The Statler's Door Hit Issa on the Ass on the Way Out

12 Aug

Bashar Issa will now go down in Buffalo obscurity/infamy, just like, say the E-Zone.  He paid $4.5MM for the Statler in 2006, promised the moon and the sun and the stars, and it’d all be self-funded.

To say he was wrong would be an understatement. In the end, he turned out to be a well-dressed carnival barker, unable to complete much at all with that property.

Deals to sell the Statler to various interested parties came and went.  Issa couldn’t even get it together to come to terms and close a deal to sell.

So, the creditors forced him into involuntary bankruptcy, which ultimately led to today’s rather pathetic auction sale.  Watch the bidding start at $1MM and drop down to $400,000 before someone bothers to bid.  Ultimately, Park Lane Catering, LLC bought the building free and clear of all debts and liens for $1.3MM.

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I wish them the very best luck in their very difficult endeavor.

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2 Responses to “The Statler's Door Hit Issa on the Ass on the Way Out”

  1. Howard Goldman August 12, 2009 at 10:41 pm #

    Bashar put $4.5MM where his mouth is. I have never done that.
    A valuable thing that Bashar bought and paid for was $4.5MM worth of humility. I hope someday that I possess something that valuable.

  2. Derek J. Punaro August 13, 2009 at 11:28 am #

    Yeah, I think calling him a carnival barker is a bit of a misnomer. He actually paid for the building and put actual dollars into it, unlike many a plan which never get past the artist’s rendering stage. He bit off far more than he could chew and turned out to be a lousy project manager, and he [literally] paid for it.

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