Nowadays, if you live in downtown you need to be versed in the ABCs of foreclosure – at least eight residential properties and a hotel are in bankruptcy – so you can sound as if you know what you are talking about at the Nickel Diner.

Even in the concise and sensible prose of the Downtown News that tries to explain the scheming of foreclosure and what happens once the banks take over, it is still easy to get confused with the terms like “liens that are junior to you” and “mezzanine lenders”. What is made clearer is the present state of the Brockman building, the stately structure at 7th and Grand currently in the hands of a bankruptcy court-appointed trustee.

The developer’s lender, Bank of America, has yet to foreclose, however, probably will be later in the year. Do not expect a change though: “Even after that, that bank is unlikely to rush to sell or lease units.”