Developer’s debts total $24 million | PostIndependent.com
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Developer’s debts total $24 million

The financially embattled Bair Chase developer owes more than $24 million to lenders and contractors, court records show.PlainsCapital Bank of Austin, Texas, is owed the most money, at almost $14.5 million. A foreclosure auction in connection with a $440,000 loan by PlainsCapital is tentatively scheduled for March 29. However, PlainsCapital also has filed for foreclosure on another loan of nearly $14 million, and a tentative auction date of April 12 has been set in that proceeding.Bob Slade, chief deputy public trustee for Garfield County, said any auction would take place only if a judge approves it.Gould Construction Inc. and engineering and surveying firm Schmueser Gordon Meyer, both of Glenwood Springs, have filed a joint lawsuit trying to block a public trustee sale. They are seeking to be the first in line to collect on debts associated with the project. The suit is asking for $1.12 million for Gould, and $127,637 for Schmueser Gordon Meyer, plus interest.Meanwhile, Weitz Golf International of West Palm Beach, Fla., has filed its own suit, seeking $1.83 million.Court documents also indicate Bair Chase owes three lenders other than PlainsCapital a total of more than $6.5 million.Garfield County has assessed the property’s value at $7 million. PlainsCapital could try to acquire the property itself and seek to recover the money Bair Chase owed it through its development.Bair Chase filed for Chapter 11 bankruptcy protection after acquiring the property, but later obtained the loans from PlainsCapital.Contact Dennis Webb: 945-8515, ext. 516dwebb@postindependent.com


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