Thu October 8, 2009
Hines Mulls Ordering Sale of Executive Inn
By Todd Hatton
Paducah, KY – Special Judge Jeff Hines says he's inclined to order the Executive Inn sold at public auction to allow those who have financial claims against it to collect. The Paducah Sun reports Hines also saying in a hearing yesterday if he orders the hotel sold, the sale would include the real estate. But before ruling, Hines will give Singh and Logan Asset Backed Fund three weeks to negotiate an agreement that would end Singh's ownership.
Logan holds the hotel's $3.5 million mortgage on the hotel and says it has not received a payment since December. Singh's attorney, John Reed, says Singh and Logan are within a week of reaching an agreement, which Todd Farmer, Logan's attorney, confirmed. Hines will hold another hearing October 27.