Patterson Park CDC Files for Bankruptcy
A row of homes in East Baltimore rehabbed by the PPCDC. | Image by Erin Sullivan
On Feb. 17, the Patterson Park Community Development Corp., an East Baltimore nonprofit that tried to revitalize the area north of Patterson Park by rehabbing rowhomes and and selling them for substantial sums, filed for Chapter 11 bankruptcy. Chapter 11 is a reorganization bankruptcy, usually filed by companies that wish to restructure their debt to keep the business alive and pay creditors back over time.
The filing lists 107 creditors (though a couple, such as Baltimore city and FIA Card Services, appear as creditors a couple of times in the filing), the largest of which is Baltimore city, to which the PPCDC owes a grand total of $196.670.85 ($136,728.51 in property taxes, $32,906.35 in water bills, and $27,036.09 for an undisclosed bill).
The next-largest creditor on the list is a credit-card issuing company, FIA Card Services, to which the PPCDC owes $130,138.50.
Other creditors on the list include Home Depot Credit Services, which is owed $59,188.81; a Reisterstown construction company Reisterstown called NOVO Construction Inc., which is not listed with the Maryland Home Improvement Commission as a licensed home-improvement company nor with the Maryland Attorney General’s home builder’s list, which is owed $44,597.65; and Walbrook Lumber of Baltimore, which is owed $41,048.06.
A couple of notable items in the filing:
$28,446.68 is owed to a Baltimore-based LLC called Patterson Acquisition. In June 2006, the PPCDC sold 13 homes that it bought for a total of $299,657 to that company for $1,706,800. Patterson Acquisition does not appear to have taken an mortgage loans on those properties.
The PPCDC owes Friends of Patterson Park–an organization to which PPCDC granted $1,000 in fiscal year 2002, 3,500 in fiscal year 2003, $5,000 in fiscal year 2004–a total of $25,000.
No banks are listed among the PPCDC’s top 20 creditors, though a good number of banks, including Bradford Federal Savings Bank, Homewood Federal Savings Bank, M&T Bank, PNC Bank, Provident Bank, K Bank, SunTrust Bank, and 1st Mariner Bank, are listed as creditors in the filing.
Ed Rutkowski, the founder of the PPCDC, is listed as a creditor in the filing.
And in the interest of full disclosure, City Paper is also listed as a creditor in the filing.