Lincoln Mall owner Michael Kohan's payment of over $100,000 in mid-August is not enough to get the mall back in working order, according to the Sun-Times Media.
Circuit Court Judge Thomas Condon ordered Kohan pay another $100,000 to the court-appointed receiver Collateral Trustee Inc. in order to continue safety related repairs and day-to-day operations. He has two weeks to cough it up.
Lincoln Mall has been in the spotlight since the beginning of August, when the Village of Matteson filed a lawsuit to shut the decrepit facility, at least until numerous dangerous conditions were addressed.
Kohan's recent, court-ordered payment of $100,000 was already spent on electrical and carpentry repairs, in addition to mall operations and receiver fees, according to Collateral Trustee owner John Suzuki. He says the additional $100,000 is needed for emergency exit repairs. Another $150,000 may be needed after that to install fire stairs and emergency exits, he says.
“Mr. Suzuki did more in a weekend than Mr. Kohan did in a year and a half,” Matteson attorney John Kennedy said in a Sun-Times report.
Whether Kohan can afford the extra payments, is unknown. In its current condition, the mall is losing $100,000 every month because there's not enough money coming in from merchant renters. Kohan's company, Lincoln Mall Holding, is roughly $1.5 million in the hole due to unpaid property taxes, Suzuki says.
“You can’t squeeze blood from a turnip,” his attorney, Michael Aschenbrener said in a Sun-Times report. “Lincoln Mall operates at a deficit. My client is not reaping huge rewards and collecting great money from the rent. Now the village wants more money from nothing.”
Kohan's Lincoln Mall Holding has until its next Oct. 4 court date to pay up.
You can read more on the Sun-Times Media's website