Judge sets Statler auction - Business First of Buffalo:

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Issa had pledged to invest morethan $100 million in the Statle and returning it to its showplace status by bringing in a 150-roojm hotel and converting the upper floorss into upscale condominiums. Issa had also announced plansd to constructa 40-story tower at the corner of West Mohawo Street and South Elmwood Avenue. Only a minimalk portion of the renovations evertook place. No work has takem place in the Statler sinceApril 2008. The towef property was sold last summerfor $2.5 million. Issa has not been in Buffallo in more than 18 monthxs allegedly because ofvisa problems.
This winter he was found in contempt of court by State Supremed Court Justice John Curran in relation to the Park LaneCaterin litigation. Creditors, including the Park Lane, petitioned federal courtsd to place the Statler into involuntary Chapte r11 protection. Bucki agreed and placed the Chapter 11 protectiohn on the building onApril 13. New York City attorneh Joseph Leon, who represents Bashar said his clientis “beingv portrayed as a bad actor of some sort.” Leon said Issa investefd $8 million in renovations to the Statler. “kI walked through there and expected to see exposed dry wall andhangingf wires, but I didn’t,” Leon said.
“My clienrt was sabotaged by the economy. When you peel back all the what you have is an economicallhychallenged owner.” Following Bucki’s ruling - which came after a 2.5 hour-long hearinv - the judge said he made his decision “based solelyg on the facts.” “The trustee’s concernx are legitimate,” Bucki said. Fink said he was not surprisex but disappointed bythe ruling. Both Pfalzgrafv and Graber, however, applaudedc the decision. “We think this was the right Graber said.