Failed Colo. Real Estate Project Files Liquidation Plan

Law360, New York (May 17, 2011, 5:03 PM EDT) -- Banning Lewis Ranch Co. LLC, a disastrous real estate development in Colorado Springs, Colo., filed a Chapter 11 liquidation plan Monday in Delaware that would sell off its 20,000 acres of land to offset $341 million in liabilities.

The plan at its heart anticipates selling 17,700 undeveloped acres to a stalking horse bidder consisting of real estate investment firm Greenfield BLR Partners LP and hedge fund Farallon BLR Investors LLC, the failed project’s partners, but higher offers might yet emerge, even though the local housing market...
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