In re Piedmont Center Investments, LLC (Bankr. E.D. Wis.) Case no. 11-32453

Piedmont Center Investments, LLC recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances.  The Debtor owns and operates several shopping center properties. The Debtor states that its principal reasons for filing for bankruptcy are the downturn in the economy and consequent non-payment of rent by tenants. The Debtor owns Gibsonville Shopping Center located at 231-235 Burke Street in Gibsonville, North Carolina, valued by the Debtor at $2.1 million; Graham Shopping Center located at 412 South Main Street in Graham, North Carolina, valued by the Debtor at $2.3 million; Chowan Shopping Center located at 831-851 West Main Street in Murfreesboro, North Carolina, valued by the Debtor at $1.4 million; Nashville Shopping Center located at 703-739 East Washington Street in Nashville, North Carolina, valued by the Debtor at $3.4 million; Pittsboro Shopping Center located at 317-400 East Street in Pittsboro, North Carolina, valued by the Debtor at $2.7 million; Woody Village Shopping Center located at 806-821 North Madison Boulevard in Roxboro, North Carolina, valued by the Debtor at $2.5 million; and Mebane Shopping Center located at 101-105 South Fifth Street in Mebane, North Carolina, valued by the Debtor at $5.2 million.  There are approximately 30 current commercial lease tenants on the properties.  The Debtor’s personal property consists of bank accounts with a disclosed balance of $1,420; accounts receivable booked by the Debtor at $14,000, rent guaranty claims valued by the Debtor at 47.2 million; and office furniture and equipment valued by the Debtor at $2,500. The Debtor’s gross income for 2009 was $1.3 million; for 2010 it was $1.4 million; and for 2011 to date it is $485,741.