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BREAKING: Lender to sell Premier properties

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An auction this month could strip locally based Premier Properties USA Inc. of most of its real estate holdings.

Atlanta-based Dominion Capital Management LLC - one of Premier's largest lenders - plans to auction ownership interests in eight properties on April 17 at the Indianapolis offices of law firm Ice Miller LLP. Dominion plans to sell Metropolis mall in Plainfield separately.

Dominion is selling the properties to collect on loans that exceed $100 million.

Successful bidders would have to shoulder debts owed to other creditors after taking ownership, said Ice Miller attorney Henry A. Efroymson, who is organizing the sale.

The auction properties include the Plainfield Commons strip center and a parcel at 86th Street and Haverstick Road where another developer had proposed a Whole Foods. The auction also will include a ground lease on 44 acres in Las Vegas and several lifestyle malls in various stages of development: Sixteen West in Georgia; Bridgewater Falls in Ohio; The Foundry in Pennsylvania; The Marquis in Virginia; and The Current in Florida.

Dominion has taken ownership of the 600,000-square-foot Metropolis outdoor mall in Plainfield until it finds a buyer, Efroymson said.

Premier and its founder, Christopher P. White, face scores of lawsuits
alleging unpaid bills, defaulted loans, illegally redirected rent payments and check fraud. The company laid off half of its headquarters staff - about 40 employees - at the end of March.

The sale of Premier's real estate holdings could signal that an end is near for the 15-year-old company, which
built its name on outsize deals with little margin for error but has sputtered since credit markets tightened and easy credit disappeared.

"If these sales go through on the 17th, Chris White's ownership interest will have been transferred away from him and he will no longer have the legal right to control those entities," Efroymson said.

Dominion revealed its plan for an auction in an advertisement in The Wall Street Journal this morning.

White did not return an e-mail message this afternoon. His attorneys also could not be reached.

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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