Owner Of $50M Texas Resort Files For Bankruptcy

Law360, New York (December 21, 2012, 6:35 PM EST) -- A real estate partnership that owns a $50 million resort community north of San Antonio filed for Chapter 11 in Texas bankruptcy court Monday after a key investor backed out of a financing deal aimed at upgrading the property.

Stablewood Springs Resort LP checked into Chapter 11 after a $4 million financing commitment from Alliance Prime Associates fell through due to protests from investor Paul J.A. “Lex” van Hessen, leaving the company with little money to continue operating.

The resort and its subsidiary listed about $11...
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