West Enterprises still mortgage-company owned
Published 12:00 am Friday, July 24, 2009
NATCHEZ — West Enterprises is still the property of a Pennsylvania-based mortgage company.
Last week, attorney Hal Dockins, who is representing the West family in their foreclosure proceedings, said he hoped the West family and investors would have raised enough money by Wednesday to buy the business, and land, back from Apex Mortgage.
In May, $275,000 of unpaid mortgage payments caused Apex to foreclose on the property.
Jackson attorney John Underwood represents Apex and said while he spoke with Dockins early this week on purchasing the business from the mortgage company, he has not heard back from Dockins with any firm plans.
“I don’t have any reason to believe he won’t make an offer,” Dockins said. “Right now we have to just wait and see.”
Dockins was in the process of developing a board of directors to run West Funeral Home after longtime West Enterprises President Theodore “Bubber” West stepped down.
Dockins was also trying to rally investors to get the necessary funding to purchase the property back from Apex.
And Underwood speculated that process could have taken Dockins longer than expected.
“Anytime you try to raise capital with a group of investors, you can run into problems,” Underwood said. “It doesn’t happen quickly.”
And both Dockins and Underwood are expected in a Jackson courtroom next week to try to determine if the property can be sold in bankruptcy.
The day before Apex foreclosed on the property, West filed for bankruptcy in an effort to stop the sale.
Dockins maintains the bankruptcy should stop any pending sales of the property and business.
That hearing is set for July 29.