Repurchasing Property Following Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

Ziad Alhassen, president of Dighton America Inc., filed for Chapter 7 bankruptcy after his last company, Hassen Imports Partnership, a car dealership with 10 locations in Covina and West Covina, California, failed. A federal bankruptcy court auctioned off those properties following the bankruptcy. Alhassen has now, reports Jason Henry in the San Gabriel Valley Tribune, repurchased those properties in an auction that was held on September 11, outbidding every other party, and may gain complete control of them within two months. Although city officials filed a motion to block Alhassen from bidding on one property, the court ruled against the motion. Alhassen’s attorney stated that he “intends to put the properties to use once he officially owns them again.” “’I do believe at least for the Ford property, that the Ford dealership has been reinstated, so I believe it is his intention to have a Ford dealership on that property. The company has paid a lot of money to go ahead and purchase these, and the intention is not to let these properties sit. It is to have some sort of active business on them,’” he added. One candidate for West Covina said that he would vote to drop litigation against Alhassen so the developer could begin to generate revenue for the municipality. Conversely, West Covina officials reportedly have stated that they will do whatever legally possible to stop Alhassen’s purchase of a three-dealership auto-mall property. Time will tell. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the U.S.  Call us toll-free at 800-383-6004 and log onto our easy-to-navigate, interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 7 or Chapter 13 bankruptcy.