If I’m reading this correctly… The County of Hawaii could be out $20 million dollars because of this:
1250 Oceanside Partners and two affiliates, owners of more than 1,800 acres of land on the Island of Hawaii, filed for bankruptcy to restructure more than $500 million in debt.
Oceanside listed assets of more than $10 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Honolulu. Affiliates Front Nine LLC and Pacific Star Co. also sought court protection.
The restructuring will “allow the debtors’ development projects to proceed, and will permit their respective creditors to receive payment in excess of the liquidation value of their claims,” Craig Pickett, the companies’ sole executive officer, said in court papers.
Assets acquired for the development of Hokuli’a, a luxury real estate project, include a 3 1/2-mile tract along the Kona coast, Pickett said. Oceanside’s creditors include the County of Hawaii, with a claim of $20 million, and Ackerman Ranch Inc., with a claim of $13.4 million, according to court papers…
Filed under: Announcements, Big Island, Community, County Council, Economy, Hawaii, Kohala, Kona, Legal, Rumors Tagged: | 1250 Oceanside Partners, Bankruptcy, Chapter 11 Title 11 United States Code, U.S. Bankruptcy Court, United States bankruptcy court