July 6, 2018 • Local News
El Paso Inc: Paul Foster and Miguel Fernandez move on Abraham’s buildings, offer $10.4 million
El Paso investors Paul Foster and Miguel Fernandez have upped the ante in the bankruptcy case of William “Billy” Abraham by offering to buy his entire stock of Downtown buildings and several others, 20 in all, for $10.4 million.
The offer, if accepted by the trustee in the case, Ron Ingalls, and U.S. Bankruptcy Judge H. Christopher Mott, would leave Abraham with $200,000 in cash and the ownership of six properties.
“We calculated what it would take to pay all the claims, the trustee, his broker and the taxes,” said Harrell Davis, the El Paso attorney representing Foster and Fernandez.
Davis also represents Ivan Aguilera, who, as the son of the late Mexican singer Juan Gabriel, brought the $1-million claim against Abraham that led him to seek bankruptcy protection in February. That claim was for a concert Abraham promoted in 2016 but never paid Gabriel for.
Abraham, son of the late attorney Joseph “Sib” Abraham, owned and inherited a trove of historic Downtown buildings that he didn’t keep up or pay the taxes on. He also faced numerous city fines for code violations.
There’s a July 24 hearing in the joint bankruptcy cases of Abraham and his company, Franklin Acquisitions. But Davis said he hopes to hear from Ron Ingalls, the trustee in the case, before then to say how he will handle the latest offer for Abraham’s properties.
Ingalls has the authority to recommend the approval of property sales to settle financial claims in the case to Judge Mott.
Ingalls’ appointed broker in the case, Mark Hall, said Abraham has some say in what happens next and that it’s premature to say how Ingalls and the court will handle the Foster-Fernandez offer.
Foster, the 59-year-old former owner and CEO of Western Refining, contributed $50 million to help establish the Paul L. Foster School of Medicine as a four-year medical school in El Paso and has invested in historic properties Downtown.
“Mr. Foster has already shown that he has an interest in putting his money in a philanthropic way to renovate Downtown El Paso,” Davis said. “This is a continuation in that.
“He and Miguel Fernandez got together to partner up and make this offer last week.”
Fernandez, founder, owner and CEO of Transtelco, a telecommunications company operating in Mexico and the U.S., is also investing in Downtown and is developing a boutique hotel, Stanton House, in what had been the Rogers Furniture Building.
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