Original Message:
Re: Resort management has changed from Southwind to the Colonnade (by Kimberly A.):
I downloaded a copy of the bankruptcy court's order filed July 21, 2017. Here are a few highlights: "According to proposed counsel for the Debtors, perhaps $200,000 - $300,000 has been received during 2017......but such funds have been deposited in the name of Grewal, not the Debtors, their management companies, or their home owners associations. Neither the Debtors, nor Grewal, nor the related entities provided any accounting of funds to the receiver or to this court at the hearing. On June 8, 2017, the state court found Grewal and the two home owners' associations in contempt for failing to comply with the receivership order." There is apparently a $9.5 million debt. The state ordered a third party to collect funds to see to it that they were appropriated correctly. That is the receivership order that was ignored. Also, this chapter 11 case was filed one day before a scheduled foreclosure sale on the property. So apparently the creditors are done waiting. So as it turned out, this bankruptcy case has been dismissed because it was filed "in bad faith." From what I read about "bad faith," it sounds like a term they apply to cases where the debtor did not act ethically in some way shape or manner and that the filing was simply a way to escape their circumstances. Thoughts?