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Two New Bidders Surface For Bankrupt West Texas Resort
Two more potential bidders have surfaced for a bankrupt West Texas resort that owes millions.
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(November 15, 2007)--Two new potential bidders for an isolated bankrupt resort in West Texas have emerged.
The offers of around $18 million each for the Lajitas Resort were disclosed in a federal bankruptcy court in San Antonio.
They top the current best offer of $13.5 million.
The resort near Big Bend National Park owes between $18 million and $20 million.
Only one of the creditors, Prime Asset Funding of Connecticut, is a secured creditor.
That means its lower offer would have kept any other creditor from recovering money owed.
A new hearing on the offers is set for Friday.
Austin communications mogul Stephen R. Smith bought the resort for $4.2 million in 2000.
He then pumped another $100 million into the property in a failed effort to create a desert destination for the rich.
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Latest Comments
We have all withdrawn from the Demohipocratic Party, joined the revolutionaries to defend the constitution against the fascist incumbant federal administration whom Lajitas supported. God bless Terlingua and our Nation. Keep your powder dry.
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