Spinosa given Monday deadline to object to Perkins Rowe foreclosure

Developer Tommy Spinosa has until Monday to file court documents showing why KeyBank National Association should not be allowed to move ahead with a court-ordered foreclosure sale of Perkins Rowe. U.S. District Judge James Brady today granted the Ohio bank’s request to set foreclosure procedures, which is essentially the first step toward taking back and putting up for bid the mixed-use development it financed several years ago. In his ruling, the judge gave Spinosa until Monday to file any opposition to the motion. Last month, the court gave KeyBank the green light to proceed with the foreclosure while Spinosa tries to appeal the final, $200 million judgment against him in the case. There is no word on how long the actual foreclosure process will take, but the starting bid price for the development will be $86 million. Some longtime observers of the case are wondering if Spinosa will file bankruptcy between now and Monday. A bankruptcy filing would likely delay the foreclosure though not derail it entirely. A call to Spinosa’s corporate attorney in New Orleans was not returned. —Stephanie Riegel