Telemark Resort 5 Weeks Away from Bank Takeover
Posted at: 09/03/2013 10:16 AM
| Updated at: 09/03/2013 11:29 AM
By: Maarja Anderson
A Bayfield County judge ruled in favor of Great Southern Bank in Telemark Resort's bankruptcy hearing last week.
According to court documents, the judge granted summary and default judgment. During the hearing on Monday, the judge also declared the property abandoned, which moves up the bank's redemption time to five weeks.
James Bolen, the executive director of the Cable Area Chamber of Commerce, said the abandonment finding was key because it speeds up the redemption period from the typical 90 days to just five weeks.
The court documents show a former resort managing partner was brought forth as a witness. Robin Bucholz said the resort's electricity was shut off around March 23 or 24. He said the grass isn't being cut, there is evidence of looting, and a 60-inch TV was taken.
Under the ruling, Great Southern Bank could takeover the property by early October.
Bolen said the owner of the property, Steve Kaufman, could still sell the property before the end of the month or he could declare bankruptcy, which would slow the timeline down significantly, as well.