Published December 2000

Receiver to take over Everett Mall

Herald Business Journal Staff

Management of the Everett Mall has been put in the hands of a court-ordered receiver, a move that could lead to new ownership within months.

The ownership group is in default on a $55 million mortgage and $6 million in taxes, interest and other payments.

For the time being, the official word is that it will be business as usual, with General Manager Linda Johannes and the current staff staying on board, receiver Michael Hess of First Western Development Services said Nov. 13.

Mall managers would not comment on the court action other than to hand out a written statement that said, “There will be no noticeable changes to either our customers or the merchants of the center.”

Hess said the receivership order is a step toward foreclosure and sale, though “things could still get straightened out.”

Attorney Mark Northrup of the Seattle law firm Graham & Dunn representing the plaintiff and mortgage holder, Equitable Life Assurance, said a foreclosure sale could occur as soon as four months from now.

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