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Sale of the 253-acre property for $6 million to Kyrk Pyros, which was announced at a Nov. 13 hearing, was rescinded by the buyer over the question of who owns the power grid, attorney Robert Lampl informed the court at the hearing.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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- U.S. oil, natural gas rig count drops by 34 to 954
- Is Big Brother a backseat driver?
- Renewed fears of Greek default whack stock market
- Pa. employers shed 12,700 jobs in March; unemployment rate rises to 5.3 percent
- Google’s changes to search results formula expected to shake up mobile economy
- Jump in home loans, trading commissions lead to profitable 1st quarter for banks
- Mylan discounts speculation of a possible takeover by Teva
- Here’s how to clean your car
- Review: Chevrolet Trax is an affordable SUV option
- Glaxo to close Moon office, affecting 274 workers
- Consol Energy files for IPO of coal spin-off