File motion asking to auction it off for at least $15M…Aspen Main Street’s motion to sell comes when Alpine Bank has been pushing for the court to dismiss the bankruptcy, or allow the bank to foreclose on the Main Street property.
ASPEN DOWNTOWN COMMERCIAL REAL ESTATE — The owners of the old Stage 3 property have taken legal steps to auction it off for at least $15 million.That’s the latest development in the bankruptcy proceedings by Dallas-based Aspen Main Street Properties Inc., which filed for Chapter 11 reorganization in March. On Thursday, the developer filed a motion asking the court to allow it to sell the property, located at 625 E. Main St. in Aspen, on or about Aug. 1 at the U.S. Bankruptcy Court in Dallas.The motion states …that the “debtor believes the proposed auction sale will provide good offers with reasonable prospects of closing.”Selling the property would enable Aspen Main Street to pay off its creditors, including Alpine Bank, which is owed $11.25 million, as well as $63,130 in taxes and $381,343 in unsecured claims, the motion says. Alpine Bank could use the amount it is owed by Aspen Main Street Properties to purchase the property, the motion says.
By Rick Carroll, May 24, 2010, The Aspen Times