DEWITT, N.Y. (WSYR-TV) – The owner of ShoppingTown Mall in DeWitt says it plans to file for reorganization under Chapter 11 bankruptcy.
In a news release, CEO Edward Sklyaroff issued the following statement: “We expect the federal bankruptcy court to treat the Mall fairly and without any preconceived biases. The bankruptcy proceedings and recent appraisals will expose how the Town of Dewitt and Onondaga County have grossly over-inflated the assessed value of the Mall for years.”
The bankruptcy filing will halt all legal action facing ShoppingTown Mall NY LLC, including a lawsuit filed by Onondaga County. It will also prevent the property from falling into foreclosure while it is reassessed by the court.
ShoppingTown Mall remains the county’s largest delinquent landlord, owing nearly $10 million.
As the case sits open in court, Onondaga County Executive Ryan McMahon still hopes owners Moonbeam Capital will come through with a payment plan before the property becomes eligible for tax foreclosure in October. That’s when McMahon says the legal action will become “full throttle.”
Onondaga County representatives will have the opportunity to plead their case during bankruptcy proceedings.