The federal judge overseeing the bankruptcy proceedings of Altoona businessman Gregory Morris has approved the sale of the Hampton Inn and surrounding properties for $16.8 million, according to an order filed last week.
The popular hotel and nearby properties, as well as the leases for several business including the Cracker Barrel restaurant, Champs and a business in the Hampton Inn, Stifel Nicolaus and Co. Inc., will be transferred to the new owners, OZZVEN LLC.
Nathan Karn, one of the attorneys who represents the estate of the late Joseph Ventura, said OZZVEN is a corporation owned by Dr. Carroll P. Osgood and his wife, Diane, and the Ventura estate.
The property includes 6.5 acres and hotel on Charlotte Drive, Logan Township; properties on Goods Lane, Irwin Drive and Peters Drive; and the various leases.
The sale closing shall occur within 45 days, and the bankruptcy trustee, attorney Robert H. Slone, shall make a report to the court 10 days after that, U.S. Bankruptcy Judge Jeffery A. Deller of Pittsburgh stated in his order.
Karn would not discuss how the deal is to be financed. He did indicate that the hotel would continue to be operated by a management company, just as it has been under Morris' management.
The Osgoods and Ventura were business partners with Morris.
That relationship came to a bitter end in May 2010 when the partners asked Blair County President Judge Jolene G. Kopriva to place Morris' many real estate ventures into receivership after what was called a "terrible breakdown of communications" between Morris and the partners.
The judge ordered all of the businesses into a receivership, but Morris countered by filing for protection under chapters 7 and 11 of the U.S. Bankruptcy Code.
Deller, for the last 26 months, has overseen the disposition of many of the properties.
The judge authorized the sale of three Colonial Courtyard personal care homes in Tyrone, Bedford and Clearfield for $16.5 million in February to IntegraCare Corp. of Wexford. The closing for the sale of those properties will take place when the state approves the licenses for the homes under the new ownership.
While these major properties are destined for sale, other issues remain to be resolved, as explained by Karn.
Morris, at one point, proposed the development of a business park behind Logan Town Centre.
That property, known as Phase II 17th Street, is still in bankruptcy as are other properties Morris managed - a property near HealthSouth Rehabilitation Hospital, a property on which Morris planned to build a Hilton hotel and another that included the Old Corner Table Restaurant near Tipton.
Neither of Morris' attorneys, Robert O. Lampl and John Lacher of Pittsburgh, could be reached for comment Friday.
Mirror Staff Writer Phil Ray is at 946-7468.
