The agreement between the indebted developer — Aspen Main Street Properties L.P. of Dallas — and lender Alpine Bank, which is owed nearly $12 million, represents a détente of sorts, according to representatives of the developer’s side. The two parties have been feuding at least since last August, when the bank filed a foreclosure action. The developer soon after sued the bank, claiming it had violated the terms of their agreement by changing the rate on the loan. The developer filed for bankruptcy this winter in order to stave off foreclosure.
ASPEN REAL ESTATE – The former Stage 3 movie theater property on Main Street that has been a half-finished construction site since fall 2008 will be sold at auction in August. A judge’s order, filed on Thursday in U.S. Bankruptcy Court in Dallas, calls for the two sides to work together to market and sell the property, using a professional auction firm. The property when sold will be relieved of any lawsuits, liens and other issues that might cloud the title. An auction date of Aug. 17 has been set…The suggested minimum bid on the property will be $3 million, according to Jim MacDonnell, executive managing director with the Sheldon Goode office in Denver, which will be managing the marketing and sale of the property. However, Alpine Bank is entitled to get back at least what it is owed and could block the sale if it wasn’t at least for that minimum amount.
By Curtis Wackerle, June 5, 2010 Aspen Daily News