Billy Abraham takes first steps towards selling properties

El Paso, TX (KTSM) - Bankrupt, notorious El Paso building owner Billy Abraham is taking the first step toward selling some of the historic downtown buildings he has been keeping for years, including one within the footprint of the planned Downtown arena.

Abraham's attorneys filed a motion to convert his case from Chapter 11 to Chapter 7, meaning Abraham will have to sell a number of his properties in order to pay off his debts, including the money he owes to the family of singer Juan Gabriel over a concert deal. 
Court filings show Abraham owes more than $7M and his properties are worth an estimated $13M.
As KTSM has reported, Abraham filed for bankruptcy last month to stop the auction of a number of his buildings, to include the old Chinese Laundry and the Caples building. 

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