Premier Properties and Real Estate & Retail

Trustee working to determine Premier assets

June 11, 2008

A bankruptcy trustee is planning an auction of Premier Properties USA Inc.'s remaining office furniture while struggling to get a handle on what other assets remain for the defunct developer.

Attorney James T. Young, representing Trustee Philip F. Boberschmidt, hesitated at a hearing today when a bankruptcy judge asked whether he was receiving full cooperation from Premier and its founder, Christopher P. White.

Young said Premier executives had tried to run a paperless operation, so hundreds of files will have to be printed to track down what-if any-assets remain. He said White has two servers and a hard drive relating to Premier at his home on Lake Clearwater, and other employees also took computers with them when they were let go.

The auction of chairs, tables and other furniture-most of which has been stored in Premier's former offices in the Echelon building near 82nd Street and Allisonville Road-will be handled by Christy's of Indiana Inc. No date has been set.

U.S. Bankruptcy Court Judge Basil H. Lorch III reclassified Premier's bankruptcy status to Chapter 7 in late May, clearing the way for the trustee to liquidate remaining assets and eliminating White's hopes of resuscitating the developer of Metropolis mall in Plainfield and several other retail projects across the U.S.

The judge also granted a motion today from the Indianapolis Colts, releasing the team from an agreement with Premier for a suite in Lucas Oil Stadium.

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