Rolling Acres Mall Agrees with Summit County to Halt Bankruptcy Filing

by San Antonio Attorney

Rolling Acres Mall has been deteriorating for the past seven years and an out-of-state owner has represented himself in court in order to prevent the government from closing in and reusing the building.  This will be in effect for the next nine months.

For at least the next nine months, the maneuvering comes to a halt.

Kristen Scalise, a Summit Country Fiscal Officer made a deal with the proprietor, Premier Ventures, to halt any bankruptcy filings, which will prevent the county from facilitating an auction on the mall.

In return, Summit County will try to opt out the mall for any possible auctions for the next five months until a buyer can be found.  However, this process might take some time since the mall has been ravaged by harsh weather such as snow and rain for the past few years.  It also possesses a $1 million dollar delinquent tax bill.

Summit County foreclosed on the mall last 2013.  By law, the county cannot sell nor seize the property as long as the owner is still filing bankruptcy.

Premier Ventures filed thrice for Chapter 11 bankruptcy for the past year.

Last October, the county’s fiscal officer and prosecutor have already mobilized a move to have the mall’s case converted into a Chapter 7 bankruptcy.  This could have prevented Premier Ventures from filing another bankruptcy case.

Initial paperwork was filed to convert the case and negotiate a settlement instead.  The county and the owners agreed to cancel the recent bankruptcy filings and instead facilitate an implementation of a nine-month ban on new bankruptcy filings.

In return, the county won’t auction the mall for at least five months.  Unfortunately, after five months, the county can resume foreclosure proceedings on the mall.

 

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