Tag: Bankruptcy
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A Readers Guide To the Adam Hendry/Tzadik Bankruptcy Cases to Date
Rapid City SD – The Sentinel has covered Adam Hendry’s Tzadik real estate empire hearing by hearing, filing by filing, since late July — sixteen pieces and counting. This is the first time we’re stepping back to lay out the whole picture in one place: four separate bankruptcy cases, dozens of LLCs, and courtrooms in…
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Rapid City Moves to Collect $643,000 from Tzadik – Linked LLC’s Already Headed to Auction
Rapid City SD – The City of Rapid City is preparing to go to court over more than $643,000 in unpaid utility bills owed by five LLCs tied to embattled landlord Adam Hendry’s Tzadik real estate portfolio — money that, in several cases, is attached to properties already moving through court-ordered liquidation. The request is…
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Settlement Filed in Tzadik Bankruptcy Sets Accelerated Sale Deadline for Hendry’s Farm, Ranch and LaCrosse Estates Apartments
Rapid City SD – A settlement agreement filed Sept. 11 in the Tzadik Sioux Falls Portfolio III bankruptcy case sets hard deadlines for the sale of three properties tied to Rapid City developer Adam Hendry — a South Dakota ranch, a Florida farm, and LaCrosse Estates Apartments, the 265-unit complex at 761 E. Anamosa St.…
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Creditor States that Adam Hendry Hid a $5.1 Million Debt as His Estate Pivots to Public Auction
Rapid City SD –Three filings in Adam Hendry’s personal Chapter 11 bankruptcy case, read together, sketch an estate running low on options: a creditor accusing Hendry of hiding a multimillion-dollar debt, a batch of properties sliding from private sale into public auction after missing their deadline, and a payment that moved from one Hendry-controlled entity…
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State Records Tie Adam Hendry’s Dakota Flats LLC to a Second Rapid City Motel
Rapid City SD – When Tzadik Mount Rushmore Hotel, LLC disclosed $28,000 in payments to an entity called “Dakota Flats” in the 90 days before its bankruptcy filing, the Sentinel reported what could be confirmed at the time: Dakota Flats, LLC is a real South Dakota company, and Adam Hendry — the hotel’s own manager…
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Adam Hendry’s Own Bankruptcy Filing Says He Owns Both Sides of a $28,000 Payment
Rapid City SD – When the Tzadik Mount Rushmore Hotel, LLC disclosed its pre-bankruptcy payments on Sept. 4, one line stood out: two payments, $14,000 each, sent in July to an entity identified only as “Dakota Flats” (Doc. 50, p. 48). The filing offered no explanation of the payments or the debtor’s relationship to the…
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What the Tzadik Mount Rushmore Hotel’s New Bankruptcy Schedules Do – and Don’t – Reveal
Rapid City SD – Tzadik Mount Rushmore Hotel, LLC filed its schedules of assets and liabilities and Statement of Financial Affairs on Sept. 4, more than three weeks after the company’s Aug. 13 Chapter 11 petition. The filing was signed by Adam M. Hendry as Managing Member and executed the same day (Doc. 50, p.…
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Adam Hendry’s Personal Bankruptcy Administrator Claims Tzadik Rushmore Hotel Filing Was used to Dodge Him
Rapid City SD – The man Adam Hendry’s own confirmed bankruptcy plan put in charge of selling his real estate empire is now telling a federal judge that Hendry used a separate bankruptcy filing to cut him out of the process — and one of the properties at issue is a Rapid City hotel in…
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Star Village and Aspen Park Diverge as Landlord’s Refinancing Bid Heads to an August 31st Hearing
Rapid City SD – For more than a year, Star Village and Aspen Park have moved through federal bankruptcy court as a single unit. That’s about to change. A refinancing deal now pending before a Florida bankruptcy judge would send the two properties down separate paths, with one likely refinanced into stable new ownership and…
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The Rushmore Hotel’s Bankruptcy Gets It’s First Real Test in Court
RAPID CITY, S.D. — The Chapter 11 case of Tzadik Mount Rushmore Hotel, LLC went before a Florida bankruptcy judge Wednesday for a consolidated first-day hearing covering everything from payroll to critical vendor payments to a lender’s push to throw the case out entirely. The hotel — doing business as the Rushmore Hotel & Suites…