An Elkhart County judge has ordered the Chicago-based real estate investors who purchased Concord Mall in Elkhart return the keys to the mall to a court-appointed receiver. The Elkhart Truth reports the owners of Ton Real Estate Investments X LLC could face additional sanctions.
The Friday order from Judge Teresa Cataldo came shortly after a bankruptcy court judge in South Bend dismissed a Chapter 11 bankruptcy filing by Ton Real Estate.
Ton Real Estate acquired the mall from Concord Mall Properties LLC in February 2020. However, Cataldo last July declared the company in default for not paying the nearly $7 million price tag.
Additionally, South Bend-based Bradley Co. LLC was appointed as receiver for the property to manage the mall site. Cataldo’s order last week called for Ton Real Estate to hand over the keys to the mall to Bradley immediatey.
The judge also gave Ton Real Estate 28 days to fulfill a previous order to hand over $60,000 it collected from tenants last year, according to the publication. If the money is not handed over, Ton Real Estate owners Daniel Olswang and John Thomas could face financial sanctions and possible jail time.
The Truth reports Olswang attended last Friday’s hearing and said he did not know where the $60,000 had gone. However, he said the company would be able to pay it back within a month.
You can read the full story from the Elkhart Truth by clicking here.