ILNews

Indy attorney, developer Page files bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis attorney and developer Paul J. Page has filed personal bankruptcy and lists his largest debt as a $6 million guarantee on a downtown Indianapolis condominium project.

Page was one of four principals of troubled Indianapolis-based condo developer Page Development, which spearheaded the Villagio at Page Pointe as well as numerous condo developments in Florida. Most of those have been foreclosed upon, according to court documents.

Page filed for Chapter 7 bankruptcy Dec. 31 in U.S. Bankruptcy Court in Indianapolis. He listed assets of $1.3 million and liabilities of $13.6 million, which includes $12.4 million of unsecured debt.

Page’s major assets include two homes he and his wife own in Indianapolis and Englewood, Fla. His personal property includes a 2009 Cadillac CTS with 78,000 miles valued at $10,000, a pool table worth $200, and $200 of cash on hand.

His income of $351,078 in 2011 shrank to $144,334 in 2012, court documents said.

Among his unsecured debt is the $6 million loan guarantee on the Page Pointe condo project owed to First Horizon Home Loans. He also lists more than $3 million in loan guarantees mainly from his business activity with Page Development, and a $2 million promissory note on a Florida condominium.

Page early last year pleaded guilty to a felony wire fraud charge in U.S. District Court in South Bend, agreeing to testify if called against co-defendants John M. Bales, a real estate broker, and Bales partner William E. Spencer in a Northern District case.

A 14-count indictment in South Bend alleged Page, Bales and Spencer defrauded the state and a bank over their purchase of a building in Elkhart and a subsequent lease deal with the state's Department of Child Services. A jury found Bales and Spencer not guilty.

Page was sentenced to two years probation and ordered to pay a $10,000 fine for concealing the source of a $362,000 down payment on his purchase of the state-leased office building in Elkhart.

Page is the third Page Development executive to file bankruptcy after the firm’s real estate ventures were upended by the housing crash.

Paul M. Pittman, Page’s law partner and chief financial officer of Page Development, filed Chapter 7 in September 2011. And Tony Page, who was president of the company, filed in July 2010.

Page Development CEO Peter J. Page was the other principal of the company.

Calls to Paul J. Page and his lawyer were not immediately returned.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
Subscribe to Indiana Lawyer
  1. Can I get this form on line,if not where can I obtain one. I am eligible.

  2. What a fine example of the best of the Hoosier tradition! How sad that the AP has to include partisan snark in the obit for this great American patriot and adventurer.

  3. Why are all these lawyers yakking to the media about pending matters? Trial by media? What the devil happened to not making extrajudicial statements? The system is falling apart.

  4. It is a sad story indeed as this couple has been only in survival mode, NOT found guilty with Ponzi, shaken down for 5 years and pursued by prosecution that has been ignited by a civil suit with very deep pockets wrenched in their bitterness...It has been said that many of us are breaking an average of 300 federal laws a day without even knowing it. Structuring laws, & civilForfeiture laws are among the scariest that need to be restructured or repealed . These laws were initially created for drug Lords and laundering money and now reach over that line. Here you have a couple that took out their own money, not drug money, not laundering. Yes...Many upset that they lost money...but how much did they make before it all fell apart? No one ask that question? A civil suit against Williams was awarded because he has no more money to fight...they pushed for a break in order...they took all his belongings...even underwear, shoes and clothes? who does that? What allows that? Maybe if you had the picture of him purchasing a jacket at the Goodwill just to go to court the next day...his enemy may be satisfied? But not likely...bitterness is a master. For happy ending lovers, you will be happy to know they have a faith that has changed their world and a solid love that many of us can only dream about. They will spend their time in federal jail for taking their money from their account, but at the end of the day they have loyal friends, a true love and a hope of a new life in time...and none of that can be bought or taken That is the real story.

  5. Could be his email did something especially heinous, really over the top like questioning Ind S.Ct. officials or accusing JLAP of being the political correctness police.

ADVERTISEMENT