Cornelius “Lee” Alig has agreed to plead guilty to two of 20 felony counts and pay restitution of $321,000.
Read MoreAn examiner will be appointed to conduct an investigation into the bankruptcies of two affiliates of troubled Indianapolis-based developer HDG Mansur. A judge, for the time being, denied a request to appoint a Chapter 11 trustee or convert the case to a liquidation in Chapter 7.
Read MoreTwo affiliates of troubled Indianapolis-based developer HDG Mansur oppose requests to appoint a Chapter 11 trustee or convert the case to a liquidation in Chapter 7, saying significant progress has been made toward a plan and global settlement of claims.
The judgment in a New York court stems from allegations by a Sharia fund that the affiliates stole funds. HDG argued that it charged the additional fees to rectify a billing error.
A Marion Superior Court judge on Tuesday entered a judgment to foreclose on the downtown building after MT Acquisitions LLC failed to pay its nearly $60 million mortgage balance.
HDG Mansur has divulged in court documents that it’s the target of a federal criminal probe for allegedly skimming millions of dollars from a client.
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
Singed by the downturn, banks are winnowing real estate portfolios.
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
The recession, coupled with personnel shifts, have grounded the more than $50-million hotel project adjacent to the new terminal.
