The District Court of Guam on March 11 approved the sale of the Victory Chapel building to Ely Del Carmen developer and owner of numerous properties on Guam.
The building in Dededo was on the market as a result of the Ada’s Inc. Chapter 11 bankruptcy. The price tag on the property was marked at $225 000; however Del Carmen offered $176 000 for the property. Patricia Feore Realtor for Re/Max Diamond Realty and retained by Butler to sell the Ada properties said “It has been approved and all that needs to happen now is closing the property.”
George M. Butler partner in the law firm of Butler Telford and Butler and Chapter 11 Bankruptcy trustee for Ada’s Inc. said “It’s been approved by the court but it doesn’t end until the estate is paid.” Del Carmen and any legal representation were absent from the proceedings. Attorney Thomas Moody a partner in the law firm of Klemm Blair Sterling & Johnson represented First Hawaiian Bank and did not oppose the offer. The court also noted that no opposition to the offer was filed with the court.
ConRos Inc. has been leasing the building. Del Carmen is majority shareholder of ConRos retaining 98% of the shares while other Del Carmen family members hold the other 2%. ConRos paid about $1 610 monthly for the lease and subleased the building to the Victory Chapel. The Victory Chapel building behind Pay-Less Supermarket in Dededo was once a movie theatre and part of the Hafa Adai family of movie houses.
Almost all of the properties owned by Ada’s Inc. were divested under the bankruptcy proceedings. The last remaining parcel of property in the Ada’s Inc. inventory was still up for sale as of March 17. The land is listed at $310 000 for 4 186 square meters and fronts Marine Corps Drive across from the Our Lady of Lourdes Church in Yigo. MBJ