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Raleigh developer files for bankruptcy

Posted October 6, 2009

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— Raleigh real estate developer Bassadour Butler & Eugene joined the list of recession victims Oct. 1. The firm filed for Chapter 7 bankruptcy, citing assets of up to $50,000 and liabilities of between $100,000 and $500,000.

Among its creditors, the firm lists utilities, Wake County government and retailers like Lowes and Office Depot.

The firm, based at 410 North Boylan Ave., has been in business since 1994. According to its Web site, Bassadour Butler & Eugene specializes in "property location, financial analysis, ground-up construction and resale properties."

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  • howdiditgettothis Oct 6, 2009

    I sure hope that any personal property these folks own are confiscated and used to pay THEIR debt, rather than hardworking taxpayers picking up their tab for living the high life, too much too fast.

  • foetine Oct 6, 2009

    Well so much for house flip fever in Raleigh. Tear downs and go broke

  • lkanzig Oct 6, 2009

    oh you better beleive bev and her buddies going to take their share first!

  • whatelseisnew Oct 6, 2009

    Sounds like a fly-by-night operation. However, this is excellent news. Glad to hear it, particularly nice to see Wake County Gov gets stiffed.