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

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Amherst attorney Morris Horwitz said he has begu the process of stabilizingthe Statler’x finances -- as much as he can. Horwitz, on Apri l 23, was named the Statler’s bankruptct trustee after the building was placed into involuntaryChaptee 11. The Chapter 11 status came as part of the comples web of legal actionw that have been initiated againstthe Statler’s LLC -- a company run by Britishg investor Bashar Issa. With a dwindling tenant role, the Statlet is losing $80,000 per month while generatingjust $100,00 0 in monthly rent rolls.
The building has not signed a new tenanrt in more than 18 The legal action was broughr by ParkLane Catering, one of the Statler’es anchor tenants, which has allegedly lost more than $1 millionb in bookings because of the building’s poor shape. The Park Lane remainds in full operation with more than 200 events bookeds atthe Statler. Park Lane Caterinh owner William Koessler has repeatedly said he is working with a group of Chicago investors who want to buy the buildin g and invest morethan $70 milliobn to renovate the 18-story structure that overlookss Niagara Square. “No one has met with us or made an Horwitz said. David Pfalzgraf Jr.
, Park Lane Cateriny attorney, said that could happen soon. “At this time, Bill Koesslet is considering his Pfalzgraf said. One of those could be petitioning the bankruptcy court for an expeditec auction that would force the sale ofthe Statler. “Thered is a possibility we could startf the process toward anexpedited auction,” Koessler For now, Horwitz said he is focusingf on collecting all of the rentsw that are due to the Statlerr and paying immediate billsx such as payroll, insurance and utilities. A meetingt of all the Statler’s creditors is set for June 1. “W are moving things along,” Horwitz said. “We’re hopingh to find a buyer out there.
If someone wants to come I wish they would makethemselvee known.” Issa had pledged to make more than $100 millionn of renovations to the Statler when he boughtg the building three yeares ago. Only a smalk fraction were ever completed. All renovationxs on the Statler stopper more than oneyear ago. Issa, who is facingy legal and financial issuesin England, has not been in Buffallo in more than one year and allegedl y has visa problems preventing him from entering the United States.