Mar 24, 2011

Pittsburgh Steelers QB Charlie Batch in Pittsburgh

PITTSBURGH, March 23 (UPI) -- A court says a creditor can seize personal property of Pittsburgh Steelers backup quarterback Charlie Batch to recover money he owes them.

U.S. Bankruptcy Court Judge Jeffery A. Deller gave Primerock Real Estate Fund LP the choice to collect on its $820,000 claim against Batch by seizing property Batch put up as collateral to secure the debt, the Pittsburgh Tribune-Review reported Wednesday.

Batch filed for bankruptcy in December, listing $8.29 million in liabilities and $2.3 million in assets, the newspaper said.

His real estate company, Batch Development Co. Inc., had 25 properties turned over to a court-appointed receiver after defaulting on a $1.15 million mortgage.

Bankruptcy attorney Michael Shiner said the Primerock order is common in bankruptcy proceedings and doesn't necessarily mean the company will try to seize Batch's property.

If the debtor is willing to make payments to keep it, Shiner said, there's no reason for the creditor to try to get the property if it's worth less than the debt placed against it.

Batch has said in court documents he intends to retain the property and make payments.

"Charlie has some pretty good earning capacity," Shiner said of Batch, who made $855,000 last year as part of a two-year contract he signed in 2010.

Source - UPI

1 comment:

  1. In this case, Shiner is right, meaning Bath's properties aren't susceptible to being acquired by banks.
    bankruptcy attorney phoenix