Orlando Business Journal: Plaza Auction Rescheduled
Orlando partner Elizabeth Green was quoted in the November 24, 2009, Orlando Business Journal article, "Plaza Auction Rescheduled."
According to the article, a planned auction of about 40,000 square feet of office space in downtown Orlando's The Plaza mixed-use building will be rescheduled for early next year. Green, who represents former developer The Plaza LLC in its Chapter 11 bankruptcy case, said a Nov. 19 auction managed by Worldwide Auction Realty Services was canceled because the Plaza South Tower Commercial Condo Association objected to the sale.
The Plaza LLC said in a reorganization plan filed in October it planned to auction the 40,000 square feet of space—which Green said includes the entire 10th floor of the 21-story building—for $112-$170 per square foot, court documents said. According to the article, the association, in its objection to the plan, said the plan proposed to "impair" the Plaza South claims and "unfairly alter" its rights, and that the plan attempts to release significant and substantial claims against insiders, but eliminate non-insider creditors.
Green said she plans to file an amended plan, which could allow the auction to continue if approved by the judge at the next hearing in January.