According to Bloomberg News, The city of Colorado Springs is asking for a change of venue in the reorganization of the Banning Lewis Ranch community. The case is currently being heard in Delaware, but the city of Colorado Springs has filed a motion to have the proceedings held in Colorado, where the property is located. Banning Lewis filed chapter 11 in late October to restructure debt on the 21,000 acre project northeast of Colorado Springs. The city contends that the case does not belong in Delaware because the property is in Colorado as well as the management company and majority of the creditors. The petition said that property assets are worth more than $50 million while debt exceeds more than $100 million.
It appears that 2010 is going to be a bad year for business bankruptcy filings. According to Abiworld.org, there were a total of 60,837 businesses that filed for bankruptcy in 2009. So far for 2010, there have been 43,016 business filings in the United States.
Have you filed for bankruptcy? A knowledgeable Parker, Colorado bankruptcy lawyer can provide valuable guidance through the bankruptcy process and help you to maintain most or all of your assets. If you are facing a complicated legal issue, reach out to The Daniel Law Firm. We take great pride in serving clients all over Colorado. Let us discuss with you the best strategy for moving your case forward in both a positive direction and timely manner. Call us today at (303) 951-0233 and receive a free consultation.
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