Culminating a challenging chapter 11 case, SulmeyerKupetz’s client, The Club At Shenandoah Springs Village, Inc., as a debtor in possession, successfully closed a sale of its sprawling retirement and golf community in Thousand Palms, California, populated by 1,816 homeowners. The sale was the subject of overbidding by three potential buyers, and the ultimate sales price of $18,025,000 will enable all unsecured creditors to be paid in full, while insuring a significant return to equity holders. During the chapter 11 case, SulmeyerKupetz was forced to overcome a motion for relief from stay filed by the debtor’s secured lender, and the numerous objections to the sale process filed by the property’s homeowner’s association. SulmeyerKupetz’s team was led by Daniel Lev, with assistance from Jeffrey Pomerance and Steven Werth.
