Pacific Daily News
May 31, 2019
By Haidee V Eugenio
Prospective buyers can make offers on the former Accion Hotel in Yona up to Aug. 8, which is the eve of a federal court hearing on the Archdiocese of Agana’s ongoing bankruptcy case.
Proceeds of the property sale will go toward paying more than 200 Guam clergy sex abuse claims against the archdiocese, which filed for reorganization bankruptcy protection in January.
The archdiocese, through Idaho-based Attorney Ford Elsaesser, agreed with creditors’ request to extend the purchase period, but told the court on Friday about the risk of losing the cash offers that are already on the table.
2 purchase offers
These are the $5.35 million from TF Investment LLC, and $5.6 million from Dr. Saied Safabakhsh, a nephrologist and owner of dialysis centers on Guam.
TF Investment’s president is Chieng Tan, who is also president of GPPC Inc., which has been a longtime contractor on Guam, Saipan and other parts of Micronesia.
Safabakhsh, known in the community as “Dr. Safa,” intends to turn the former Yona hotel into a clinic, according to real estate broker Alliance Realty LLC.
Both TF Investment and Safabakhsh made an earnest deposit of $100,000 each, and both are ready to close the deal as soon as the federal court approves the sale, Elsaesser said.
Minnesota-based Attorney Edwin Caldie, counsel for the unsecured creditors committee that includes clergy sex abuse survivors, asked the court for a 120-day or four-month period to continue to find buyers for the property for a higher price.
“We do not believe the property was robustly marketed internationally,” Caldie told the court.
The archdiocese listed the Yona property in 2018 for $7.5 million.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.