Advanced Search  |  Sitemap  |  Contact Us
  
 

FOLLOW US

Subscription required for full online access

Current subscribers to the Buffalo Law Journal, click here to create an account for full online access.

Not a subscriber? Click here to see subscription options. Questions about your online access? Call us at 716-541-1650.

Bizjournals Legal News

Top 5: Kentucky patent recipients Thu, 24 May 2012 12:49:29 +0000
No. 5: Procter & Gamble Co. Thu, 24 May 2012 12:43:09 +0000
No. 4: University of Louisville Thu, 24 May 2012 12:41:58 +0000

Google Legal News

Featured News - Current News - Archived News - News Categories

Statler DOCUMENTS EXCHANGED

Thu, Jun 18th 2009 12:00 am
BY JAMES FINK
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.