As my regular readers are aware, I've been following the fascinating story of the fall of Indianapolis-based real estate developer Premier Properties USA since the Indianapolis Business Journal first started covering it earlier this year. Today - May 30 - as noted below is a significant day. I will continue to update this post, and I ask you to email me links to other media reports, which I'll post here. A friend and business associate of mine mentioned yesterday that someone should write a book about the rise and fall of Chris White's real estate empire. I wish I had the time ... perhaps a local journalist will do it some day.
March 10: Click here for an article about the continued financial struggles of local real estate developer Premier Properties and its owner, Chris White. Embedded in the article are links to two prior stories regarding the matter.
Bridgewater Falls put in receivership - story from March 11.
April 7 update from IBJ: click here . Mr. White is keeping many lender workout departments and creditor's rights lawyers busy (including me, by the way).
April 9's breaking news: click here for latest IBJ story.
April 10 story from The Indianapolis Star: click here.
April 12 article on front page of Star: Lawsuits show free-spending CEO in grip of soaring debt.
April 24, post-bankruptcy (Chapter 11) filing by Premier Properties: IBJ and Star. It does not appear Mr. White, personally, has filed for bankruptcy protection to this point. Click - .pdf - for a copy of the April 23 bankruptcy petition in Case No. 08-04607-BHL-11.
April 25, IBJ: Emergency hearing scheduled in bankruptcy court.
May 7, Star: Judge orders "exam" of Premier books
May 12, IBJ: Trustee to intervene in Premier bankruptcy
May 15, Star: Colts want Premier Properties decision on stadium suite - looks like there will be another suite available for the new Lucas Oil Stadium....
May 28, Star: Metropolis may have a buyer.
May 29: Star columnist John Ketzenberger's two cents: Defaulted debt by Premier goes on and on.
I've heard rumors that a personal filing by Chris White is on the horizon - a Chapter 7 liquidation. My contact's opinion is that we'll see a bankruptcy petition in two weeks. I'll keep you posted on any such developments.
June 2, IBJ: Boberschmidt appointed Premier trustee.
June 11, IBJ: Trustee working to determine Premier assets.
June 18, Star: Arrest warrant issued on June 17.
June 23, IBJ: Authorities can't find Premier's White. Star: Premier Properties founder hasn't reported to jail yet .
July 24, Star: As noted several days ago by a reader in the Comments, the Assets of Premier Founder to be Auctioned .