IBJNews

Premier Properties retreats into bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share
Premier Properties USA Inc. filed for bankruptcy protection yesterday, narrowly avoiding the appointment of a receiver to take control of the troubled Indianapolis company.

In a Chapter 11 filing, the firm that developed Metropolis mall in Plainfield listed 20 creditors owed a total of more than $2.8 million. It did not include millions of dollars in unpaid bills connected to specific properties-including Metropolis, Plainfield Commons and several malls in other states-that the company no longer controls.

Premier has not yet provided a list of its own assets, although the filing says the total will range between $1 million and $10 million.

The bankruptcy filing could signal the end for a 15-year-old company built on outsize deals with little margin for error. Premier and its founder, Christopher P. White, face numerous lawsuits alleging unpaid bills, defaulted loans and check fraud - trouble that began to mount last year as credit-market turmoil put a stop to easy credit.

Telephone calls this morning to Premier's headquarters in the Woodfield Crossing office complex on the far-northeast side went unanswered. Premier's bankruptcy attorney, William J. Tucker, did not return a telephone message.

The filing - signed by White, the firm's president, sole director and sole shareholder - is classified as an emergency because "a creditor's attempt to take control of entity threatens" Premier's ability "to conduct a viable business."

One of Premier's largest lenders took control of Metropolis and most of the company's other malls earlier this month. Omission of debts relating to those properties - including for landscaping and snow removal - suggests Premier will argue those debts should stick with the properties, not the company.

That argument probably won't sit well with creditors, said Ice Miller attorney Henry Efroymson, who represents Atlanta-based Dominion Capital Management LLC, which now controls most of Premier's properties.

"As a legal matter, the issue is whether or not Premier is the party obligated to pay," Efroymson said. "There are creditors out there that would disagree with the list provided by Premier Properties."

Efroymson is asking for the court's help in obtaining records relating to the properties Dominion now controls. He said Premier has not cooperated with his requests.

The filing lists California-based The Jerde Partnership Inc. as Premier's largest creditor, owed $437,000. Jerde designed the plans for Venu, a $750 million retail, office and residential giant the company had proposed for the southwest corner of 86th Street and Keystone Avenue.

Other top creditors include Ohio-based Divaris Real Estate, Chicago-based Business Furniture LLC and Pennsylvania-based Langholz Wilson Ellis Inc. Premier also owes two Indianapolis law firms: Baker & Daniels is due $127,000, and Barnes & Thornburg is owed about $70,000.
ADVERTISEMENT

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. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

  2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

  3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

  4. Exciting times in Carmel.

  5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

ADVERTISEMENT