ASPEN REAL ESTATE — A Dallas firm that once had plans to redevelop the old Stage 3 (movie theatre – editor) property on Main Street has gone bankrupt.Aspen Main Street Properties LP filed for Chapter 11 bankruptcy protection in Dallas, listing its assets between $10 million and $50 million, and its liabilities between $10 million and $50 million as well, according to court documents.The bankruptcy not only will allow the company to reorganize its debts, it also means foreclosure proceedings on its 625 E. Main St. property are on hold.“The bankruptcy basically pauses the foreclosure,” said Tiffany Wancura, chief deputy treasurer for Pitkin County. “Until we get a court order for relief of stay, the foreclosure is pending.”The property was scheduled to be sold at foreclosure auction March 17. But on March 15, Aspen Main Street Properties filed for bankruptcy.
By Rick Carroll, March 25, 2010 Aspen Times

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