RECEIVERSHIP EXPERIENCE
I have had the unique opportunity to serve as a Court Appointed "Receiver" for several banks involved in bankrupt and defaulted developments. |
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 THE SHORES AT MACKINAW
We were contacted by Comerica Bank, a Detroit based bank, for assistance in liquidating a condominium project located just outside of Mackinac City, Michigan on the Straits of Mackinac called The Shores at Mackinaw. Our team reviewed the current state of the development, proposed site improvements and presented a marketing plan to liquidate the remaining units and unfinished building pads. We were able to get results for the lender in less than one year, selling all remaining units and the existing building pads.
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 PENINSULA BAY RESORT CONDOMINIUMS
Comerica Bank contact us to serve as Court Appointed Receiver for a development on Traverse City, Michigan's Grand Traverse East Bay, The Peninsula Bay Resort. Similarly, we reviewed, proposed and presented a plan to turn the development around and begin functioning within budget again. The budget for the development was reviewed, changes recommended, given association approval and implemented. The Association has been brought up to date with accurate projections on operating costs. The co-owners are again enjoying the use of their common elements and planning for possible future improvements. To date, 80% of the units available have been sold, as have the undeveloped building pads. There are plans in the works for the undeveloped pads at this time. |
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 PIER 33/SUMMER MOORINGS
First Community Bank based in Traverse City, Michigan had us appointed Receiver for a waterfront project on the east side of the state on the Cheboygan River called the Summer Moorings/Pier 33 project. This is a unique project nestled on 1,600' of shoreline. This area is the gateway to Michigan's Inland Waterways, a boaters heaven. We have successfully re-opened the Party Store and marina located on site and have had a successful season leasing out boats slips, which boaters are currently enjoying use of. The property is currently under negotiations for sale, with development plans in the works.
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 ADMIRALS POINT
Fifth Third Bank in Grand Rapids, Michigan had us appointed Receiver for a unique project located in Alanson, Michigan on Crooked River. This project is also located in the famous Michigan Inland Waterways. We have been working diligently getting this project in order and helping protect the banks interest in the associated assets. |
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