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Trustee working to determine Premier assets

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A bankruptcy trustee is planning an auction of Premier Properties USA Inc.'s remaining office furniture while struggling to get a handle on what other assets remain for the defunct developer.

Attorney James T. Young, representing Trustee Philip F. Boberschmidt, hesitated at a hearing today when a bankruptcy judge asked whether he was receiving full cooperation from Premier and its founder, Christopher P. White.

Young said Premier executives had tried to run a paperless operation, so hundreds of files will have to be printed to track down what-if any-assets remain. He said White has two servers and a hard drive relating to Premier at his home on Lake Clearwater, and other employees also took computers with them when they were let go.

The auction of chairs, tables and other furniture-most of which has been stored in Premier's former offices in the Echelon building near 82nd Street and Allisonville Road-will be handled by Christy's of Indiana Inc. No date has been set.

U.S. Bankruptcy Court Judge Basil H. Lorch III reclassified Premier's bankruptcy status to Chapter 7 in late May, clearing the way for the trustee to liquidate remaining assets and eliminating White's hopes of resuscitating the developer of Metropolis mall in Plainfield and several other retail projects across the U.S.

The judge also granted a motion today from the Indianapolis Colts, releasing the team from an agreement with Premier for a suite in Lucas Oil Stadium.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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