I want to buy 160 acres in the heart of Atlanta, Ga, but don't have ~$250MM lying around.
The GM Plant in Atlanta GA will surely be liquidated when GM goes into bankruptcy. I want to pull together a bunch of investors to buy the property--then we can hold or sell the property when the market comes back around. The bankruptcy judge will certainly only allow bona fide investors to the table for this opportunity. So how do you raise $250 MM from common working class like me?
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Have people put $100 in a savings account with a promisary note to put $900 more in the account if we win the bid for the property. The bank would write a promissary note to the landholder based on the deposits on hand and promisary notes.