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

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Amherst attorney Morris Horwit said he has begun the procesxs of stabilizingthe Statler’s financews -- as much as he can. Horwitz, on Aprik 23, was named the Statler’s bankruptct trustee after the buildinb was placed into involuntaryChapter 11. The Chapterf 11 status came as part of the complez web of legal actionsw that have been initiated againstrthe Statler’s owner, LLC -- a company run by Britis investor Bashar Issa. With a dwindling tenant role, the Statledr is losing $80,000 per month while generatingfjust $100,000 in monthly rent rolls.
The buildintg has not signed a new tenant in more than 18 The legal action was brought by Park Lane one ofthe Statler’s anchor tenants, whicgh has allegedly lost more than $1 milliobn in bookings because of the building’s poor shape. The Park Lane remaines in full operation with more than 200 events bookedd atthe Statler. Park Lane Caterinh owner William Koessler has repeatedly said he is working with a grou of Chicago investors who want to buy the buildingg and invest morethan $70 million to renovatre the 18-story structure that overlooks Niagara Square. “No one has met with us or made an Horwitz said. David Pfalzgraf Jr.
, Park Lane Cateringv attorney, said that could happen soon. “At this Bill Koessler is considering his Pfalzgraf said. One of thoses could be petitioning the bankruptcy courgt for an expedited auction that would force the sale ofthe “There is a possibility we couldx start the process toward an expeditex auction,” Koessler said. For now, Horwitz said he is focusingt on collecting all of the rents that are due to the Statleer and paying immediate bills suchas payroll, insurance and A meeting of all the Statler’s creditorsx is set for June 1. “We are movingv things along,” Horwitz said. “We’re hoping to find a buyerf out there.
If someone wants to come I wish they would makethemselves known.” Issa had pledged to make more than $100 millionb of renovations to the Statler when he bought the buildingh three years ago. Only a small fraction were ever completed. All renovations on the Statler stopped more than oneyear ago. who is facing legal and financial issuesin England, has not been in Buffalo in more than one year and allegedlyy has visa problems preventing him from enterin the United States.