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Indy attorney, developer Page files bankruptcy

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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.

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  1. A traditional parade of attorneys? Really Evansville? Y'all need to get out more. When is the traditional parade of notaries? Nurses? Sanitation workers? Pole dancers? I gotta wonder, do throngs of admiring citizens gather to laud these marching servants of the constitution? "Show us your billing records!!!" Hoping some video gets posted. Ours is not a narcissistic profession by any chance, is it? Nah .....

  2. My previous comment not an aside at court. I agree with smith. Good call. Just thought posting here a bit on the if it bleeds it leads side. Most attorneys need to think of last lines of story above.

  3. Hello everyone I'm Gina and I'm here for the exact same thing you are. I have the wonderful joy of waking up every morning to my heart being pulled out and sheer terror of what DCS is going to Throw at me and my family today.Let me start from the !bebeginning.My daughter lost all rights to her 3beautiful children due to Severe mental issues she no longer lives in our state and has cut all ties.DCS led her to belive that once she done signed over her right the babies would be with their family. We have faught screamed begged and anything else we could possibly due I hired a lawyer five grand down the drain.You know all I want is my babies home.I've done everything they have even asked me to do.Now their saying I can't see my grandchildren cause I'M on a prescription for paipain.I have a very rare blood disease it causes cellulitis a form of blood poisoning to stay dormant in my tissues and nervous system it also causes a ,blood clotting disorder.even with the two blood thinners I'm on I still Continue to develop them them also.DCS knows about my illness and still they refuse to let me see my grandchildren. I Love and miss them so much Please can anyone help Us my grandchildren and I they should be worrying about what toy there going to play with but instead there worrying about if there ever coming home again.THANK YOU DCS FOR ALL YOU'VE DONE. ( And if anyone at all has any ideals or knows who can help. Please contact (765)960~5096.only serious callers

  4. He must be a Rethuglican, for if from the other side of the aisle such acts would be merely personal and thus not something that attaches to his professional life. AND ... gotta love this ... oh, and on top of talking dirty on the phone, he also, as an aside, guess we should mention, might be important, not sure, but .... "In addition to these allegations, Keaton was accused of failing to file an appeal after he collected advance payment from a client seeking to challenge a ruling that the client repay benefits because of unreported income." rimshot

  5. I am not a fan of some of the 8.4 discipline we have seen for private conduct-- but this was so egregious and abusive and had so many points of bad conduct relates to the law and the lawyer's status as a lawyer that it is clearly a proper and just disbarment. A truly despicable account of bad acts showing unfit character to practice law. I applaud the outcome.

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