“Fix & flip” real estate development fund.
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- Rockport Development, Inc. Announces Chapter 11 Filing of its Wholly Owned Affiliate, Tiara Townhomes LLC, Along with Motion Seeking Court Approval for Sale of Property: Force 10 is CRO
- Rockport Development, Inc. Announces Chapter 11 Filing, Initiation of Orderly Sale Process to Provide Recoveries to Creditors and Litigation Claimants: Force 10 is CRO
Force 10 developed and confirmed a liquidating plan of reorganization, completed the sale/disposition processes for the estate’s owned assets and LLC interests, generating cash for general unsecured creditors’ recovery on their claims.
Force 10 provided a Chief Restructuring Officer for Rockport, a “fix & flip” real estate development fund. Rockport was the direct owner of 6 properties and the manager/member of 21 special purpose entities; pre-petition gross asset values were estimated to be upwards of $70 million.
Beginning in 2019, lenders and investors to Rockport and its affiliates asserted that Rockport and its principal had engaged in financial misconduct. As part of a court-supervised restructuring the founding principal resigned, two independent directors were appointed, and Michael VanderLey of Force 10 was appointed as CRO.
Force 10 developed and managed a transparent process to maximize asset values, addressing the properties in the portfolio and the interests in the LLCs. In just 13 months, Force 10 developed and confirmed a liquidating plan of reorganization, completed the sale/disposition processes for the estate’s owned assets and LLC interests, and generated cash for general unsecured creditors’ recovery on their claims. During the case, Force 10 also initiated the analysis of lender and investor litigation claims, along with a forensic accounting examination, and processes which have been turned over to the plan’s disbursement agent now that the plan has been confirmed and became effective.
