I have had the unique opportunity to serve as a Court Appointed "Receiver" for several banks involved in bankrupt, foreclosed and defunct developments.
I have been appointed Receiver for different developments in several northern lower Michigan locations:
- The Straits of Mackinac
- Grand Traverse Bay
- Cheboygan River
- Crooked River on the Inland Waterways
In 2005, I was contacted by a Detroit area bank for assistance in liquidating a condominium project on the Straits of Mackinaw. I reviewed the current state of the development, proposed site improvements and presented a marketing plan to liquidate the remaining units and unfinished building pads. Within 18 months, all units and the pads were sold.
In 2007, I was again contacted by the same bank to serve in a similar capacity for a development in the Grand Traverse area on the Bay. Similarly, I reveiwed, proposed and presented a plan to turn the development around and begin functioning again. To date, 3/4 of the units available have been sold, as have the undeveloped building pads. The budget for the development has been reviewed, approved 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.
Later that same year, another bank appointed me Receiver for a waterfront project on the east side of the state on the Cheboygan River. We have successfully re-opened the Party Store located on site and have begun 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.
Just this May, 2008, an appointment was made naming me Receiver of yet another project, located on Crooked River, located in the famous Inland Waterways. We have just started getting this project in order and have plans to get the project back in working order for the bank and to help them protect their interest in the same.