Printer Friendly

STATEMENT CONCERNING 6th CIRCUIT COURT OF APPEALS' DECISION STAYING FORECLOSURE OF GRAND TRAVERSE RESORT

 DETROIT, Feb. 16 /PRNewswire/ -- The following is a statement by Michael S. Khoury, Partner, Clark, Klein & Beaumont, special bankruptcy counsel to the General Retirement System of the City of Detroit, concerning the 6th Circuit Court of Appeals' decision staying foreclosure of the Grand Traverse Resort:
 We are disappointed in the Court's order to stop the foreclosure sale of the Grand Traverse Resort.
 The Court did not make any decision on the issues in the appeal, but simply wanted more time to consider the appeal.
 Only last week, Judge Jo Ann Stevenson had stated that every day that passes is detrimental to the creditors of the resort. "Under the circumstances," she said, "the Court has given the (resort) more than enough of a breathing spell, and has had its fill of questionable attempts at reorganization."
 In fact, every day that passes before foreclosure can begin, every day that passes in continuing litigation, every day that passes before proven, professional management can be brought in to save the resort -- every further delay means that the assets to repay the creditors get further dissipated and that restoring the resort to its premier position becomes more difficult to achieve.
 On our part, we continue to believe that the Grand Traverse Resort has the potential to be the Midwest's outstanding resort.
 We intend to bring in a proven, professional team to operate the Grand Traverse Resort as a luxury-class resort, and to provide the funds to operate this resort as it should be operated -- as a luxury-class resort, first and foremost.
 We intend to regain the status lost by the current management -- and to restore the prestige this current management has squandered.
 Given the opportunity, our goal will be to turn the Grand Traverse Resort into a financially stable contributor to the local and state economies ... into a resort Traverse City, Grand Traverse County, and the State of Michigan can all be proud of ... and into one of the country's finest resorts.
 This is very important to the community and to the region, and we will be undertaking all possible actions to continue the foreclosure and implement a smooth transition.
 -0- 2/16/93
 /NOTE: For a photo of Mr. Khoury, CONTACT: Martha Rodger of Gabriel Werba & Associates, 313-259-4947, for Clark, Klein & Beaumont/


CO: Grand Traverse Resort; Clark, Klein & Beaumont ST: Michigan IN: LEI SU: RCN BCY

JG-KE -- DE022 -- 6876 02/16/93 14:48 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:401
Previous Article:UNCOMPENSATED CARE BY MICHIGAN HOSPITALS HITS $450 MILLION IN 1991
Next Article:MAMSI RESPONDS TO DOWNTURN IN HMO STOCKS
Topics:


Related Articles
FORECLOSURE BEGUN ON LOANS TO GRAND TRAVERSE RESORT
GRAND TRAVERSE RESORT REFILES CHAPTER 11 PETITION
GRAND TRAVERSE RESORT GRANTED STAY BY U.S. CIRCUIT COURT OF APPEALS
DETROIT PENSION FUND FORECLOSES ON GRAND TRAVERSE RESORT
DETROIT PENSION FUND GAINS CONTROL OF GRAND TRAVERSE RESORT
GRAND TRAVERSE RESORT INTRODUCES COMPREHENSIVE SPA & GOLF PROGRAMS
Employee suggestion plans contain potential pitfalls.
MERS suspends foreclosures in Florida.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters