Hope for the Sinclair Building

[PonderInc]

Did anyone catch the TW article about the Sinclair Building today?  Good news, we're getting closer to liberating it from the moron(ey) who owns it.

Moroney, for anyone not up-to-date with ironic names, is the slumlord who let the Tulsa Club fall into such terrible disrepair.  He's also the reason that a prime piece of central downtown real estate sits practically vacant.  (Nobody has leased the first floor retail space from him since Ike's Chili in 2002, despite the beautiful corner location at 5th and Main.)

http://www.tulsaworld.com/businesshomepage3/tulsa-s-historic-sinclair-building-could-soon-be-sold-at/article_086c5c5b-5906-5d87-a5f6-6db4b590c3f5.html?mode=jqm

"Tulsa County District Judge Carlos Chappelle issued a final judgment against C.J. Morony last week authorizing the city of Tulsa and the Central Park Owners Association Inc. to move forward with the sale of the building at a sheriff's auction should they choose to do so.  Morony has 30 days to appeal the judgment or make arrangements to pay the creditors.  Senior Assistant City Attorney Bob Edmiston said Monday that the city will move forward with the sale of the Sinclair Building, 6 E. Fifth St., if Morony is unable to pay the approximately $234,000 he owes the city."

[SXSW]

Good news, this building would be a great candidate for a residential conversion.  What is the latest on the Tulsa Club?

[davideinstein]

Seriously ridiculous that it just sat there without the city doing anything about it for so long.

[carltonplace]

Seriously ridiculous that it just sat there without the city doing anything about it for so long.

Amen...a shame. I feel like this building is key to a revitalized Main Street. 

[BKDotCom]

article is down for us freeloaders.
30 days has expired.   

Did he appeal?
Did he pay up?

What's the next step?

[Townsend]

Sinclair Building auction put on hold after owner files bankruptcy

http://www.tulsaworld.com/news/local/sinclair-building-auction-put-on-hold-after-owner-files-bankruptcy/article_0a8bb44b-b9e8-5fa6-8174-e7e2393cecf7.html

The sale of the historic Sinclair Building has been put on hold after the owner of the building filed for personal bankruptcy Monday afternoon, city officials said.

The building was to have been sold this morning at a Sheriff's Office auction.

The filing by California businessman C.J. Morony automatically places a stay on the proceedings, said Senior City Attorney Bob Edmiston.

Morony once owned the Tulsa Club building at 115 E. Fifth St.

That building was sold at auction last April for $460,000 after Morony failed to pay the city approximately $470,000 in remedial civil penalties, improvement district assessments and interest.

Just prior to that sale, Morony filed for bankruptcy twice in Nevada. He first put the building under an LLC and that entity filed for bankruptcy. He later filed personal bankruptcy.

Both bankruptcies were dismissed at the request of the city of Tulsa, and the sale of the building proceeded.

Edmiston said the city is considering its options but plans to "pursue it (the sale) diligently as we did his previous two bankruptcy filings."
The Sinclair Building is at 6 E. Fifth St.

Tulsa County District Judge Carlos Chappelle issued a final judgment against Morony in June authorizing the city of Tulsa and the Central Park Owners Association Inc. to move forward with the sale of the building at a sheriff's auction should they choose to do so.

At the time the final judgment was issued, Morony owed the city more than $234,000 in fees, taxes and penalties on the building, according to court documents. He also owed Central Park Owners Association $37,946.

The city's portion includes $176,207.65 in past-due downtown improvement district assessments, penalties and interest dating to 1996 as well as $57,938.55 in civil remedial penalties still owed by Morony on the Tulsa Club building.

Josh Barrett, president of Vesta Properties, purchased the Tulsa Club building with plans to restore its historic look and turn it into mixed-use development with a combination of commercial and residential components.

The building was recently put up for sale.

[sgrizzle]

He pulled this same doodoo with the Tulsa Club, moving the property to an LLC and then that LLC declaring bankruptcy.

[Conan71]

What a complete dooshnozzle.

[Townsend]

Coming up for auction again in September.

He's BK'd twice on it already...let's hope it goes through this time.  Please, to someone with the finances to do something with it.



