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Boberschmidt appointed Premier trustee

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Philip Boberschmidt of the downtown law firm of Boberschmidt and Powers has been appointed trustee to oversee liquidation of Premier Properties USA - a task that begins today.

Boberschmidt, who specializes in bankruptcy liquidations,
gains control of the files after U.S. Bankruptcy Court Judge Basil H. Lorch III on Friday reclassified the bankruptcy from Chapter 11 reorganization to Chapter 7 liquidation.

The transition to Chapter 7 ended Premier founder Christopher P. White's hopes of resurrecting the Indianapolis development firm.

White had been trying to raise money to save the 15-year-old company, which developed numerous high profile retail projects, including the Metropolis mall in Plainfield.

Premier sought bankruptcy protection April 23, listing debts of more than $2.8 million to 20 creditors - not including millions of dollars in unpaid bills related to specific properties. White and his company also face a slew of lawsuits, alleging unpaid bills, defaulted loans and check fraud.

There won't be many assets left, Henry Efroymson, an Ice Miller attorney who represents Atlanta-based Dominion Capital Management LLC, said Friday. Dominion is a Premier creditor that took control of most of its properties last month.

"If there's going to be a distribution to creditors, it's going to be very small," Efroymson said. "There isn't much left ... this was a management company."

During the hearing, Efroymson also asked that Dominion Capital be given full access to Premier's records. He said his client had received the "lion's share" of records on Premier's properties, but needed to review the company's computer hard drives to retrieve the rest of the data.

Some of those hard drives have been moved to White's home, said William J. Tucker, Premier's bankruptcy attorney. But Tucker said a backup of the files has been made and he said that Premier has not hidden or removed anything.

Still, Efroymson said he was concerned, since the trustee wouldn't take control of the files until today.

"The concern now is there is nobody in place ensuring the data remains on the computers and servers," he said Friday.

Friday's decision also will provide little relief to Premier's former employees, many of whom have not been paid for at least eight weeks.

"I don't see that there's going to be any funds for former employees," Efroymson said.

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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