State’s 65th highest debtor in Roseville
The owner of a collapsed restaurant empire in Roseville has placed 65th on the state Board of Equalization’s top debtors list.
Abolghassem “Abe” Alizadeh owes $1,484,574 in taxes, with a first lien date of Sept. 29, 2009.
That figure is down from July 2009, when Alizadeh made the list with $2.67 million of debt.
Two years ago, Alizadeh’s real-estate portfolio, Kobra Properties, imploded under crushing debt. His 70 Jack in the Box restaurants closed for one day in September 2009, opening back up under Chapter 11 bankruptcy protection. Alizadeh cited $390 million of debt in his filing.
At the time, the former franchise mogul abruptly closed his TGI Friday’s locations throughout the Northwest. Amid accusations of fraud and mismanagement, Alizadeh – once among the area’s most prolific developers – also saw his slate of commercial properties go on the auction block. The litigation marks one of the most complicated bankruptcy proceedings ever in the region. The company faced multiple lawsuits.
In January, a U.S. bankruptcy court auction brought in $6.8 million by selling a fraction of Alizadeh’s former properties, including five Jack in the Box locations. Two were in Rocklin. A sixth property auctioned off was a vacant tract at Junction Road and Foothills Boulevard in Roseville, which sold for $325,000.
In its latest list of shame, the Board of Equalization named the 250 individuals, businesses and other accounts that currently have the most delinquent sales and use taxes in California. Debts range from $650,000 to $18 million.
On its site, the board stated it is legally required to post this information every quarter, removing amounts addressed through payment arrangement, bankruptcy, litigation or appeal.
All taxpayers are notified 30 days before their information is posted, according to the site. Since the postings began, 31 taxpayers reportedly have come forward to settle debts totaling $4.1 million.
~ Staff report