Lobsang Dargey, CEO of Dargey Development and Path America, is seen next to a rendering of the Potala Tower in his office in Bellevue. (John Lok/The Seattle Times)
The court-appointed receiver now running Path America, which bankrolled real-estate projects through Chinese immigrant investors, says three of its four developments should be put up for sale as soon as possible, including the 40-story Potala Tower in downtown Seattle.
The court-appointed receiver now running Path America, which bankrolled real-estate projects through Chinese immigrant investors, says three of its four uncompleted developments should be put up for sale as soon as possible, including the 40-story Potala Tower in downtown Seattle.
In a recovery plan filed late Wednesday in federal court, receiver Michael Grassmueck said he will soon ask court permission to market and sell the Potala Tower project, which is now a 60-foot-deep pit at 2116 Fourth Ave.
The receiver said he is “keeping in mind the potential adverse impact” on Chinese nationals who each invested $500,000 in Path America’s projects to obtain permanent-residency visas. According to the Securities and Exchange Commission, there are 250 such investors.
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