120 York LLC (owner of TL building) files for bankruptcy Options

[dangum]

Company that owns Think Loud building in York, tied to rock band Live, files for bankruptcy

120 York LLC owns the four-story building, which contains the offices of United Fiber & Data, a telecommunications startup in York.

Dylan Segelbaum | York Daily Record

A limited liability company that owns a four-story building in York that’s tied to members of the multi-platinum-selling rock band Live has filed for bankruptcy.

120 York LLC filed a voluntary petition for Chapter 11 bankruptcy on April 27 in U.S. Bankruptcy Court for the Middle District of Pennsylvania. The process allows businesses to reorganize and restructure their debts.

The company owns the Think Loud building, which is located on York Street near PeoplesBank Park and contains the offices of United Fiber & Data, a telecommunications startup that’s built a 340-mile fiber-optic line connecting New York City to Ashburn, Virginia, in the Washington, D.C., suburbs. The firm has boasted that it would create more than 300 jobs and generate in excess of $2 billion in state tax revenue in 30 years in Pennsylvania.

In 2020, Kinsley Construction obtained a more than $13.94 million judgment against 120 York and later moved to have the building put up for sheriff’s sale, which was supposed to take place on June 7. The bankruptcy case automatically puts that on hold.

The members of 120 York are Chad Taylor, Chad Gracey and Patrick Dahlheimer, the lead guitarist, drummer and bassist of Live, respectively, as well as their business partner, Bill Hynes.

Gov. Tom Corbett's administration awarded a total of $7 million to what was billed as the 210 York St. project, which included included making renovations to the 53,000-square-foot building. The property used to house Bi-Comp, a printing company.

The state has paid out $3.38 million as reimbursement for construction costs, according to the Office of the Budget.

Court documents indicate that 120 York has at least 14 other creditors, including MetEd, Verizon and York Water Co. The business owes all of them a total of almost $30,625.

120 York’s general counsel, Jason Confair, could not be reached.

Robert Chernicoff, 120 York's bankruptcy attorney, said the process gives clients time to try to reorganize and improve their financial situations.

The York County Tax Claim Bureau recently filed a tax claim against 120 York that totals approximately $95,230 for unpaid taxes on the Think Loud building, according to court records.

Contact Dylan Segelbaum at 717-771-2102.

https://www.ydr.com/story/news/watchdog/202...ufd/4953974001/