Bankruptcy

Land Resource, LLC, Developer At Cumberland Island, Files Chapter 11 In Florida

By Scott Riddle

Land Resource, LLC, and related entities filed Chapter 11 Petitions in the Middle District of Florida on October 30, 2008.  See bottom of post for case information.  

A description of the entities and facts can be found in the Declaration in Support of First Day Pleadings by J. Robert Ward, the Chairman, President and Secretary of Land Resource Group, Inc., which is the Managing Member of Land Resource, LLC.  Click here for the 20 Largest Unsecured Creditors, which includes the Atlanta Braves (owed $50,000).

Land Resource is the developer of Cumberland Harbour on Cumberland Island. An Atlanta Journal article by Stacy Shelton discusses the company and filing:

Ward said his company fell victim to the real estate downturn, fueled by the credit crisis and low consumer confidence. He was not making enough money on sales to complete the promised projects.  “The banks stopped making loans to our customers,” Ward said in an e-mail. “It just doesn’t seem fair that the banks can put us into bankruptcy because of their failure to lend and then get a federal bailout, but then chase me personally and ruin a very good company and put 250 people out of work and affect thousands of property owners and leave them with uncompleted lots.” ... The company’s assets include 128 unsold lots in Cumberland Harbour in St. Marys, where the largest marina complex on the Georgia coast has been proposed. According to Land Resource, 936 lots have been sold. They asked from $150,000 to $750,000 for lots

Full post as published by Georgia Bankruptcy Blog on November 15, 2008 (boomark / email).