El Paso News

Abraham files for bankruptcy, building sale will not move forward

EL PASO, Texas (KTSM) - El Paso businessman and property owner Billy Abraham was scheduled to have several of his buildings auctioned Tuesday morning, but the sale will not move forward.

Abraham filed for bankruptcy Tuesday, essentially halting the sale at the last minute.

The bankruptcy papers were filed in U.S. Federal Bankruptcy Court Tuesday morning, according to documents obtained by KTSM. Those documents show that Abraham is opting for Chapter 11 Bankruptcy and lists his current assets between $1 million and $10 million. 

He also claims to have somewhere between 1-49 creditors that he owes money to. 

In addition to his personal filing, Abraham also filed bankruptcy for Franklin Acquisitions LLC, the primary LLC under which he performs business and property transactions. 

The 11 properties slated for auction included the Toltec and Caples building. The Caples building, in particular was of interest due to its status as one of the most endangered historic buildings in the United States.

KTSM is working on this developing story and will have more during our evening newscasts. 

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