Georgia marina community’s developer files Chapter 11

17 11 2008

The developer of a controversial marina community on the Georgia coast near Cumberland Island National Seashore has filed for bankruptcy.

Land Resource LLC, which was headquartered in Atlanta until last year, filed under Chapter 11 of the bankruptcy code in Orlando, where it is now located. Company owner J. Robert Ward is seeking “breathing room” to sell its assets, valued at about $115.2 million, the filing says.  In the filing dated Oct. 30, the company lists liabilities of $214.8 million. Among the creditors are the Atlanta Braves, owed $50,000, and a former employee who is owed $787,000, according to Land Resource.

Ward said his company fell victim to the real estate downturn, fueled by the credit crisis and low consumer confidence. He was not making enough money on sales to complete the promised projects.

“The banks stopped making loans to our customers,” Ward said in an e-mail. “It just doesn’t seem fair that the banks can put us into bankruptcy because of their failure to lend and then get a federal bailout, but then chase me personally and ruin a very good company and put 250 people out of work and affect thousands of property owners and leave them with uncompleted lots.”

Ward, who is 60, said he will start over.

The company’s assets include 128 unsold lots in Cumberland Harbour in St. Marys, where the largest marina complex on the Georgia coast has been proposed. According to Land Resource, 936 lots have been sold.

Read on here.

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