The latest news on the Lords bankruptcy. Multiple homes and land parcels by one of the builders in the subdivision have been auctioned in recent months also.
Lords looks to ‘move forward'
By NEIL YOUNG/The Daily News
Monday, September 17, 2007 9:08 PM PDT
BULLHEAD CITY - “Everything seems to be tracking as planned,” said Laughlin Ranch President David Lords regarding his bankruptcy proceedings.
It was announced on July 13 that Laughlin Ranch had filed for bankruptcy under Chapter 11 and a California-based company was interested in buying the master-planned upscale community on the Bullhead Parkway.
The bankruptcy was filed “in order to implement a planned acquisition of Laughlin Ranch by The Lewis Group of Companies,” a press release stated.
“Between now and October is their due diligence time,” Lords said of Lewis. “And then at that point, we move forward,” in late October, he said. During due diligence, a potential investor analyzes and appraises a business.
With an infusion of $10 million from Lewis to keep Laughlin Ranch going, it's business as usual, according to Lords. “All operations are open.”
http://www.mohavedailynews.com/articles/2007/09/18/news/top_story/top1.txt
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