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Bankruptcy Advisory & Sale of 100-Acre Property

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·Bankruptcy Advisory & Sale of 100-Acre Property

The Situation

100-acre Ruby Lake property (undeveloped land). No revenue stream. $35 million debt. Failed development, which filed for Chapter 11.

  • Development crashed in the Great Recession, and developers lost access to development funding.
  • The original lending group’s agent wanted to sell the property for under $20 million, but the lenders thought it was worth more than that.
  • The developer had granted restrictive land covenants to a hotel chain that had purchased some of the original development, which restricted the use of the remaining 100 acres to prevent condominium development.
  • The developer filed Chapter 11 to temporarily maintain control of the property.

How We Advised

  • The development received relief from the stay and foreclosure on the property.
  • Our experts managed Chapter 11 for investor lenders and became property managers post-Chapter 11.
  • Marketed property in two sections: a smaller highway adjacent tract for hotel development and a larger lake tract for residential development.
  • Started the marketing process to sell the property.
  • Negotiated two sales transactions within 18 months.
  • Sales netted over $30 million, which was approximately double what the original lending group agent was willing to accept.

Related Practice Areas

> Bankruptcy Advisory 
Navigating bankruptcy is inherently complex, often involving struggling businesses, litigation, incomplete or inaccurate financial records, potential fraud, and other challenges, in addition to strict court-mandated processes. Our experienced team of turnaround and restructuring experts seamlessly guides clients throughout the process to optimize outcomes for lenders, creditors, shareholders, and employees. 

 

> Turnaround and Restructuring Services 
Navigating the many challenges confronting a company in transition requires an operationally focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. Drawing upon decades of experience in the turnaround space, we help companies in transition identify practical strategies to improve profitability and liquidity for immediate relief, while concurrently developing and executing a comprehensive turnaround plan for long-term, sustainable value creation. 

Key Contact

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