Robert Shumake Saves Detroit Pension from what could have been Disaster when GM Filed Bankruptcy
Robert Shumake renegotiated the mortgage liens and adjusted rents, saving pension funds from millions in losses while avoiding costly suits.
Detroit, Mi – In a record breaking six-week negation, Robert Shumake, Michigan business professional, headed off what would have been a major loss for Detroit Pension Funds. Robert Shumake, with his team, was one of few businessmen able to keep GM to only a 10% reduction in the rents for 5 state of the art plants.
At the same time Mr. Shumake was able to maintain the security for equitable and Detroit pension fund mortgages by doing a loan modification. This allowed both mortgages to maintain cash flow and keep GM in the plants so the security did not lose value. The bottom line is that Robert Shumake’s negotiations kept plant open, providing jobs and keeping security in place at its highest value while maintaining a cash flowing asset for the pension fund.
Robert Shumake is the CEO of Inheritance Capital Group, a Michigan based private equity real estate investment and development firm. ICG manages nearly 3 million square feet and a $200 million dollar real estate portfolio. Mr. Shumake has implemented policies and funding strategies to raise capital for small business, mortgage loans, commercial leasing and specialized financing.
Robert Shumake is very active in community service projects and fundraisers to help those who are less fortunate. Last Christmas, the Robert Shumake Foundation, along with Radio One, WGPR 107.5 FM Radio, Prince Hall Masons and DPOA made sure families had a good Christmas with the inaugural Toy and Turkey Ball event. Toys and turkeys were donated to needy families. Read the complete article at
http://shumakesleadershipchallenge.blogspot.com/2009/12/robert-shumake-provides-toys-and.html The Robert Shumake Foundation strives to promote home ownership, entrepreneurship and education to provide opportunities for high school students to attend college and to increase the financial stability and independence of all people.
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