Why did the elevator property transfer to a new owner?
In comparing the appraised values of the elevator properties and the amount of secured liens against the elevator properties, it was apparent that no funds would be gained from the selling of the elevator properties. In exchange for abandoning the properties, one of the largest claimants agreed to purchase the elevator properties from the lien holders and agreed to not file a claim against the elevator bonds, thus allowing more bond money to be available to pay the remaining claimants.
