Santa Fe Resort Share Owner Says Ch. 11 Dealing with a “Sham”

By Rick Archer (October 8, 2021, 7:25 p.m. EDT) – A stock owner at a luxury New Mexico resort on Friday asked a Delaware bankruptcy judge to stop what he called a sale of “sham” bankruptcy of the property, claiming that the company unreasonably rejects a higher bid for the assets.

In his objection, Richard Holland and his affiliates claimed that other owners of BL Santa Fe LLC were pushing a restructuring deal that would penalize shareholders and a non-compliant Chapter 11 plan.

“The purpose of the plan is to allow the mezzanine lender to acquire the property without any commercialization or competition,” he said. “Indeed, the debtors have filed these files …

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