Court appointed receiver Jim DeFrancia said the ruling increases the likelihood that the bank will assume ownership of the project, allowing it to possibly find a new developer. “The point is that you’ll have stabilized ownership,” DeFrancia said. “We are getting to a point of closure.”
ASPEN REAL ESTATE – A federal bankruptcy judge has issued a ruling in the Dancing Bear case that will allow a bank to continue its foreclosure proceedings against the indebted project.The Dancing Bear consists of one completed luxury fractional ownership building across from Wagner Park and a nearby partially-built steel and concrete frame. Construction on the stalled phase-two project halted in summer 2009.The project, which is going through Chapter 11 bankruptcy, is currently under the control of court-appointed receiver James DeFrancia.Judge Michael Romero of the U.S. Bankruptcy Court in Denver denied a motion on Wednesday that would have let Dancing Bear developer Tom DiVenere borrow $5 million in high-interest financing to get the project restarted — a loan DiVenere said would be followed by an additional $35 million in financing.
By Curtis Wackerle, May 27, 11 ADN
Dancing Bear Phase I at corner of E. Durant and S. Monarch Sts. in downtown Aspen.