Meanwhile, the project's current owners, Selwyn Bingham and Sylvia Cleaver, say they should know within 10 days whether the company they are talking to will buy the bankrupt project for $3.7 million. Such a deal--down from a $4.8 million deal for which they could not get financing--would likely beat out the city and Enron's less lucrative reorganization plan.
Brown set the next hearing for April 13 to give the parties more time to reach agreements. If neither plan pans out, it's possible lawyers for one or more of the creditors could force the project into a Chapter 7 liquidation, which could result in its auction by a court-appointed trustee.
The Round at Beaverton Central was touted as the core project of a completely redeveloped Central Beaverton area the skirts the light-rail tracks west of Southwest Hall Boulevard and Watson Avenue. Work on the office, residential and retail complex stopped in early 1999--two years after it began--after its developer failed to find the necessary financing to proceed, leaving buildings half constructed.
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