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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. Why should I a home owner pay for this"car sharing" ????

  2. By the way, the right to work law is intended to prevent forced union membership, not as a way to keep workers in bondage as you make it sound, Italiano. If union leadership would spend all of their funding on the workers, who they are supposed to be representing, instead of trying to buy political favor and living lavish lifestyles as a result of the forced membership, this law would never had been necessary.

  3. Unions once served a noble purpose before greed and apathy took over. Now most unions are just as bad or even worse than the ills they sought to correct. I don't believe I have seen a positive comment posted by you. If you don't like the way things are done here, why do you live here? It would seem a more liberal environment like New York or California would suit you better?

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  5. This surprises you? Mayor Marine pulled the same crap whenhe levered the assets of the water co up by half a billion $$$ then he created his GRAFTER PROGRAM called REBUILDINDY. That program did not do anything for the Ratepayors Water Infrastructure Assets except encumber them and FORCE invitable higher water and sewer rates on Ratepayors to cover debt coverage on the dough he stole FROM THE PUBLIC TRUST. The guy is morally bankrupt to the average taxpayer and Ratepayor.

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