Wednesday, September 29, 2010

Reynolds Blue Ridge (Lubert-Adler Partnership) Lawsuit Issues

Reynolds Blue Ridge Real Estate

Lubert-Adler Partnership entities (Reynolds Capitol Group)
the Reynolds Blue Ridge real estate development tract. This Watauga/Wilkes Counties, North Carolina 6,200-acre planned residential community was originally called Laurelmor and was part of Lubert-Adler real estate holdings under the Ginn Company name.

Chapter 7 Ginn bankruptcy accommodations resulted in the transfer of the debt-laden Laurelmor project to Reynolds Capitol Group, which is also affiliated with Lubert-Adler.

Lubert-Adler and a number of its related companies are being sued by Drew Dillworth, the trustee handling the Ginn-LA Tesoro and Quail West bankruptcies, for fraudulent business practices. If the allegations are proven, Lubert-Adler will face costly penalties.

Lubert-Adler Legal Liabilities

The following Toby Tobin articles provide a history of the Lubert-Adler/Ginn business relationship, its past profitable multi-entity real estate transactions and property owners complaints.

Tobin article September 20, 2010—“Draft Lubert-Adler Memo Confirms Motives Behind $675M Ginn-LA Loan from Credit Suisse”

Tobin article August 19, 2010—“List of Lubert-Adler Investors Revealed in Dillworth v. Ginn Lawsuit”

Tobin article August 6, 2010—“Reynolds' Downsized Plans for Former Ginn Development in N.C. Signal Changes for Conservatory and Gardens in Palm Coast”

Tobin article July 28, 2010 “Long after Ginn-LA (Tesoro) Bankruptcy, Property Owners are Hounded for Delinquent Club Dues”

Tobin article July 25, 2010—“Lee County, FL - 4,157 Acres Owned by Ginn-LA Naples Ltd. LLLP Headed to Public Auction”

Tobin article July 9, 2010—“Battle Mountain Proposal Shrinks – Developers Remove Golf Course and Hotel”

Tobin article July 7, 2010—“Another Ginn Lawsuit Tossed – Were Plaintiffs Properly Represented?”

Tobin article May 19, 2010—“Bobby Ginn and Lubert-Adler Face Yet another Lawsuit”

Tobin article May 11, 2010—"New Ginn-LA Lawsuit Alleges Fraudulent Transfers – Also Names Lubert-Adler Investors Including Harvard, Princeton, and Yale"

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