DALLAS--The lenders threatening foreclosure of the Dallas Market Center won some points late Tuesday. That's when State District Judge Michael O'Neill signed a summary judgment ruling that the Trammell Crow family, owners of the DMC, are in technical default on payments due in 1994 on the 125-acre complex that includes the International Apparel Mart, Menswear Mart and four other buildings. The ruling is ammunition in the arsenal of lenders The Equitable Life Assurance Society of the U.S. and Dai-ichi Life USA in their bid to gain ownership of the DMC. "This action moves us closer to where we want to be, and that is in a position to foreclose on the property, if necessary," said Jonathan Miller, senior vice president of Equitable Real Estate in New York. The lenders have contended since last fall that the Crows were in default on mortgage payments due for the last six months of 1993. Last October, the lenders posted notice that they might foreclose on the DMC if agreement was not reached on restructuring the $450 million mortgage to Trammell Crow Interests. In November, the Crows moved to block seizure, and in December, O'Neill ruled in the Crows' favor, granting a temporary injunction to block foreclosure proceedings, citing the fiduciary relationship between the parties. O'Neill ordered the Crows, though, to post a $3.25 million equity bond to maintain control of the DMC. The new ruling doesn't void the December injunction but affords Equitable and Dai-ichi more leverage in talks to hammer out a settlement. Both the lenders and the Crows have expressed a desire to settle out of court in advance of the scheduled June 5 start of a jury trial. The Crows have argued that Equitable's consent in 1992 to tenant concessions at the DMC, including rent reductions, affected its obligation to pay a $4.4 million interest payment due March 31, 1993. The concessions came about after a tenant group threatened to vacate the International Apparel Mart. A DMC spokesman said Tuesday's ruling has no affect on day-to-day operations. He added that the lenders were involved in hiring the current DMC management team, and there's a tacit understanding that it would remain in place should the lenders foreclose.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast