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Article: Partnership's Bankruptcy Filing Stops Sale of Lexington, Ky., Building.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 11, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Aug. 11--The partnership that owns the Strand Building filed for Chapter 11 bankruptcy yesterday just 30 minutes before the downtown office building was to be sold at a court-ordered auction.
The legal maneuver blocked the sale at least temporarily and gave Strand Properties Ltd. more time to try to refinance its $2.26 million mortgage from Reliastar Life Insurance Co.
"We regret having to do it," said Joe Graves, Strand's general partner. "We were negotiating (with Reliastar) last night and again this morning. By filing Chapter 11, we have more time to reach a settlement."
Graves said he and his partners plan ...