Featured News - Current News - Archived News - News Categories
Statler DOCUMENTS EXCHANGED
Business First
As a prelude to next month's scheduled auction of the Statler Towers, all the paperwork concerning the landmark's 2006 sale to British investor Bashar Issa and a subsequent mortgage between Issa and his father has been turned over to the trustee overseeing the building's fate.
Buffalo attorney Stephen Schop said he complied with a June 8 order from the U.S. Bankruptcy Court, Western District of New York, to turn over all documents concerning Issa's acquisition of the Statler and a 2008 mortgage for the Delaware Avenue building that Issa's father, Mahmoud al Issa, obtained. The elder Issa took out a $4.5 million mortgage on the 18-story, 800,000-square-foot building.
The request was made to Schop from Morris Horwitz, who was appointed the Statler trustee by bankruptcy judge Hon. Carl Bucki. The Statler's owner, BSC Development Buffalo LLC, was placed into involuntary Chapter 11 bankruptcy in April as part of a series of legal actions brought against BSC Development and Bashar Issa.
The Statler is set for a July 14 court-imposed auction. Bids are due July 9, and Bucki said he hopes to have the deal closed and new owners in place by the end of July.
Schop turned the documents over on June 11.
"We've given (Horwitz) everything he asked for," Schop said. "And I'm here, ready to answer any other questions he might have."
The Statler is said to be losing more than $80,000 a month.


