Prospect Park in bankruptcy

By Gertha Coffee and Péralte C. Paul

The Atlanta Journal-Constitution

Metro Atlanta developer Stan Thomas is seeking bankruptcy protection for Prospect Park, a retail project in Alpharetta that never got off the ground.

Fourth Quarter Properties XLVII, doing business as Prospect Park, filed for Chapter 11 bankruptcy protection Nov. 2 in the U.S. Bankruptcy Court's Northern District of Georgia in Atlanta.

The filing listed Fourth Quarter Properties as having less than $50 million in assets, but liabilities of $50 million to $100 million. The filing indicated the company has fewer than 50 creditors.

The 20 largest unsecured creditors include Vratsinas Construction Co., in Atlanta, owed $3.6 million; architectural firm Wakefield Beasley & Associates in Norcross, owed $1.3 million and Setco Grading in Newnan, owed $446, 360.

Prospect Park, a mixed use development, was initially scheduled to open in 2007, but the 90-acre site remains largely undisturbed.

Also, Thomas was sued in July by three business partners who claimed, among other things, that he failed to pay money owed them and refused to turn over documents related to a redevelopment project in California. The lawsuit sought more than $30 million.

Thomas,  founder and chairman of  Thomas Enterprises in Newnan,  averted foreclosure on one of the company's signature properties in September, the Forum on Peachtree Parkway in Norcross.