ASPEN SNOWMASS REAL ESTATE – Operational authority for the Base Village project in Snowmass Village was officially transferred Friday from Base Village Owner, LLC, a subsidiary of Related Companies of New York, to Destination Snowmass Services, Inc., a subsidiary of Lowe Enterprises of Los Angeles.District Court Judge Gail Nichols approved a motion from Hypo Real Estate Capital Corporation of Germany to appoint DSS the receiver, or manager, for the unfinished Base Village project.The request from Hypo was part of a foreclosure effort on a $520 million loan that Base Village Owner, LLC took out and has defaulted on, according to court papers. It owes Hypo and three other banks $386 million in unpaid principal and $48 million in interest and other expenses, according to Hypo.Judge Nichols also set a hearing for Wednesday at 8:15 a.m. in the Garfield County Courthouse in Glenwood Springs to allow objections to her order.Jim DeFrancia, a principal with Lowe Enterprises who is based in Aspen, said the judge set the hearing as a formality, as Related is not going to contest the appointment of the receiver.
By Brent Gardner-Smith, July 10. 2010 Aspen Daily News

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