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Real estate exec’s bankruptcy filing lists $13.3M of debt

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A local real estate executive is claiming $13.3 million of debt, much of it owed to unsecured creditors, in his federal bankruptcy filing.

Philo Lange, a now-independent real estate broker who once served as a top executive at two prominent Indianapolis-area firms, filed for Chapter 7 bankruptcy protection on Monday. He is former managing partner of the now-defunct NAI Olympia Partners and was managing director of the Indianapolis office of Dallas-based Trammell Crow Co.

Lange lists $793,335 in assets, including $758,000 tied to four rental homes he owns. Three are located on North College Avenue in Indianapolis and the other in Petoskey, Mich., near the Upper Peninsula of the state, according to court documents.

His total debt includes nearly $12 million in unsecured claims, in which he owes PNC Bank $5.2 million for personal guarantees on two notes to business interests Hoosier Storage-Georgetown LLC and Harbor Plaza LLC.

Lange also owes $2.1 million to Ameriserv Trust & Financial Service in Indianapolis for a loan made to NBD One LLC, in addition to a $900,000 balance on another note to NBD from Community Bank in Noblesville, court documents said.

Lange founded Lange Realty Inc. in 1981 and operated it until 1995, according to his website. He served as managing director of Trammell Crow's local office from 1996 to 2000 and then joined NAI Olympia Partners, where he eventually became managing partner.

Olympia folded in December 2010 after a 20-year run as one of the city's largest commerical real estate brokerages.

Lange did not return a phone call seeking comment about the bankruptcy.
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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