IBJNews

High-flying Premier Properties crashes

Back to TopCommentsE-mailPrintBookmark and Share
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. 
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. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

ADVERTISEMENT