by Jahna Berry – Apr. 15, 2010 05:08 PM
The Arizona Republic
A Bankruptcy Court dispute delayed Wednesday’s foreclosure auction of 182 unsold downtown Phoenix luxury condos.
Three creditors of the 44 Monroe tower, located near First Avenue and Monroe Street, have filed petitions to force 44 Monroe LLC into Chapter 7 bankruptcy liquidation. They are owed $306,465, court documents say.
The auction was pushed back to April 27, but a judge must OK the auction before it can continue, said Phoenix attorney Brian Spector, who is the trustee.
The 196-unit luxury high-rise was finished in 2008. Its lender collapsed and was taken over by the FDIC, which now owns a 60 percent stake in Corus Construction Venture LLC. 44 Monroe LLC owes Corus $86.8 million.
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