Tag: Rushmore Hotel
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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 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.…
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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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How Nectar, Inc. was Embedded in the Tzadik Collapse before a Rapid City Bankruptcy was even Filed
Rapid City SD – A complex web of corporate maneuvering is quietly determining the fate of Rapid City’s distressed apartment properties. As Tzadik Rapid City Portfolio I, LLC approaches a critical Aug. 31 bankruptcy hearing, a seemingly independent buyer has emerged to recapitalize the portfolio. But a paper trail — running from a press release…
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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…
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Three Courtrooms, One Empire: Inside the Bankruptcy Fight Now Deciding the Fate of the Rushmore Hotel and an $86 Million Dollar Ranch in Pennington County
Rapid City SD — In the same week the city closed the book on 28 demolished garages at Star Village, the rest of Adam Hendry’s South Dakota real estate empire was quietly coming apart in a Florida bankruptcy court — on three separate fronts, all at once, all tied together by the same lender, the…
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The Tzadik Mount Rushmore Hotel Files for Bankruptcy -And the Paperwork Wasn’t Even Signed
Rapid City SD – The company that owns downtown Rapid City’s Rushmore Hotel & Suites filed for Chapter 11 bankruptcy protection on August 13 — the second time in just over a year that a Tzadik-affiliated entity has put South Dakota property into federal bankruptcy court, and the first time it’s happened to a property…