Wednesday, January 23, 2008

Boise Hole Gets Reprieve

Posted By on Wed, Jan 23, 2008 at 4:00 AM

The would-be developer of the Boise Hole is holding on by a thread.

Gary Rogers, owner of Charterhouse Boise Downtown Properties, has 30 days to make all necessary payments and file the needed documents to avoid turning a Chapter 11 bankruptcy into a Chapter 7.

U.S. Bankruptcy Court Judge Jim Pappas granted the extension this morning.

Trustees in the bankruptcy case had asked for the move to Chapter 7 to allow for Rogers' assets to be liquidated and creditors to try to claim their money.

The Internal Revenue Service joined the bankruptcy motion since Rogers had failed to pay his taxes. He also owes a reported $14,500 in back property taxes to Ada County according to the Idaho Business Review.

Check out the sorted history of the Boise Hole in this week's BW.

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