Bankrupt St. Paul real estate developer owes $284 million
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Bankrupt St. Paul real estate developer owes $284 million

Sam LaheyNovember 16, 2010

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Bankrupt St. Paul real estate developer owes $284 million

St. Paul, Minnesota real estate developer Jerry Trooien, who filed for bankruptcy last month, recently submitted schedules to a bankruptcy court revealing that he owes $284 million and has $6.5 million in assets.

According to TwinCities.com, Trooien listed about 110 corporations and partnerships as assets, with only two of them having any net equity. His most known venture, JLT Group Inc., was not among the two corporations with any net equity.

The news provider reports that Trooien's finances began to go downhill when a private jet service that he owned declared bankruptcy in 2009. For that year, Trooien reportedly listed a net operating loss of $6.8 million in his bankruptcy filing.

Trooien's Chapter 11 bankruptcy filing also shows that he owes about $57 million to secured creditors and another $227 million to unsecured creditors. StarTribune.com reports that the developer filed for the reorganization bankruptcy when one of his creditors sued to place liens on some of Trooien's real estate holdings.


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