Are you on top of the latest developments in the ongoing, and expensive fight over the Silverstone Ranch golf course? Read below and follow the links to learn more.
The homeowners can now move forward with arbitration
* The HOA recently asked the Bankruptcy Court to grant it “relief from stay” so that the arbitration could proceed. [See Order for Relief from Stay (Silverstone)]. A “stay” in bankruptcy means this: When a debtor files for bankruptcy, the law imposes an automatic stop to all legal proceedings and debt collection activities. When Stoneridge filed for bankruptcy, the law automatically stopped the arbitration proceedings between Stoneridge and the HOA. The HOA asked the court to “lift,” or remove the automatic stop. The court granted this, and the HOA and Stoneridge are now proceeding to arbitrate their claims as they had been prior to Stoneridge filing bankruptcy.
Here’s what the lender has to say.
* In the meantime, the Golf Course’s lender, Shun Lee Investments, also recently asked the Bankruptcy Court to grant it relief from stay as well. [See Motion for Relief from Stay (Shun Lee)]. Shun Lee is asking for permission to foreclose on the Golf Course and take the property away from Stoneridge. Shun Lee claims that it is owed over $28,000,000. The court will decide Shun Lee’s motion on September 15.
Oh wait, the Water District has a position, too.
* Of other note is the Las Vegas Valley Water District’s “Limited Objection to Motion for Relief from Stay.” The Water District opposes letting Shun Lee foreclose, but on a limited basis. The limited basis is this: The Water District wants relief from stay, too, so it can foreclose on its lien on the Golf Course. The Water District wants to be paid what it is owed when (or if) Shun Lee forecloses. The Water District claims that it is owed “in excess of $2,000,000” from the Golf Course. The court will decide the Water District’s motion on August 9.
Add it up and there are millions of dollars on the table being fought over. Not a penny of this is going to improve the Silverstone Ranch neighborhood that you invested in. Let us know what you think should be done. Take our survey!