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Developer files for bankruptcy
(Tulsa World (OK) Via Acquire Media NewsEdge) Nov. 11--Developer Ed Kallay, a key figure in multiple commercial projects and lawsuits over the years in Tulsa, has filed for Chapter 7 bankruptcy.
In his liquidation filing Friday in U.S. Bankruptcy Court, Kallay puts both assets and debts in ranges of between $1 million and $10 million. The petition also says Kallay has 25 creditors, and that the debts are primarily business-related.
Kallay said he filed bankruptcy so he could concentrate on clearing approximately $1 million in debts.
"I needed to get help in a federal venue, since the civil venue is just so time consuming," he said in a telephone interview Monday.
His company, Kallay Group, once owned or managed 1 million square feet of commercial space in Tulsa. He said he has earned millions of dollars developing office complexes, shopping centers and warehouse markets.
Kallay is best known for the Woodland Park development, a bustling movie and restaurant venue near U.S. 169 and 71st Street. He once owned Eastland Mall and was part of a partnership that's redeveloping it into the mixed-use Eastgate Metroplex, though he said he is no longer involved with the project.
Kallay said he currently is pursuing seven development projects.
In
a January 2007 interview with the Tulsa World, Kallay said he made bad financial decisions and faced an uphill battle with his finances and as a defendant in several lawsuits.
From 2004 to this year, Kallay has been involved in 15 lawsuits, some of which include foreclosures and bad bank notes in addition to claims of fraud. Some of the cases are pending, while others have been settled.
Robert Evatt 581-8447
robert.evatt@tulsaworld.com
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Copyright (c) 2008, Tulsa World, Okla.
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