Real Estate Developer Files Chapter 7 following Chapter 11 Dismissal
Posted on July 10th, 2011
Real estate developer Randy Walters has filed for Chapter 7 personal bankruptcy less than three months after an unsuccessful attempt to reorganize his commercial real estate business under Chapter 11.
Walters filed with estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The bankruptcy petition for his company, Griz Lee L.C., listed over 100 creditors, including 37 banks and other lenders.
According to Tom Witosky reporting for www.desmoinesregister.com, the bankruptcy judge in the Chapter 11 case dismissed the request after Community Business Lenders, one of Walters’ creditors, objected to the filing since the lender had paid $500,000 to cover property taxes that Walters’ company had not paid. The lender also claimed that any further delay in its foreclosure on property owned by Griz Lee L.C. would result in the property continuing to lose its value.
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Tags: Chapter, Chapter 11, Estate Developer, Real Estate Developer
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