Santa Fe Resort Equity Owner Says Ch. 11 Deal A ‘Sham’

By Rick Archer (Oct. 8, 2021, 7:25 p.m. EDT) – A capital owner at a luxury New Mexico resort on Friday asked a Delaware bankruptcy judge to stop a proposed “sham” bankruptcy sale of the property, claiming the businesses Inappropriately declines a superior offer for the assets.

In his appeal, Richard Holland and its affiliates alleged that other owners of BL Santa Fe LLC are pushing for a restructuring agreement that will strip shareholders and a non-compliant Chapter 11 plan.

“The plan is designed to allow the mezzanine lender to purchase the property without marketing or competition,” he said. “In fact, the debtors filed these cases …

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