Rockport Development, Inc. announced that on June 11, 2020 its wholly owned affiliate, Tiara Townhomes LLC, filed a voluntary petition for Chapter 11 relief in the United States Bankruptcy Court for the Central District of California – Santa Ana Division. “In addition to seeking joint administration with the Rockport case, Tiara filed a sale motion seeking Bankruptcy Court approval to sell its principal asset, a fully leased 8-unit townhome project located at 14403-14409 Tiara Street in Van Nuys, California, free and clear of liens and interests pursuant to Section 363 of the Bankruptcy Code.” said Michael VanderLey, Rockport’s Chief Restructuring Officer and Partner with Force 10 Partners.
“Tiara has the opportunity to close on a purchase contract entered into prior to the onset of the COVID 19 pandemic and related safer at home orders. The ability to move this sale forward is not only beneficial for the estate and its creditors it is also a testament to the hard work and perseverance of the buyer, the brokers, and other professionals involved in the transaction during a period in which doing business has been anything but business as usual,” VanderLey added.
Matthew Grimshaw and David Wood of Marshack Hays LLP are serving as legal counsel to Tiara and Force 10 Partners is providing Mr. VanderLey as the Chief Restructuring Officer for Rockport, Tiara’s manager. Filip Niculete, Glen Scher and Arash Memary of the LAAA Team at Marcus & Millichap represented Tiara in the marketing and sale negotiations. Robert Kim of Premier Realty Group represented the buyer, JHPBR, LLC.
Force Ten Partners, LLC (dba Force 10 Partners), is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.