ASPEN REAL ESTATE – Operations at the Dancing Bear will be business as usual while the developer and a German bank attempt to resolve a $58 million debt, the property’s court-appointed receiver said.James DeFrancia officially took control of the luxury fractional ownership club Friday, when a judge granted Dusseldorf, Germany-based West LB bank’s request for a receiver to take control of the property. The bank sought receivership — a process where a third party is appointed to control an asset that is in dispute — because of $58 million worth of unpaid loans on the property.
By Curtis Wackerle, March 18, 2010 Aspen Daily News

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