Category: Investigations
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Rapid City Is Writing Off $33,840 in Past Due Tzadik Utility Debt Deemed Uncollectable
Rapid City SD – Tucked into a routine, $125,642.10 citywide utility write-off headed to the Rapid City Council on Oct. 5 is $33,840.53 in unpaid bills tied to Tzadik, the Florida-based landlord. The debt is spread across 93 individual line items in Appendix A to Resolution No. 2026-077, ranging from a 17-cent credit to a…
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Judge Mora Freezes $4.46 Million From Cheyenne River Ranch Sale After Creditor Accuses Adam Hendry Of Concealment
West Palm Beach FL – A federal bankruptcy judge has frozen $4,459,338.70 in proceeds from the sale of a South Dakota cattle ranch after a Toronto-based investment firm accused Adam Hendry of concealing its claim to the money throughout his personal Chapter 11 case — the second time, according to court filings, that the same…
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Bankruptcy’s Own Claim Agent Says It Hasn’t Been Paid, Moves to Force Tzadik Entities to Pay Up
West Palm Beach, FL – The company responsible for notifying every creditor in the Tzadik Sioux Falls Portfolio I bankruptcy has a complaint of its own: it says it hasn’t been paid, either. BMC Group, Inc. — the court-appointed Claims and Noticing Agent in the lead case (Case No. 25-13865-MAM) — filed a Motion to…
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Northrop Grumman Lands in Rapid City’s Innovation District
Rapid City SD- Records show Elevate Rapid City had already set up a home for its next tenant before it told the public who that tenant was. On September 17, the organization quietly filed Articles of Organization for a new LLC — DLAB Holdings, LLC. Six days later, on September 23, Governor Larry Rhoden’s office,…
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Interim Order Bars Rushmore Hotel from Paying Adam Hendry or Any Entity He Controls
Rapid City SD – Judge Mindy A. Mora entered an Agreed Second Interim Cash Collateral Order in the Tzadik Mount Rushmore Hotel bankruptcy on Sept. 23, resolving a Sept. 9 hearing on the hotel’s request to keep using its own cash while the case proceeds (Doc. 62). BankWest, Inc., the hotel’s senior secured lender, initially…
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The Impact Endowment Fund Board is Seated – Here’s What Was Said During City Council Regarding It
Rapid City SD – The Rapid City Impact Fund Endowment’s nine-member board is now officially seated. City Council approved it Monday night, but not before a public commenter called it a “slush fund,” two Council members voted against it, and the Mayor had to walk through, in detail, exactly how those nine names got there.…
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“We’re Going To Have a Hill Filled With Luxury Homes and Apartments”, Alderman Evans States As Council Splits on Chasing Tzadik Utility Debt
A motion to table failed. A council member couldn’t get a straight answer on how a debt ballooned into six figures. And by the end, one alderman had already told the room how this ends. Rapid City SD – Rapid City Council’s Monday night vote to authorize outside counsel against several Tzadik-linked LLCs was never…
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Star Village Deal Only Half -Approved, as Fannie Mae Says Hendry’s History of Stalling Isn’t New
Six days after the hearing, the order that actually moves the property still hasn’t been entered. Aspen Park, meanwhile, stays on track for a November auction. Rapid City SD – A federal bankruptcy judge has authorized Adam Hendry to sign and carry out the settlement that would determine Star Village’s fate — but as of…
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Hendry v Hendry: The Man Who Sues His Own Empire
Rapid City SD – Adam M. Hendry is, on paper, one of the most closely supervised people in South Dakota real estate right now. A federal Plan Administrator holds sole authority to sell his ranch, his hotel, and dozens of the LLCs that carry his name. A confirmed bankruptcy plan bars one of his own…
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The Rapid City Legal and Finance Committee Reject Tzadik’s Offer to Delay $643,000 Collection Suit
Mitch Richter — the same lobbyist Council President Stephen Tamang named on the record at the July 20 council meeting — stood before the Legal and Finance Committee Wednesday and asked it to hold off on suing Tzadik-linked LLCs over unpaid utility bills. The committee said no, and sent the item to full Council unanimously.…