IBJNews

Local real estate developer files for bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

A prominent Indianapolis developer is seeking to liquidate $11 million in personal debt he attributes to the prolonged slump in the real estate market.

Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection Monday in federal bankruptcy court.

Alig, 56, co-founded the firm in 1982 and has developed several well-known commercial and residential projects in the downtown area, including Market Tower, the Century Building and, more recently, WFYI’s headquarters on North Meridian Street.

Mansur’s more notable residential projects include Fall Creek Place, the Conrad Hotel condominiums and Janus Lofts on South Meridian Street.

Despite the bankruptcy, Mansur continues to operate and will be unaffected by the bankruptcy brought about by personal loan guarantees to keep company projects afloat during the recession, Alig said.

“In anticipation of a turnaround, I continued to invest to preserve our position in these projects,” he said. “More time passed, and the window barely opened. I still remain optimistic, and I think there’s a lot of energy downtown.”

The largest debt listed in the filing is a $2.9 million loan Alig received from PNC Bank for the Janus Lofts development that the bank is seeking to foreclose upon. The five-story building with 23 apartments is 100-percent occupied. But an entity affiliated with Mansur defaulted on a 2003 construction loan after attempts to refinance failed. Alig said he's hopeful the dispute will be settled.

Other debts include six personal loans to Alig totaling nearly $1.9 million from several banks, including Huntington Bank, the former M&I Bank, Old National Bank and Regions Bank.

Alig is disputing an $800,000 claim submitted by Brian Bash, a bankruptcy trustee charged with recovering funds for investors of Ohio-based Fair Finance. The company was led by indicted Indianapolis financier Tim Durham until his financial empire collapsed in late 2009.

Alig said that in 2003 he repaid a loan he had taken out the year before from one of Durham's companies. At the time, Alig was a board member of Indianapolis-based Obsidian Enterprises, a company that Durham co-owned.
 
About half of Alig’s $11 million debt is considered secured. He listed nearly $3 million in assets tied to three homes and a lot.

Alig and business partner Charles Cagaan acquired full ownership in certain Mansur assets in 2001 after a split with former business partner Harold Garrison.
 

ADVERTISEMENT

  • Another Victim of the Runup
    Lee is a man of his word. One who dedicated his work to improvements in living arrangements in Indianapolis and surrounding communities with a goal to make a decent living. Greedy? Overly ambitious? No, just one of thousands who got stuck when real estate fell off the cliff. Many feasted from that trough.

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. Yes sir keep cashing those 300K a year checks direct to IMS, while millions disappear from the teams like Rahal's. Guess there wasn't enough ka- ching going around to keep Sarah Fisher in business without their "merger". LOL._____.Meanwhile back in Realville the series with the "best racing in the world" drew what appeared to be about 5000 live spectators ( and probably 1500 of those Target "freebies", and was beaten in the ratings by a series that reportedly consists of "parades" and aired while most people are still sleeping. That will generate those big ka-chings for sure. :-). But, hey, as long as the Speedway gets the cash who gives a damn about the teams?

  2. Welcome to PETERSON LOAN AGENCY Company (A Personalized Service for All Your Financial Needs) We, Liberal Investment Company Providers offers loan at a very low interest rate of 2%, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Educational Loan, Home Loan, and Loan for any reason and urgent needs!. with a maximum duration of 30 years. Have you been turned down by your bank? Do you have bad credit? Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000-USD (Five Thousand US dollars) to $50, 000,000.00.(Fifty Million US dollars). We also lend in USA DOLLARS EURO and POUNDS ! Fill in this form and forward it to our email: PETERSONLOANAGENCY@GMAIL.COM 1. Your Full names:_______ 2. Contact address:_______ 3. Country Of Residence:______ 4. Loan Amount Required:________ 5. Duration:_____ 6. Gender:_____ 7. Occupation:________ 8. Monthly Income:_______ 9. Date Of Birth:________ 10.Telephone Number:________ 11. Purpose of loan:_________ Yours In Service, MR PERRY, PETERSONLOANAGENCY@GMAIL.COM

  3. If I could actually get the prices...I would do this on my own. We need laws that force provides to publish the costs they will charge. Everyone else gives you the price in advance...except hospitals.

  4. I was under the impression that fencing is not allowed on a front yard and that on a corner, both sides are considered "front" yards, therefore can't be fenced without a variance. Also impedes the visibility for drivers at the intersection. Am I understanding this correctly? Might be why a fence was not included in the plans and a request for a variance will have to be made?.

  5. I was a big fan of Cowards and Carrots, which I got a chance to see at the show. It's currently on Kickstarter, but the designer also put out What's He Building in There last year, which got a fair amount of buzz.

ADVERTISEMENT