The Associated Press
7:23 AM EST, November 19, 2012
The U.S. Bankruptcy Court in Greenbelt is considering rules for the proposed sale of the Wisp ski resort in McHenry.
The hearing Monday also involves procedures for a sale of the nearby Lodestone golf course and residential development.
Both Lodestone and Wisp are owned by D.C. Development LLC of McHenry. The group has proposed selling Wisp for $20.5 million to EPR Properties, a real estate investment trust based in Kansas City.
They haven't found a buyer for the Lodestone development. They're proposing an auction of that property Nov. 30 and hope to complete both transactions by Dec. 4.
The owners filed for Chapter 11 bankruptcy protection 13 months ago after defaulting on nearly $30 million in loans they got from BB&T Corp. of Winston-Salem, N.C., for the Lodestone project.
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