Washington man fights to keep his hotel open despite filing bankrutpcy.
Tap to Call - (877) 250-8242

Washington Man Fights Bank Over Business Foreclosure


June 07, 2011

Share this article


A business owner facing personal bankruptcy is fighting to keep his hotel from foreclosure.

The owner of Washington state's Clam Cannery Hotel says he plans on restoring part of the property despite filing for Chapter 11 bankruptcy,  according to the Peninsula Daily News.

Kevin Harris of Port Townsend plans to go ahead with development through his business, Quincy Street at the Waterfront LLC. However, the newspaper said Columbia Bank, which claims Harris is in default of a $1.8 million loan, plans to argue that they should be able to foreclose on Harris since he does not have any equity on the property.

In April, the bank rejected a reorganization plan filed by Harris' attorneys which proposed a repayment of $2.05 million. The bank claims Harris owes them $2.07 million, which includes $55,000 in lawyers and appraisal fees, reported the news source. Because an appraisal of the property valued it at $1.4 million, the bank's attorneys are reportedly arguing that Harris has no equity in it and therefore it shouldn't be part of Quincy Street's reorganization plan.

"The bottom line is I have adversarial proceedings against the bank, and we don't see eye to eye," Harris told the source.

Harris is scheduled to appear at a bankruptcy court hearing on June 10.

Chapter 11 is a form of bankruptcy that involves the reorganization of the debtors business affairs and assets, according to the U.S. Courts website. It is usually the most complex and expensive of all bankruptcy cases.

Back to Newspaper Home

Tap to Call - (877) 250-8242

Copyright © 2018 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."