CMTRA Chairman Tesch, Perry Appointee, files for bankruptcy again
Official's firm files for Chapter 11
CENTRAL TEXAS DIGEST
Compiled from staff and wire reports
Austin-American Statesman, Copyright 2005
Cedar Park Associates, wholly owned by Central Texas Regional Mobility Authority Chairman Robert Tesch and his wife, has filed for Chapter 11 bankruptcy protection.
Tesch said that the company exists to own, operate and develop a single 18-acre property and office building on RM 1431 and that his other company, Tesch and Associates Inc., is on solid financial footing.
Cedar Park Associates owes about $3.1 million to Regions Bank on a property appraised at $5.2 million, Tesch said, and the bank has filed suit over payment of the debt.
Given the substantial equity his company has in the property, Tesch said, he anticipates no problem resolving the matter in the coming months.
Gov. Rick Perry in January 2003 appointed Tesch to head the board of the authority, which is building the U.S. 183-A toll road.
Perry has not indicated publicly whether he will reappoint Tesch or name a new chairman.
Austin American-Statesman: www.statesman.com
CENTRAL TEXAS DIGEST
Compiled from staff and wire reports
Austin-American Statesman, Copyright 2005
Cedar Park Associates, wholly owned by Central Texas Regional Mobility Authority Chairman Robert Tesch and his wife, has filed for Chapter 11 bankruptcy protection.
Tesch said that the company exists to own, operate and develop a single 18-acre property and office building on RM 1431 and that his other company, Tesch and Associates Inc., is on solid financial footing.
Cedar Park Associates owes about $3.1 million to Regions Bank on a property appraised at $5.2 million, Tesch said, and the bank has filed suit over payment of the debt.
Given the substantial equity his company has in the property, Tesch said, he anticipates no problem resolving the matter in the coming months.
Gov. Rick Perry in January 2003 appointed Tesch to head the board of the authority, which is building the U.S. 183-A toll road.
Perry has not indicated publicly whether he will reappoint Tesch or name a new chairman.
Austin American-Statesman:
posted by Porkus Maximus Tex: at Wednesday, August 03, 2005
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