First bank, his long time banking partner, loaned the original 25 million to buy and remodel the building, later, Bank B, JM Cox Legacy, Kelly Cox, TCU Donor and Trustee, (oil, Cox Communications, Auto Holdings, Newspapers and Real Estate) loaned another 9 million (net) with the condition that if loan "A" went into default they could buy the note. When he opened the Hotel right before all hell broke loose he was projecting revenue of about 680k in March and actually only did 190k. (I can relate). Faruk negotiated a slide on his payments for 3 months but not before the loan was in default for a couple of days. Cox Jumped all over it and is demanding ownership of the loan. Faruk's concerns is his deep relationship with his original Bank will work with him through everything but that Cox isnt willing to do anything to work with him and will immediately take possession through foreclosure through the bank then sell it to one of his other subsidiaries and wind up with ownership for pennies on the dollar.
Note, this is probably the highest tech hotel in the United States and he poured a ton of his own money into it. The 25 mil and even add the 9 and your probably about 40% of what he spent doing this project. so In essences because he did a very low loan to value he is at risk of losing millions. Hopefully, Faruk will get it worked out, he put his life and soul into that project!
** Note: This is strictly my take on the situation and have no idea if completely accurate, for all I Know Cox is willing to give him a year of no payments. Just my read. It is odd though as most Banks are doing all they can to work with people, they don't want the property back, they are Banks not RE people. It is actually against the law for a Bank to make profit on a foreclosed loan, all they are allowed to do is cover costs. (yea, well) so unusual Cox is fighting so hard on this.