Tennessee Development Files, Sees Immediate Lift Stay
Wood Ridge Development Inc. and an affiliate filed Chapter 11 petitions on Jan. 15 in Nashville, Tennessee, to stop foreclosure scheduled later that morning.
The secured lender, GreenBank, filed a motion the same day asking the bankruptcy judge to modify the so-called automatic stay so the foreclosures could be rescheduled. The bank said it's owed $7.3 million on almost 70 acres of undeveloped land in Nolensville, Tennessee.
The bank said no lots have been sold in two years, according to a court filing by David M. Anthony, an attorney for the bank from Bone McAllester Norton PLLC in Nashville.
The case is Wood Ridge Development Inc., 10-00325, U.S. Bankruptcy Court, Middle District of Tennessee (Nashville).
David is a member of Bone McAllester Norton's Creditors' Rights practice group. Sam McAllester and Tucker Herndon, fellow members of the Creditors' Rights group, have been extensively involved in the matter as well. The full article appears at Bloomberg.com.