New York hotel owners told to file for bankruptcy
Barton Hill Hotel owners Edward and Diane Finkbeiner have been told by New York State Supreme Court Justice Richard Kloch to file for bankruptcy, but the owners' lawyers are attempting to avoid such a fate by having a hotel company purchase some of the operation's shares.
Barton Hill Hotel owners Edward and Diane Finkbeiner have been told by New York State Supreme Court Justice Richard Kloch to file for bankruptcy, but the owners' lawyers are attempting to avoid such a fate by having a hotel company purchase some of the operation's shares.
The Iddelson Group, which holds a delinquent mortgage on the facility, recently requested to put the hotel in receivership, but Kloch did not approve the motion. Kloch is considering signing an order of foreclosure to force the hotel to file for bankruptcy. The hotel also owes $43,025 in back taxes and is currently on the Niagara County list of tax foreclosures, according to the news source.
Corey J. Hogan, the attorney for the hotel, said that they will be attempting to enter Chapter 11 bankruptcy.
Buffalo News reported that the hotel also owes $67,178 in payments to the county. The Finkbeiners have a plan to pay the fees off by May. The owners owe the Iddleson Group more than $9 million, which includes late fees and interest. Currently, the owners are speaking with American Property Management Corp., a company based out of San Diego, California, in hopes of arranging a buyout of some of their shares.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!