Advertisement
YOU ARE HERE: LAT HomeCollections

Community Digest

Long Beach

September 12, 1985

A federal bankruptcy judge, who last week accepted a purchase offer for Long Beach's historic Pacific Coast Club then reversed himself the next day, has set a hearing for 10 a.m. today to consider a new offer by a group of Boston investors.

If the new offer is rejected, the 59-year-old beachfront castle, tied up in bankruptcy proceedings for two years, would be sold at a foreclosure auction Friday.

Judge James Dooley accepted the $3.75-million offer of the Boston investors, who say they want to restore the landmark club, last Thursday.

But in reviewing the case, he decided that under terms of a previous court order he should have required a larger non-refundable deposit and an earlier closing date for escrow, said attorneys.

The Boston investors offered a $100,000 deposit and a 60-day escrow. But terms of the previous order called for a $250,000 non-refundable deposit and completion of escrow by Oct. 13, said the lawyers.

Boston developer Edward Le Clair, who heads the investor group, has been in Los Angeles this week trying to determined precisely what the judge wants, his lawyer, Richard Lane, said Wednesday.

Advertisement
Los Angeles Times Articles
|
|
|