RESULTS

LSM Golf Course Partners, LLC v. Citizens Development Corp, LLC

Case #:37-2012-00054181-CU-OR-NC

Superior Court of California – County of San Diego

 

A defaulted commercial loan secured by a golf and country club in north San Diego County. We took over the operation of the golf, dining and retail during the foreclosure process. Related collateral also included a conference center, executive golf course and a community lake.

 

UCBH Holdings, Inc. v.  Jacoba Heritage North, LLC

Case # 37-2009-00064322-CU-BC-EC

Superior Court of California – County of San Diego

 

A defaulted note secured by a 56-unit multifamily property that was undergoing a substantial rehab and conversion for condo sales. We oversaw the continuation of construction during the foreclosure and negotiations on the personal guarantees.

 

RBS Citizens, N.A., successor to Charter One Bank v. 8109 Ashland, LLC

Case #: 09-CH-01531

Circuit Court of Cook County, Illinois, County Department, Chancery Division

The subject property was a multifamily property in South Chicago. This receivership involved rents and expenses, management of the asset, and a related apartment property.

 

Symphony Asset Pool II, LLC v. Baldwin Lincoln Development, LLC

Case #:BC422191

Superior Court of California – County of Los Angeles

 

The subject property was a developed condominium project with a partial sale and partial rental of units. There were substantial construction defects with HOA litigation. The receivership involved leasing unsold condos, managing the sale of condos and researching the extent of the construction defects during the lender’s negotiations on the personal guarantees.

 

Brand v. Rubin

Case #:37-2014-00005315 CU-BC-CTL

Superior Court of California – County of San Diego

 

This case involved litigation between two sisters who inherited a student housing property located near San Diego State University. The property had significant deferred maintenance during the long, drawn-out litigation.There were claims of fraud and mismanagement of funds by the plaintiff against the defendant.  A Special Litigation Committee was established to determine issues related to the managing members. The receivership involved taking over management and oversight of the financial reporting. We hired a forensic accounting firm to confirm that the amended tax returns for the entity were done properly. The case was resolved through mediation and the defendant acquired the plaintiff’s interest in the property. The defendant was very pleased with how the receivership was handled, and hired the receiver to continue as general manager of the property and oversee a redevelopment of the site with a major student housing developer.

 

Symphony Asset Pool XXIII, LLC v. Sanoho Development, LLC

Case #: EC062468

Superior Court of California – County of Los Angeles

 

This case involved a well located, but poorly constructed multifamily building in North Hollywood.   The owner of the property was quite unsophisticated and did not protect the property well.   During foreclosure and the marketing of the property, we were appointed as receiver to collect rents and ensure that all expenses were paid and the physical property was protected.  We learned in the process that there was a unit occupied by professional squatters for over 15 months.  Drug dealing and some prostitution was occurring in the unit.   There were substantial roof leaks that presented extensive mold issues during a relatively heavy winter rain season.  We addressed the leaks and mold.   The former resident manager was also quite dishonest in how he was working with tenants.    He had undisclosed AirBnb contracts operating in one of the units.   Evictions of the resident manager and the squatters were initiated during the receivership.  In addition, the receiver coordinated with real estate brokers and buyers of the property.   The building was successfully sold during the receivership.

Contact

(858) 793-6000 - Main

​Jon.Fleming@LegacyReceiver.com

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Legacy Realty Capital, Inc.

Legacy Asset Advisors & Legacy Receiver

PO Box 910677

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San Diego, CA 92121-8777