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Boberschmidt appointed Premier trustee

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Philip Boberschmidt of the downtown law firm of Boberschmidt and Powers has been appointed trustee to oversee liquidation of Premier Properties USA - a task that begins today.

Boberschmidt, who specializes in bankruptcy liquidations,
gains control of the files after U.S. Bankruptcy Court Judge Basil H. Lorch III on Friday reclassified the bankruptcy from Chapter 11 reorganization to Chapter 7 liquidation.

The transition to Chapter 7 ended Premier founder Christopher P. White's hopes of resurrecting the Indianapolis development firm.

White had been trying to raise money to save the 15-year-old company, which developed numerous high profile retail projects, including the Metropolis mall in Plainfield.

Premier sought bankruptcy protection April 23, listing debts of more than $2.8 million to 20 creditors - not including millions of dollars in unpaid bills related to specific properties. White and his company also face a slew of lawsuits, alleging unpaid bills, defaulted loans and check fraud.

There won't be many assets left, Henry Efroymson, an Ice Miller attorney who represents Atlanta-based Dominion Capital Management LLC, said Friday. Dominion is a Premier creditor that took control of most of its properties last month.

"If there's going to be a distribution to creditors, it's going to be very small," Efroymson said. "There isn't much left ... this was a management company."

During the hearing, Efroymson also asked that Dominion Capital be given full access to Premier's records. He said his client had received the "lion's share" of records on Premier's properties, but needed to review the company's computer hard drives to retrieve the rest of the data.

Some of those hard drives have been moved to White's home, said William J. Tucker, Premier's bankruptcy attorney. But Tucker said a backup of the files has been made and he said that Premier has not hidden or removed anything.

Still, Efroymson said he was concerned, since the trustee wouldn't take control of the files until today.

"The concern now is there is nobody in place ensuring the data remains on the computers and servers," he said Friday.

Friday's decision also will provide little relief to Premier's former employees, many of whom have not been paid for at least eight weeks.

"I don't see that there's going to be any funds for former employees," Efroymson said.

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

  2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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