Developer Trooien Files for Ch. 11 Protection
Jerry Trooien, a developer from St. Paul and founder of JLT Group, Inc., filed for Chapter 11 bankruptcy protection on October 25.
In his filing in U.S. Bankruptcy Court in Minnesota, Trooien lists assets of between $1 million and $10 million, and he estimates liabilities to be between $100 million and $500 million.
According to Trooien's petition, he owes money to between 50 and 99 creditors. Trooien owes more than $260 million to the creditors holding the 20 largest unsecured claims.
Minneapolis-based Dougherty Funding is owed $58.1 million-the most of all unsecured creditors. Trooien owes Charlotte, North Carolina-based Bank of America about $44.2 million. He owes Cleveland-based PNC Bank roughly $34.5 million and San Francisco-based Wells Fargo about $32.6 million, according to court documents.
Trooien, who has worked in the commercial real estate industry for three decades, is known by many for his plans for The Bridges of Saint Paul, a complex of retail, residential, theater, and hotel space that, in its original plan, comprised more than 2 million square feet and carried a price tag of $1.5 billion. The project was never completed.
Trooien's Chapter 11 filing comes only a few months after a judge issued an order allowing General Electric Capital Corporation to place liens against 29 business entities in which Trooien holds an interest. On Monday, Trooien filed a complaint alleging that his recently filed bankruptcy case stops GE Capital's action to establish the liens.
In October 2009, Trooien was ordered to pay more than $23.7 million on aircraft loans in default.