PS - Someone buy the Club building and bring it back to life

[Weatherdemon]

Coming up for auction again in September.

He's BK'd twice on it already...let's hope it goes through this time.  Please, to someone with the finances to do something with it.



PS - Someone buy the Club building and bring it back to life

One my favorite buildings downtown.
I wish I had the cashola to do something with it!

[Tulsasaurus Rex]

Sinclair Building scheduled for auction for the fourth time

The city of Tulsa is making attempt No. 4 at selling the Sinclair Building.

The downtown Tulsa building at 6 E. Fifth Place has once again appeared on the list of properties scheduled to be sold at a sheriff's auction. This time, the Sinclair Building is scheduled for Dec. 22.

Each of the three previous attempts to sell the building were automatically stayed after bankruptcy filings by building owner C.J. Morony.

Officials at the city of Tulsa have said they took action to repossess the city due to unpaid taxes and other fees associated with the eight-story downtown property
.
Morony also filed for bankruptcy twice before another of his properties, the Tulsa Club building at 115 E. Fifth St., was eventually auctioned off.

In June 2014, Tulsa County District Judge Carlos Chappelle issued a final judgment against Morony authorizing the city of Tulsa and Central Park Owners Association Inc. to move forward with the sale of the Sinclair Building.

At the time, Morony owed the city more than $234,000 in fees, taxes and penalties on the building, according to court documents. He also owed the Central Park Owners Association $37,946.

The city's portion includes $176,207.65 in past-due downtown improvement district assessments, penalties and interest dating to 1996, as well as $57,938.55 in civil remedial penalties still owed by Morony on the Tulsa Club building.

The Tulsa Club building was sold at auction in April 2013 for $460,000 after Morony failed to pay the city about $470,000 in remedial civil penalties, improvement district assessments and interest.

Just before that sale, Morony filed for bankruptcy twice in Nevada. He first put the building under an LLC, and that entity filed for bankruptcy. He later filed personal bankruptcy.

http://www.tulsaworld.com/business/realestate/sinclair-building-scheduled-for-auction-for-the-fourth-time/article_f0979270-68c7-5cc4-82f8-57e851fd98ce.html

[cannon_fodder]

My question is: is the City pursuing any remedy against him in the Bankruptcy Courts? Frivolous filings can be sanctioned, and can even lead to the offender being barred from filing additional suits without permission from the Court (kill the automatic stay). The building will likely fetch more at auction than is currently owed - so you may as well pile on the fees.

Hope it goes through this time. Wish I had $1mil to leverage the ability to buy and then do something with that building!

[Gold]

I've followed these cases on ECF and OSCN for some time.  The arguments are frivolous: Morony claims a homestead exemption on the property because he says he lives there. At this point, unless they filed something recently, the City has not sought sanctions or filing restrictions.  Amazingly, the Oklahoma Supreme Court delayed this because of bankruptcy stay and other issues, even though it was obvious what was going on.

This is one of the single issues that could really change downtown for the better.  Creating a little foot traffic there would stop some bad stuff.

[carltonplace]

This building could generate tons of money if it was occupied. Fill it up with apartments and first floor retail and it would create demand for even more nearby local retail and services for the residents living there. Its moronyic that it has remained empty for so long.

[cannon_fodder]

I've followed these cases on ECF and OSCN for some time.  The arguments are frivolous: Morony claims a homestead exemption on the property because he says he lives there. At this point, unless they filed something recently, the City has not sought sanctions or filing restrictions.  Amazingly, the Oklahoma Supreme Court delayed this because of bankruptcy stay and other issues, even though it was obvious what was going on.

This is one of the single issues that could really change downtown for the better.  Creating a little foot traffic there would stop some bad stuff.

Damn that's annoying. Actually, it is criminal. He doesn't live there and this is a fraudulent filing.

People whine and complain about frivolous use of the Courts, then do nothing even as they deal with it. SANCTION HIM, tack it on to the Judgment, foreclose on the property, sell it, keep as much of the money as possible. Hell, at this point one would expect the Court to act sua sponte.