Commencement condos bankrupt…which means what exactly?

The high-dollar Commencement Condo project has been in the news again recently, having filed for “bankruptcy protection” to provide “breathing room” for potential progress to resume. None of this makes any sense. I figured if I typed it out and stared at it for a few minutes something would click in me brain, but it’s not working.

Having never filed for bankruptcy, you’ll have to bare with me. What is the difference between bankruptcy and bankruptcy protection? For starters the latter sounds (much more bizarre and) fitting for the project in question. From what I’ve read, this filing allows them to potentially be free of previous debts so that they may begin racking up new debt with new creditors. What a great idea!

The condo world of Tacoma continues to amaze me, moving forward as well as retroactively. I would love to see the market research that pointed to adequate demand for all the currently vacant condos in the area. These places are gorgeous and they can’t sell a gosh darn one of em. What now??

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