IBJNews

Boberschmidt appointed Premier trustee

Back to TopCommentsE-mailPrintBookmark and Share
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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

  2. When the Indiana GOP was going around the State selling the Voucher bill they were promising people that the vouchers would only be for public charter schools. They lied. As usual.

  3. I am Mr. Morris Ray, a Legitimate And a Reputable money Lender. We lend funds out to individuals in need of financial assistance, we give loan to people that have a bad credit or in need of money to pay bills, to invest on business. Have you been looking for loan? you have not to worry, because you are in the right place i offer loan at low interest rate of 2% so if you are in need of a loan i want you to just contact me via this email Address: morris_ray123@outlook.com

  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

  5. If he's finally planning to do the right thing and resign, why not do it before the election? Waiting until after means what - s special election at tax payer expense? Appointment (by whom?) thus robbing the voters of their chance to choose? Does he accrue some additional financial advantage to waiting, like extra pension payments? What's in it for him? That's the question that needs to be asked.

ADVERTISEMENT