in receivership

Last year, the owner of the Gas Company Tower, an affiliate of Brookfield Asset Management, defaulted on its debt and the property was put in receivership, in which a court-appointed representative took custody of the building to help creditors recover funds they lent to Brookfield.

Inglewood Unified School District Board President Carliss McGhee told the auditorium filled with parents and staff, “We have been in receivership for far too long. The Iovine and Young Center will bring real-world applications to our students.”

Last year, the owner of the Gas Company Tower, an affiliate of Brookfield Asset Management Ltd., defaulted on its debt and the property was put in receivership, in which a court-appointed representative took custody of the building to help creditors recover funds they lent to Brookfield.

The trust collapsed financially a year ago and is in receivership.

“We do not want a situation where we sell these properties, and then they end up back in receivership because their new owners can’t safely operate them,” Wyche said.