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Re: bankruptcy (by Doug P.):

If you're building 8 or building 9 owners, any recourse you would have had would have been through the bankruptcy court. Unfortunately those claims would have been so far down the list of creditors that I doubt there would have been any relief. Now that the bankruptcy is closed, there is no recourse. It's simply put down as a bad investment. Tough to swallow yes but, bad investments happen. It's like buying stock in a company that goes out of buisness. When there's nothing left, there's nothing left.

When I spoke directly with a rep from Spinnaker, the unofficial word was that Spinnaker would try to work with those owners who had continued to pay MF's. No word on what "work with those owners" actually means.