Oheka Castle, BANKRUPT?

Oheka Castle, the Gold Coast mansion once famed for hosting lavish weddings and even serving as inspiration for The Great Gatsby, is now the focus of a bankruptcy proceeding in the Eastern District of New York. On this week’s Bald Guys of Bankruptcy, we cover: - A quick lesson in what a single asset real estate case looks like; - An overview of the complex debt history of the property leading up to the bankruptcy filing; - A discussion of the debtor's position for the bankruptcy; - A general update on where the case is now plus some insight on the recent court procedures in connection with the case; and - Speculation on the possible future direction of the case. 🔍 What do you think about this development? Let us know your thoughts in the comments below and be sure to follow Friedman Vartolo LLP for more insights on bankruptcy, restructuring, and real estate law.Timestamps:00:00 – Intro: Welcome Back to The Bald Guys of Bankruptcy00:20 – What Led to Oheka Castle’s Bankruptcy?01:19 – Who Owns Oheka Castle?01:25 – Is This a Single-Asset Real Estate Bankruptcy?01:53 – A Castle in Trouble? Mismanagement or Market Forces02:55 – Why Did the Debtor Want a 2004 Examination?04:11 – Did This Deal Force Them Into Bankruptcy?05:26 – Why Is the Subpoena Relevant in Bankruptcy Court?05:55 – Could the Secured Creditor Be Subpoenaed Next?06:32 – What’s Happening in the Bankruptcy Now?07:30 – Is the Case on Pause While Waiting for Hearings?08:27 – What Happens if They Don’t File a Plan in Time?08:47 – Was This Bankruptcy Filed Just to Issue a Subpoena?09:01 – Is This a Real Bankruptcy or Just a Delay Tactic?09:34 – Can Their Plan to Build Condos Really Work?09:57 – What’s Next for Oheka Castle’s Bankruptcy?10:16 – Closing Thoughts

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