Oct. 12, 2007 — The sale of a million-dollar piece of St. Croix property belonging indirectly to Jeffrey Prosser, former owner of Innovative Telephone, has been proposed to the U.S. Bankruptcy Court.
The proposal was submitted by Stan Springel, the court-appointed trustee charged with raising funds to meet the debts of Prosser's companies. The property is identified in the court filings as Plot 143 Estate Anna's Hope, East End Quarter, St. Croix. It is to be sold "as is."
Springel has set a price for the property, $1.15 million, and has selected a real-estate agent, Farchette and Hanley of Christiansted — both subject to court approval. The real-estate agent's fee would be five percent, which Springel noted was less than the six percent often charged.
The property is owned by Emerging Communications Inc., one of Prosser's companies. It is listed on the territory's assessment records as 0.67 of an acre, with a 100-percent value noted as $475,808. There is no indication in these records that there is a structure on the property.
It is located near other Prosser properties in the Anna's Hope development.
Meanwhile, John J. Ellis, the St. Croix resident appointed by the judge to handle another aspect of the bankruptcy — Prosser's personal debts in a Chapter 7 bankruptcy proceeding — has called a meeting of the creditors. In his role as bankruptcy trustee for Prosser, Ellis set the meeting for 1 p.m. Nov. 14. It is to be held in Suite 310 of the Ron De Lugo Federal Building and U.S. Courthouse.
Springel's trustee role is different from Ellis's: Springel deals with the debts of Prosser's holding companies, while Ellis deals with those of Prosser as an individual.
Prosser's lawyers have protested the Bankruptcy Court's conversion of his case from debtor-friendly Chapter 11 of the Bankruptcy code to Chapter 7, and have appealed that decision to the U.S. District Court on St. Thomas.
The next omnibus hearings in the bankruptcy court are to take place Oct. 29 in Pittsburgh and Nov. 15 on St. Thomas. At the moment, the contempt-of-court case against former PSC advocate Jeffrey Moorhead is among the items on the Pittsburgh agenda. The St. Thomas hearing will cover proposals by Ellis to hire professional staff to help him with his work, among other things.
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