IBJNews

Page Development CFO files for personal bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

  • 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.

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. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now

ADVERTISEMENT