Published on March 23, 2021
A federal judge appointed Stapleton receiver of a bankrupt San Francisco Bay Area real estate developer with over $300MM in liabilities.
Our in-house, diverse team of restructuring professionals, asset managers, forensic accountants and receiver have taken control of the company’s operations and numerous properties.
The company is subject to an SEC action involving over $100 million in retail investments in its multifamily, land and condominium projects. The company’s bankruptcy filing lists construction in-progress projects, partially-entitled projects and land encumbered by over $180 million in secured debt.
The judge noted concern that, without the receivership, the defendants could “dissipate, conceal, or transfer assets” to repay investors or pay penalties.