Durham developer files for bankruptcy – again

A real estate developer in Durham has filed for bankruptcy protection – again. Ramarama Inc. filed for Chapter 11 bankruptcy protection this month, listing both assets and liabilities as ranging between $1 million and $10 million. Ramarama, led by Mark Bullock, has filed for bankruptcy in the past. But it’s a new day this time around, says Ramarama’s attorney, Joseph Frost. “Past performance is not indicative of the future results and successes of Ramarama through this Chapter 11 bankruptcy filing,” he said in an email, adding that his client is “committed” to repaying its creditors in a way that maximizes the value of its two development projects in downtown Durham. Those projects, according to Frost, are on Ellis Road and Roxboro Street. Bullock has a history of investing in Durham properties. In 2018, he bought the former Harriet Tubman YWCA on Umstead Street. However, he failed to pay property taxes for the site, and nonprofit firm Reinvestment Partners purchased it with plans to build affordable housing. Multiple Durham properties are tied to hundreds of thousands of dollars worth of liabilities included in the latest bankruptcy case, including addresses on Ellis Road, Roxboro Street and Ramseur Street. Durham records show […]

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