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. From the story: "The city of Indianapolis also will consider tax incentives and funding for infrastructure required for the project, according to IEDC." Why would the City need to consider additional tax incentives when Lowe's has already bought the land and reached an agreement with IEDC to bring the jobs? What that tells me is that the City has already pledged the incentives, unofficially, and they just haven't had time to push it through the MDC yet. Either way, subsidizing $10/hour jobs is going to do nothing toward furthering the Mayor's stated goal of attracting middle and upper-middle class residents to Marion County.

  2. Ron Spencer and the entire staff of Theater on the Square embraced IndyFringe when it came to Mass Ave in 2005. TOTS was not only a venue but Ron and his friends created, presented and appeared in shows which embraced the 'spirit of the fringe'. He's weathered all the storms and kept smiling ... bon voyage and thank you.

  3. Not sure how many sushi restaurants are enough, but there are three that I know of in various parts of downtown proper and all are pretty good.

  4. First off, it's "moron," not "moran." 2nd, YOU don't get to vote on someone else's rights and freedoms that are guaranteed by the US Constitution. That's why this is not a state's rights issue...putting something like this to vote by, well, people like you who are quite clearly intellectually challenged isn't necessary since the 14th amendment has already decided the issue. Which is why Indiana's effort is a wasted one and a waste of money...and will be overturned just like this has in every other state.

  5. Rick, how does granting theright to marry to people choosing to marry same-sex partners harm the lives of those who choose not to? I cannot for the life of me see any harm to people who choose not to marry someone of the same sex. We understand your choice to take the parts of the bible literally in your life. That is fine but why force your religious beliefs on others? I'm hoping the judges do the right thing and declare the ban unconstitutional so all citizens of Wisconsin and Indiana have the same marriage rights and that those who chose someone of the same sex do not have less rights than others.

ADVERTISEMENT