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High-flying Premier Properties crashes

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Year In Review
The founder of local real estate firm Premier Properties USA Inc. saw his company falter this year and faced three felony charges in connection with its downfall.

Christopher P. White had built the 15-year-old company by taking on ambitious projects and leaving little, if any, margin for error.

Premier developed the Metropolis mall in Plainfield and several other high-profile projects across the United States, but financial and legal troubles began to mount in 2007 and 2008 as credit markets froze up and the economy went into a tail spin. White stared down numerous lawsuits alleging unpaid bills, defaulted loans and check fraud.

The check-fraud allegations led to criminal charges for fraud on a financial institution, check fraud and theft-all Class C felonies stemming from a $500,000 bad check that authorities say White deposited into an account with The National Bank of Indianapolis in January, in a last-ditch attempt to save his company.

Premier filed for Chapter 11 bankruptcy protection April 23, seeking to avoid the appointment of a receiver to take control of the company and head off creditors that had taken control of several of the firm's properties.

The bankruptcy case eventually was converted into a Chapter 7 filing, and the liquidation of Premier's few remaining assets began.

Many of White's belongings, which had been put up as collateral for loans gone bad, also were liquidated at an auction Aug. 9. More than 1,000 people bid on the developer's belongings, including several Vespa scooters, flat-panel TVs, a 22-foot pontoon boat and a baby grand piano. 
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  1. to mention the rest of Molly's experience- she served as Communications Director for the Indianapolis Department of Public Works and also did communications for the state. She's incredibly qualified for this role and has a real love for Indianapolis and Indiana. Best of luck to her!

  2. Shall we not demand the same scrutiny for law schools, med schools, heaven forbid, business schools, etc.? How many law school grads are servers? How many business start ups fail and how many business grads get low paying jobs because there are so few high paying positions available? Why does our legislature continue to demean public schools and give taxpayer dollars to charters and private schools, ($171 million last year), rather than investing in our community schools? We are on a course of disaster regarding our public school attitudes unless we change our thinking in a short time.

  3. I agree with the other reader's comment about the chunky tomato soup. I found myself wanting a breadstick to dip into it. It tasted more like a marinara sauce; I couldn't eat it as a soup. In general, I liked the place... but doubt that I'll frequent it once the novelty wears off.

  4. The Indiana toll road used to have some of the cleanest bathrooms you could find on the road. After the lease they went downhill quickly. While not the grossest you'll see, they hover a bit below average. Am not sure if this is indicative of the entire deal or merely a portion of it. But the goals of anyone taking over the lease will always be at odds. The fewer repairs they make, the more money they earn since they have a virtual monopoly on travel from Cleveland to Chicago. So they only comply to satisfy the rules. It's hard to hand public works over to private enterprise. The incentives are misaligned. In true competition, you'd have multiple roads, each build by different companies motivated to make theirs more attractive. Working to attract customers is very different than working to maximize profit on people who have no choice but to choose your road. Of course, we all know two roads would be even more ridiculous.

  5. The State is in a perfect position. The consortium overpaid for leasing the toll road. Good for the State. The money they paid is being used across the State to upgrade roads and bridges and employ people at at time most of the country is scrambling to fund basic repairs. Good for the State. Indiana taxpayers are no longer subsidizing the toll roads to the tune of millions a year as we had for the last 20 years because the legislature did not have the guts to raise tolls. Good for the State. If the consortium fails, they either find another operator, acceptable to the State, to buy them out or the road gets turned back over to the State and we keep the Billions. Good for the State. Pat Bauer is no longer the Majority or Minority Leader of the House. Good for the State. Anyway you look at this, the State received billions of dollars for an assett the taxpayers were subsidizing, the State does not have to pay to maintain the road for 70 years. I am having trouble seeing the downside.

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