A trustee for creditors in the bankruptcy case of Erickson Retirement Communities LLC wants a peek at the documents filling thousands of boxes in a Baltimore-area warehouse as a precursor to a possible lawsuit against the company’s directors and officers. But the Erickson family is fighting back.
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by Lisa Yonka Stevens, Esquire
The Advocate, Young Lawyers Section—Maryland State Bar Association, Volume 26, Number 2, Winter 2010
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Transaction will keep Hotel Monaco Baltimore and B&O American Brasserie open
Kimpton Hotels & Restaurants, the management company for the 202-room Hotel Monaco Baltimore and B&O American Brasserie — which have been tenants of the historic B&O Building since 2009 — has agreed to buy the portion of the structure occupied by the hotel and restaurant for approximately $33 million.
The present owner, Baltimore and Charles Associates, spent about $65 million to buy and renovate the B&O Building from 2007 to 2009.
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A U.S. bankruptcy court judge approved a plan by the owner of Baltimore's Hotel Monaco to liquidate the property.
The approval allows Baltimore & Charles Associates, managed by Philadelphia's Arc Wheeler, to convert the downtown property into three separate parcels and sell them individually. The company spent around $65 million to acquire and renovate the property.
As part of the restructuring plan, an affiliate of Kimpton Hotels plans to buy the hotel portion at 2 N. Charles St. for $33 million. Kimpton manages the 208-room hotel, located inside the historic B&O Building.
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The owners of the historic B&O Building in downtown Baltimore have reached a tentative deal to sell part of the structure to its marque tenant, Hotel Monaco, to pay off a portion of the debt they took on to buy and renovate the building.
Baltimore and Charles Associates LLC, which filed for Chapter 11 bankruptcy protection in July, has asked the U.S. Bankruptcy Court in Baltimore to sell the hotel portion of 2 N. Charles St. to the Hotel Monaco’s parent company, the Kimpton Hotel & Restaurant Group.
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Lender seeks permission to force property's sale
Another prominent Baltimore building could soon be sold at a foreclosure auction, adding to a swelling number of distressed commercial properties ranging from shopping malls and offices to hotels and vacant property.
Utah’s Capmark Bank has asked the U.S. Bankruptcy Court in Baltimore for permission to sell the historic B&O Building at 2 North Charles Street, where a Hotel Monaco opened in July 2009.
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The company had moved to reject the agreements as part of its July 16 Chapter 11 bankruptcy filing, claiming that uncertainty over the validity of the agreements was an impediment to obtaining new investment and was hampering its reorganization efforts.
A bankruptcy court this week granted Correlogic Systems' motion to reject licensing agreements with Quest Diagnostics and Laboratory Corporation of America for its protein biomarker-based ovarian cancer test OvaCheck.
Correlogic moved to reject the agreements as part of its July 16 Chapter 11 bankruptcy filing, claiming that uncertainty over the validity of the agreements was an impediment to obtaining new investment and was hampering its reorganization efforts.
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Auctions of two downtown Baltimore office buildings that were undergoing conversion to hotels have been cancelled after the developers filed for Chapter 11 bankruptcy court protection.
The buildings that are no longer up for auction are the former Keyser Building on Redwood Street that was being converted into the Hotel Indigo, a $24 million project with 130 rooms, and the former Jefferson Building on Charles Street that was being converted into a 100-room Staybridge Suites in a $22 million project.
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The Hotel Indigo, at the corner of Calvert and Redwood streets, is
98 percent done, according to the attorney for its owners.
Owners of Hotel Indigo, a 10-story boutique hotel in downtown Baltimore that has remained stalled and vacant for nearly a year, have filed for Chapter 11 bankruptcy protection.
The bankruptcy filing on Friday in U.S. Bankruptcy Court cites several creditors that are owed more than $14 million for work on the luxury hotel located in the Kaiser Building at 207 Redwood Street.
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Germantown-based Correlogic Systems filed for Chapter 11 bankruptcy earlier this month so that the diagnostic testing company can shed contracts with two major laboratory test suppliers that it says deter investors.
Though the circumstances of Correlogic's filing are unique, its struggle points to a larger issue for many biotech companies: securing enough money to work their way through the development process in hopes of bringing a product to market.
That can take years, even decades, as companies juggle scientific tests and clinical trials with government regulation. In an anemic economy, in which investments are only beginning to pick up after falling to their lowest level in more than a decade, long-term financing can be hard to come by.
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