Delayed West hearing may help reclamation
Published 12:00 am Friday, July 3, 2009
NATCHEZ — An attorney representing West Enterprises is working with members of the West family to purchase the family’s land and business back from the mortgage company that foreclosed on the property in May.
And Attorney Hal Dockins said he will be using a postponed bankruptcy hearing from earlier this week to his advantage.
On Tuesday, a hearing in Jackson that was expected to determine whether or not land owned by West Enterprises could be sold despite a last-minute bankruptcy filing was postponed because no court reporters were available.
Former Natchez Aldermen Theodore “Bubber” West is president of West Enterprises.
That hearing has been rescheduled for July 29.
“We’re working under the gun,” Dockins said.
Dockins said for the past six months he has been working with the West family to restructure the management and reorganize the company’s debt.
And a large part of restructuring the company means finding financial backers, Dockins said.
“This is a viable lucrative company,” Dockins said.
West deferred all comments to Dockins.
Dockins said he’s currently trying to find financing for the company’s biggest debt, approximately $275,000, which is owed to Apex Mortgage.
Attorney John Underwood represents Apex and said, in his experience, it’s rare for property to be purchased from bankruptcy by the original owner.
“It’s just not something we see a lot,” Underwood said.
However, Dockins said he feels confident the West family will ultimately be able to purchase the property.
“I have a good feeling,” he said. “We’ve been contacting financers and they have an interest.”
Dockins said he is also taking steps to make sure those with funeral policies at West Funeral Home will be protected.
But as Dockins moves to aid the West family, other tentative buyers are eyeing the property.
Underwood said his office has been contacted by other buyers with an interest in the land.
Underwood said while he expects the outcome of the July 29 hearing will allow the sale to proceed despite previous bankruptcy filings, if the Wests are not prepared to buy, the land will be sold to another bidder.