“A delay in the foreclosure is not in anyone’s interest,” DeFrancia said. “It doesn’t allow us to get clear ownership so [Base Village] can restart itself and move forward.”Without a defined owner, issues such as sales (the project has 610 approved ski-in, ski-out condos and condo/hotel rooms), injunctions, town entitlements and revitalization remain in limbo, DeFrancia said.“If it remains in receivership, in a holding pattern, we can’t get on with putting Humpty Dumpty together again,” he said.
ASPEN SNOWMASS REAL ESTATE – The foreclosure of Base Village will proceed unless one of the major contractors on the $400 million development establishes a $15 million bond by Tuesday, said an official close to the proceedings.Senior Judge James Boyd of the 9th Judicial District issued his ruling Thursday, a day after testimony involving representatives from the lenders, borrowers and town of Snowmass Village officials involved in the complicated case.Boyd ruled that he would continue to block a potential foreclosure on the steps of the Pitkin County Courthouse if Denver-based CFC/PCL antes up the $15 million bond.
By Chad Abraham, Frb. 18, 2011 Aspen Daily News
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