Golf Course Foreclosure Update: You may recall that the lender on the Golf Course, Shun Lee Ltd., was trying to foreclose and take the property away from Stoneridge Parkway. In order to foreclose in bankruptcy, however, Shun Lee needed permission from the Court. This is called a “Motion for Relief from Stay.” (The Las Vegas Valley Water District also joined in Shun Lee’s Motion, hoping to get paid from any foreclosure sale.)
Shun Lee has voluntarily stopped the foreclosure sale. As you can see by the Bankruptcy Order, the parties agreed that Shun Lee could withdraw its Motion for Relief from Stay “without prejudice.” The “without prejudice” language means that Shun Lee could file later, but for now, the foreclosure is off. Stoneridge remains in possession of the Golf Course with Shun Lee’s lien attached.
This development is neither a win nor a loss for the Silverstone homeowners. The bankruptcy remains just as complex as when it was filed, and the same parties are still vying for a piece of the Golf Course. It likely means that the litigation will continue to drag on.