December 22, 2024 12:10 am
Facebook Twitter Youtube Instagram Linkedin
Rose Law Group

Mega park owner under feds’ siege in bankruptcy

Photo via City of Mesa

By Scott Shumaker | East Tribune Staff

Southeast Mesa’s 320-acre Legacy Park has seen several management shake ups this year, and another one could be coming for the bankrupt mega park built with municipal bonds sold via the Arizona Industrial Development Authority in 2020 and 2021.

The U.S. trustee monitoring Legacy Park’s bankruptcy case last week asked the judge to assign a trustee to take over the park’s management and business affairs from owner Legacy Cares, citing “evidence of dishonesty, incompetence or gross mismanagement” before and after Legacy filed Chapter 11 bankruptcy in May.

Currently, Legacy Park is operating on emergency financing while Legacy Cares seeks a buyer.

In her blistering 23-page filing, U.S. Trustee Ilene Lashinsky accused Legacy Cares of failing to disclose conflicts of interest, improperly diverting assets, failing to justify a budgeted $708,000 management fee to Elite Sports Group, overpaying executives and employing multiple family members of people connected with Legacy.

READ ON:

Share this!

Additional Articles
News Categories

Get Involved

Stay Informed

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

learn more

Recent Articles

Post Calendar

July 2023
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31  
Rose-Law-Group-RCF-Logo-FINAL-LG-png.png
Facebook Twitter Youtube Instagram Linkedin
© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.