Unsettled ownership of power grid at Rock Airport and Business Park disrupts sale
A question of who owns the power grid at Rock Airport and Business Park in West Deer and Indiana townships stopped a sale of the property at a U.S. Bankruptcy Court hearing on Friday.
That led Judge Judith K. Fitzgerald to order a trustee be appointed in the Chapter 11 bankruptcy to help mediate talks between the property owner and creditors.
The trustee also will investigate title issues on the property and help in marketing the site, Fitzgerald said.
Sale of the 253-acre property for $6 million to Kyrk Pyros, which was announced at a Nov. 13 hearing, was rescinded by the buyer over the question of who owns the power grid, attorney Robert Lampl informed the court at the hearing.
Lampl, who represents Rick Ferrone, the property owner, said the trustee could be appointed by next week.
Fitzgerald ordered Ferrone to turn over all documents related to the grid. She also ordered Management Science Associates Inc., a tenant at the site, not correspond with other tenants about its electric bill paid to utility West Penn Power. She ordered MSA to complete its own power grid on the site by May 31 or its power “will be shut off.”
Other tenants are the Joseph Fay Co., a construction firm, and Trib Total Media Inc., which has a printing and distribution plant.
The Airport and Business Park faces a foreclosure action by Huntingdon National Bank, said Attorney William Price of Thorpe Reed Armstrong, who represents the bank. Huntingdon has a $3.3 million claim. Other creditors include the Redevelopment Authority of Allegheny County, $1.74 million; and First Commonwealth Bank, $525,974.
Gregg Broujos, a principal of Colliers International/Pittsburgh, who is marketing the property for Ferrone, believes Pyros may still purchase the property once all issues have been settled.
Pyros, a home builder with K.P. Builders in Robinson and president of Allegheny Crane Rental Inc., previously said he would build 10 offices on two- to five-acre parcels aimed at new tenants from the gas and oil industry, as well as other businesses.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or email@example.com.