Judge Approves Albany Law School's Proposal to Buy Leased Property

Judge Approves Albany Law School's Proposal to Buy Leased Property

1/11/2007 | Facebook | Twitter | Email

Date: 01/11/2007

On Jan. 11, 2007, a U.S. bankruptcy judge approved the Albany Law School and Albany Pharmacy School leases with the University Heights Association (UHA) as valid, and also approved the proposal by the two schools to buy the leased property.

Further, Robert E. Littlefield Jr., a U.S. bankruptcy judge for the Northern District of New York, denied the Silverman Foundation's motion to dismiss UHA's petition for reorganization under Chapter 11, and denied the Foundation's motion to appoint a trustee over the property.

The Foundation is making a motion to stay the sale of the property, and a hearing before Judge Littlefield is scheduled on this motion on Jan. 26, 2007. If the stay is denied, Albany Law School will seek to purchase the property as soon as possible.

The legal moves are a result of the Silverman Foundation seeking $24.9 million from UHA, which led to UHA filing to reorganize. Albany Law School leases the 2000 Building from UHA. UHA was established in 1995 by Morris "Marty" Silverman, who passed away last year, to create a nationally recognized center of science, medicine and academics on 32 acres in the heart of Albany.