Bankruptcy plan will have developer sell off real estate

October 2008
Las Vegas Business Press (10712186);10/20/2008, Vol. 25 Issue 42, p15
The article reports that a Chapter 11 bankruptcy plan has been submitted by developer Steven Molasky. It states that the plan will require the developer to sell almost all of his personal real estate holdings. According to his plan, Molasky has returned 31 condominiums in the Las Vegas Valley, Nevada, to lenders, which pared $6.4 million from the $51.6 million in secured debt he listed in May 2008. It notes that the developer had tried to use a keepsake exemption to retain ownership of a 1968 Ford Shelby automobile.


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