Old Town North woes leave trail of debt
The largest secured creditor, Public Service Credit Union, is owed $2.6 million on a $4.4 million deed of trust. Farmers Bank is also owed $1.9 million for a deed on the same amount, with $67,725 listed as unsecured.
The company behind the project, a limited liability corporation called Old Town North, filed for Chapter 7 bankruptcy May 29.
According to its bankruptcy court filing, Old Town North's assets were about $4.97 million and its debts came to $4.92 million.
The bankruptcy filing also shows that Old Town North owes the IRS $5,856 in taxes.
Unsecured creditors are owed amounts varying between $1,431 and $67,976 for services rendered by legal professionals, accountants and landscape architects, among others.
The City of Fort Collins is also listed as an unsecured creditor for an unknown amount owed for "off-site street fees."
At least some of the creditors listed in the filings said they were unaware of the status of the proceedings, or the project itself. One landscaper listed in the filing, Zak
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