Land’or International, based on Staples Mill Road in Richmond, shortened its list of court proceedings with the dismissal of its bankruptcy case. Photos by Evelyn Rupert.
As it works to settle a lawsuit with two local churches, a Richmond-based time share and resort company has been released from bankruptcy.
Land’or International, which has developed resorts in the Bahamas, Central Virginia and elsewhere, had its Chapter 11 case dismissed on July 2. The company sought bankruptcy protection last month as a stopgap during its dispute with the estate of a Richmond attorney.
Headquartered on Staples Mill Road, Land’or had previously requested to be set free from its Chapter 11 case. The company argued last month that its pending settlement with Cathedral of the Sacred Heart and St. Mary Roman Catholic Church would extinguish the bulk of its debt.
Land’or said in a June 20 court filing that it had reached an agreement to pay $5 million to settle an unpaid debt that the two churches inherited through the will of local attorney Frank Eck.
Club Land’or, the company’s resort on Paradise Island in the Bahamas, will pay the $5 million to the churches through monthly payments, according to court filings.
The dispute stems from a $2.25 million loan Eck made to Land’or toward its purchase of the former Lightfoot Plantation resort in Williamsburg in 2004. Land’or lost the property to foreclosure in 2011. It’s now under new ownership and known as Colonial Crossings.
The repayment note is secured by a mortgage against the Bahamas property, and the company will look to either sell its Club Land’or resort or sell Club Land’or stock to fund the payments.
Cathedral of the Sacred Heart inherited a lawsuit against Land’or International from Frank Eck.
It’s unclear whether the settlement has been officially consummated since it was first presented in court last month.
Chris Habenicht, a Richmond attorney with Hopson, Habenicht and Cave who is representing the churches, could not be reached for comment.
John Holt, Land’or’s CEO, has not returned multiple messages in recent weeks. The company’s attorney, Dawn Stewart of the Stewart Law Firm in Washington, D.C., did not return a call on Monday.
Land’or first filed for Chapter 11 in early June. The debt to the churches was its largest liability by far, the bankruptcy records show.
The company and some of its executives still have some lingering legal issues.
In April, more than 50 Land’or timeshare customers filed a case against the company and Club Land’or, claiming fraud and violations of state consumer protection laws related to the sale of the Bahamas resort timeshares.
Charles Hundley, a local attorney representing the plaintiffs in that case, did not return a call seeking comment as to how the bankruptcy dismissal might affect the suit. Land’or has sought to have it dismissed.
Holt and his brother, company president Ronald Holt, are also being sued in two federal cases in New York. Those suits are related to personal guarantees the Holts made on timeshare receivables loans to lender Resort Funding LLC.
Those cases are still pending.
Land’or International, based on Staples Mill Road in Richmond, shortened its list of court proceedings with the dismissal of its bankruptcy case. Photos by Evelyn Rupert.
As it works to settle a lawsuit with two local churches, a Richmond-based time share and resort company has been released from bankruptcy.
Land’or International, which has developed resorts in the Bahamas, Central Virginia and elsewhere, had its Chapter 11 case dismissed on July 2. The company sought bankruptcy protection last month as a stopgap during its dispute with the estate of a Richmond attorney.
Headquartered on Staples Mill Road, Land’or had previously requested to be set free from its Chapter 11 case. The company argued last month that its pending settlement with Cathedral of the Sacred Heart and St. Mary Roman Catholic Church would extinguish the bulk of its debt.
Land’or said in a June 20 court filing that it had reached an agreement to pay $5 million to settle an unpaid debt that the two churches inherited through the will of local attorney Frank Eck.
Club Land’or, the company’s resort on Paradise Island in the Bahamas, will pay the $5 million to the churches through monthly payments, according to court filings.
The dispute stems from a $2.25 million loan Eck made to Land’or toward its purchase of the former Lightfoot Plantation resort in Williamsburg in 2004. Land’or lost the property to foreclosure in 2011. It’s now under new ownership and known as Colonial Crossings.
The repayment note is secured by a mortgage against the Bahamas property, and the company will look to either sell its Club Land’or resort or sell Club Land’or stock to fund the payments.
Cathedral of the Sacred Heart inherited a lawsuit against Land’or International from Frank Eck.
It’s unclear whether the settlement has been officially consummated since it was first presented in court last month.
Chris Habenicht, a Richmond attorney with Hopson, Habenicht and Cave who is representing the churches, could not be reached for comment.
John Holt, Land’or’s CEO, has not returned multiple messages in recent weeks. The company’s attorney, Dawn Stewart of the Stewart Law Firm in Washington, D.C., did not return a call on Monday.
Land’or first filed for Chapter 11 in early June. The debt to the churches was its largest liability by far, the bankruptcy records show.
The company and some of its executives still have some lingering legal issues.
In April, more than 50 Land’or timeshare customers filed a case against the company and Club Land’or, claiming fraud and violations of state consumer protection laws related to the sale of the Bahamas resort timeshares.
Charles Hundley, a local attorney representing the plaintiffs in that case, did not return a call seeking comment as to how the bankruptcy dismissal might affect the suit. Land’or has sought to have it dismissed.
Holt and his brother, company president Ronald Holt, are also being sued in two federal cases in New York. Those suits are related to personal guarantees the Holts made on timeshare receivables loans to lender Resort Funding LLC.
Those cases are still pending.