Financial thoughts

Janet and John Beardsley could retain ownership of the Historic U.S. National Bank Block under a bankruptcy plan slated for approval in August.

The Beardsleys placed the property in bankruptcy on Oct. 9, 2009 in the face of mounting debts over the downtown Portland building, 321 S.W. Sixth Ave. The Chapter 11 reorganization case was filed in U.S. Bankruptcy Court for Oregon.

An amended reorganization plan was filed June 2 and approved by the court June 9. A confirmation hearing is set for Aug. 4, at which point the property would exit bankruptcy.

The reorganization plan anticipates that creditors will be repaid within seven years, if not earlier. The plan claims the property is appraised at $27.9 million. It would need to sell for a minimum of $22.5 million to net enough money to repay creditors at the $20.92 million owed under the plan.

John Beardsley and Janet Beardsley each own 50 percent of the company. They will retain ownership but could be required to invest an unspecified amount of new equity to retain their position bad credit payday advance. The reorganization also would allow them to draw up to $12,000 per month to pay “reasonable” living expenses, including income taxes.

Beardsley filed a separate Chapter 11 case covering other real estate assets. The Fountain Village Development case is pending. A reorganization plan was filed March 19, 2010 but has not been confirmed.

The Fountain Village case covers the Fountain Village block at Southwest Second Avenue near Burnside, the New Market Theater Block at Southwest First Avenue and Ankeny Street, the Loyalty Building, 317 S.W. Alder St., the Hamilton Building, 500 block of Southwest Third Avenue, other buildings in downtown and an airplane hangar in Juneau, Alaska.

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