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 this writing, the separate order actually required to move the property itself has not been entered, leaving one of the longest-running open questions in the Tzadik/Hendry bankruptcy only half resolved.
One signature, not two
U.S. Bankruptcy Judge Mindy A. Mora signed an order on September 21 in Hendry’s personal bankruptcy case approving an agreement he reached with judgment creditors Alejandro Arguelles and Gatoralex Consulting LLC, dated September 8. That order authorizes Hendry, personally, to execute and perform the agreement.
But the agreement itself is explicit that it needs approval in two separate places: Hendry’s personal case, and the corporate bankruptcy case covering Tzadik Sioux Falls Portfolio III and the other Reorganized Debtors — the entities that would actually have to convey Star Village into a newly formed ownership entity, Star Village Owner LLC.
Only the first of those two approvals has happened. As of the most recent docket check, no order has been entered in the corporate case authorizing the transaction itself.
That matters because the mechanics that make this deal real — Star Village Owner LLC taking title to the roughly 178-lot manufactured home community at 27 Signal Drive, a $1,000,000 promissory note and first-priority mortgage on the property itself going into escrow, a $2 million payment to Arguelles — are all things the agreement describes happening “at Closing.”
Nothing reviewed so far confirms Closing has occurred, or can occur, without that second approval.
Once complete, the payments would resolve Arguelles’ roughly $10.6 million judgment against Hendry — entered in Miami-Dade Circuit Court in October 2024 — only as it applies to three Sioux Falls properties tied to a separate Tzadik entity: Brookshire, Turning Leaf and Woodstone.
The underlying judgment against Hendry personally, and a court-ordered charging order reaching many of his other business interests, would remain fully intact either way.
Aspen Park takes a different road
Star Village’s sister property under the same original debtor entity, the roughly 81-unit Aspen Park apartment complex, is not part of this settlement at all. Aspen Park remains on track for the public Ten-X auction already approved by the court, with a final sale hearing scheduled for November 3.
The two properties were bundled under the same Tzadik entity when the bankruptcy began. They are now headed toward two entirely different endings — one resolved through a private settlement now locked in by court order, the other headed for the auction block in front of any bidder willing to show up.
Fannie Mae: “not the first time”
Separately, and in a different case within the same sprawling bankruptcy, Federal National Mortgage Association — Fannie Mae — filed its own motion on September 21 asking the court to force compliance with a different confirmed plan, this one covering Tzadik Sioux Falls Portfolio I and Tzadik Sioux Falls I. Fannie Mae holds secured claims across 22 properties tied to those two debtors.
According to the motion, the debtors have failed to sign an amendment to Fannie Mae’s loan documents, failed to provide financial information Fannie Mae requested, and failed to schedule a property condition assessment the plan itself required — more than four months after the plan was confirmed in May.
Fannie Mae’s filing doesn’t stop at describing its own experience. It points directly to Hendry’s other bankruptcy case, noting that both BankWest and Hendry’s own court-appointed plan administrator have separately had to ask a judge to force him to comply with a confirmed plan before.
“This is not the first time Mr. Hendry has been dilatory in ensuring compliance with confirmed plans and accompanying confirmation orders,” the motion states.
A hearing on Fannie Mae’s motion is set for October 27 at 1:30 p.m.
Sourcing
This report is based on primary court filings from the U.S. Bankruptcy Court for the Southern District of Florida: Case No. 25-14711-MAM (In re Adam Hendry), Doc. 610 (Debtor’s Expedited Motion to Approve Refinancing Related Agreement, filed 9/10/26) and Doc. 622 (Order Granting same, entered 9/21/26); and Case No. 25-13865-MAM (In re Tzadik Sioux Falls Portfolio I, LLC, et al.), Doc. 833 (Order Approving Bidding Procedures, entered 9/2/26), Doc. 845 (Fannie Mae’s Motion to Enforce Confirmed Plan, filed 9/21/26), and Doc. 846 (Notice of Hearing). As of a docket check on Case No. 25-13865-MAM at 10:47 p.m. Eastern on September 21, 2026 (per PACER transaction receipt; the most recent entry being Doc. 847, a certificate of service), no order had been entered approving the corporate-side transaction. All documents are public record, obtained via PACER.
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