "We have a very long ... and very good relationship with this bank."
At issue are portions of the Petroleum Building at 221 S. Broadway and Broadway Plaza at 105 S. Broadway.
"We owe more than they're worth," Lundberg says.
Elzufon says the filing is mainly about one thing for Profinium.
"They need to protect their interests."
Also, he says, it's "for us to continue to make our exit out of various assets that we've had down there."
Lundberg says there are liens and a couple of mortgages on the properties.
"In order to clean up the title, they're going to foreclose on it," he says. "It's all worked out, but they filed it anyway. Their attorney jumped the gun a little bit."
About Carrie Rengers
Carrie Rengers joined The Eagle's Business team in 2002 despite her inability to even balance a checkbook. Fortunately for her, and readers, her Have You Heard? blog is about business scoops and contains lots of news but almost no math.
A Michigan native, Carrie’s father was quite tragically transferred to Little Rock, Ark., in the middle of her sophomore year of high school. To make matters worse, her parents put her in a girls school. She recovered, though, and went on to enjoy being an English major at Hendrix College (the Harvard of the Ozarks, don’t you know). She worked for the weekly Arkansas Business and the statewide daily Arkansas Democrat-Gazette before moving to Wichita to be with her favorite writer and cook, husband Joe Stumpe.
Carrie encourages readers to contact her with tips, questions, behind-the-scenes business news and even funny quotes from business people. Reach her at 316-268-6340 or firstname.lastname@example.org.
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