I
>don’t know if you saw the paper today but our developer has filed Chapter
>11 for over $61 Million dollars effective Friday at 5:30pm. Half of this
>bankruptcy debt (Reorganization) directly affects Lake Ashton West and its undeveloped
>property.
WHAT
>IS THE IMPACT TO THE COMMUNITY AS WE KNOW IT?: Once
>the bankruptcy / Chapter 11 Reorganization process is finished, it is highly likely
>that the undeveloped land within Lake Ashton West, will be sold off and be developed
>by some other investor, and the landscape that we have come to know as ‘Lake
>Ashton’ will be gone forever.
WHAT
>IS THE IMPACT IN TERMS OF OUR PENDING LAW SUITE?
>None. As we have stated before, regardless of the
>financial footing of the developer, the paver, design, and the engineering firms
>are all financially secure and have more than enough assets necessary to resolve our issue.
>
Those
>of us who have been trying to enlighten the community about our roads, informed
>residents several years ago, that once a law suit was eminent, the developer would
>likely file for Chapter 11 / Bankruptcy in effort escape his financial responsibilities.
>While this current development is unfortunate, it is not unexpected.
What
>is important, is for every resident to contact our respective CDD Board of Supervisors and tell them to
>stop dragging their feet and SERVE the law suit, so the legal process can commence! This is our LAST opportunity to hold those who installed these defective roads accountable.
PLEASE
>forward this email to all Lake Ashton Residents – it is important that we
>all remain informed.
---------------------------previous
No comments:
Post a Comment