Judge Rules in Favor of Baltimore & Charles Associates, LLC Plan of Liquidation-Once Grand Building Has a Chance at New Life

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After a hearing to consider confirmation of the Baltimore & Charles Associates, LLC Plan of Liquidation on Friday, February 25, 2011, Unites States Bankruptcy Judge Robert Gordon ruled in favor of confirmation of the Debtor’s proposed liquidation plan.

The once grand building has a chance at new life

A century ago, the commercial district of Baltimore saw its newest gem, the headquarters of the Baltimore & Ohio Railroad at 2 North Charles Street, open to great fanfare as a symbol of the grandeur of what was then the city's most important business.

By the turn of the century, the B&O Railroad was an integral part of the port city's economy. According to the National Park Service, the railroad brought extraordinary wealth to the city and some of its most famous citizens - including philanthropists George Peabody and Johns Hopkins.

More than 100 years later, after a bankruptcy resulting from cash flow problems relating to a $60 million renovation and the sudden death of tits developer, the once grand building has a chance at new life.
After a hearing to consider confirmation of the Baltimore & Charles Associates, LLC Plan of Liquidation on Friday, February 25, 2011, Unites States Bankruptcy Judge Robert Gordon ruled in favor of confirmation of the Debtor’s proposed liquidation plan. As a result, upon entry of the Order, the Debtor can file to convert the building into three separate parcels that would permit it to sell the Hotel portion of the historic 2 North Charles Street location to an affiliate of Kimpton Hotels for approximately $33,000 and to sell the remaining office and retail spaces to an affiliate of Kenwood, for another approximately $1.3 million.

This creative solution assures the Hotel Monaco will remain and continue to thrive at its current location, assures that the office and retail space will continued to be maintained by a quality commercial property manager and permits the Debtor to maximize value for the benefit of its creditors while preserving the building’s rich architecture and history and historic tax credit structure.

The Debtor was represented by Lawrence Yumkas of the Annapolis based law firm of Logan, Yumkas, Vidmar & Sweeney, LLC.

For more information about this deal, please contact Karen McGagh 443-632-4217. For inquiries that should be addressed to Kimpton, those inquiries should be directed to Vanessa Bortnick, Kimpton's Vice President of Public Relations. Vanessa’s email address is Vanessa(dot)bortnick(at)kimptongroup(dot)com and her phone number is 415-955-5486.

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Karen McGagh

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