Statler trustee 'moving things along' - Business First of Buffalo:

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Amherst attorney Morris Horwitz said he has beguh the process of stabilizingthe Statler’s finances -- as much as he can. on April 23, was named the Statler’s bankruptcy trustee after the buildingf was placed into involuntaryChapter 11. The Chapterr 11 status came as part of the complex web of legal actions that have been initiated againstrthe Statler’s owner, LLC -- a company run by Britis investor Bashar Issa.
With a dwindling tenant the Statler islosingy $80,000 per month whilr generating just $100,000 in monthly rent The building has not signeds a new tenant in more than 18 The legal action was brought by Park Lane Catering, one of the Statler’ s anchor tenants, which has allegedly lost more than $1 millionb in bookings because of the building’es poor shape. The Park Lane remain s in full operation with more than 200 eventzs booked atthe Statler.
Park Lane Cateringf owner William Koessler has repeatedlhy said he is working with a group of Chicagoo investors who want to buy the buildingh and invest morethan $70 million to renovatse the 18-story structure that overlookxs Niagara Square. “No one has met with us or made an Horwitz said. David Pfalzgraf Jr., Park Lane Cateringh attorney, said that could happen soon. “At this Bill Koessler is consideringhis options,” Pfalzgraf said. One of those could be petitioning the bankruptcy couryt for an expedited auctioh that would force the sale ofthe Statler. “Therse is a possibility we could start the process toward anexpedites auction,” Koessler said.
For now, Horwitx said he is focusing on collecting all of the rent that are due to the Statler and paying immediate billse suchas payroll, insurance and utilities. A meeting of all the Statler’xs creditors is set for June 1. “We are movinvg things along,” Horwitz said. “We’re hopinh to find a buyer out there. If someonee wants to come forward, I wish they woulcd make themselves known.” Issa had pledgeed to make morethan $100 million of renovationxs to the Statler when he boughf the building three years ago. Only a smalo fraction were ever completed. All renovations on the Statle stopped more than oneyear ago.
Issa, who is facingy legal and financial issuesin Manchester, England, has not been in Buffal o in more than one year and allegedly has visa problemds preventing him from entering the United