Bauman project in Village of Webster may file Chapter 11 bankruptcy | News

Neil Buaman, owner of Prime restaurant and nearby office and commercial space he has developed in the village of Webster, said this morning that he may be "forced into" filing for Chapter 11 bankruptcy protection later this week due to ongoing disputes with his bank. He said the bank has already foreclosed and the project is "under receivership," but he plans to counter-sue.

Bauman did say he has been working to refinance the project.

"We were in the process of negotiating a new deal," he said this morning.

Bauman did stress that Prime restaurant, 40 E. Main St., Webster, is and will remain open "indefinitely," since it is a separate entity from the rest of the project.

He acknowledged, "We have got an awful situation here ... it's ugly."

In May 2008, Eric Bauman and his father Neil announced plans to use money from the eBaum's World website to finance a Main Street makeover in Webster.

eBaum's World was acquired by Zvue Corp. in a complex deal involving stock and a reported $17 million in early August 2007.

Courtesy www.MPNNow.com