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Page Development CFO files for personal bankruptcy

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Paul M. Pittman, one of four principals in a troubled Indianapolis-based condo developer, filed personal bankruptcy this week.

Pittman, an Indianapolis attorney, was the chief financial officer of Page Development, which spearheaded the Villaggio at Page Pointe condominium project in downtown Indianapolis as well as numerous condo developments in Florida.

Pittman is the second Page Development executive to file bankruptcy after the firm's real estate ventures were upended by the housing market crash. The owners have been involved in several lawsuits related to unpaid debt.

Pittman listed assets of $1 million and liabilities of nearly $14 million in his Chapter 7 bankruptcy filing. Pittman's major assets include two homes he and his wife own in Indianapolis and Naples, Fla. The liabilities are mainly from Pittman's business activity with Page Development.

The filing was made Monday in U.S. Bankruptcy Court in Indianapolis.

Pittman followed his cousin Tony Page into bankruptcy. Page, who was president of Page Development, filed Chapter 7 bankruptcy in July 2010, listing assets of $1.1 million and liabilities of more than $25 million.

Page Development CEO Peter J. Page and Chief Operating Officer Paul J. Page were the other principals of the company.

The foursome got into trouble after 2007, when demand for their high-end condos dried up. Banks such as J.P. Morgan Chase and Wachovia Bank foreclosed on condo units Page Development owned in Englewood, Fla. Pittman still bears responsibility for nearly $800,000 to Wells Fargo, which has since acquired Wachovia, according to bankruptcy documents.

A Florida investor, Kim Williams, won a judgment for Page Development’s failure to pay a promissory note of $163,222.

Closer to home, Indianapolis-based First Internet Bancorp won a judgment to collect on a $1.35 million loan on which Page Development had defaulted.

A message at Pittman’s downtown Indianapolis law office Friday morning was not immediately returned. A message left for Pittman’s attorney, David Krebs, was not returned.

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  • really?
    I would think that if you are bankrupt that you wouldn't own 4 season tickets to Colts games that are easily valued at $250 per seat. I also have viewed pictures from Tony Page's home tour on http://photos.indystar.com/galleries/4928-at-home-with-the-pages It looks as if having an indoor basketball court is also something that bankrupt people have all the time. I feel sorry for the numerous investors as well as condo owners that have lost so much for the personal gain of the Page/Pittman gang.

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  1. 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.

  2. 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?

  3. just to clear it up... Straight No Chaser is an a capella group that formed at IU. They've toured nationally typically doing a capella arangements of everything from Old Songbook Standards to current hits on the radio.

  4. 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.

  5. There is no developer on the planet that isn't aware of what their subcontractors are doing (or not doing). They hire construction superintendents. They have architects and engineers on site to observe construction progress. If your subcontractor wasn't doing their job, you fire them and find someone who will. If people wonder why more condos aren't being built, developers like Kosene & Kosene are the reason. I am glad the residents were on the winning end after a long battle.

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