SNOWMASS REAL ESTATE – A major roadblock to a foreclosure sale of the Snowmass Base Village project was lifted when a construction firm did not submit a $15 million bond before a court-imposed Wednesday deadline, meaning the project could be auctioned off on the courthouse steps in a matter of weeks…“We think this was the last major hurdle” to a foreclosure sale, Jim DeFrancia, the court appointed receiver for the Base Village development project, said Wednesday."The Related Companies of New York, the developer behind the stalled project, could seek a new injunction to delay the foreclosure", he added. The European banks that are lenders on the unfinished 1 million-square-foot project will move to republish the foreclosure sale in a newspaper’s legal notices, DeFrancia said. The banks, led by Hypo Real Estate Capital Corp., hope to proceed with the sale “by March 9 at the earliest and no later than March 30,” he said.

Link to article