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Posted: 11:06 PM Jul 18, 2008
Music Festival's Home Files for Bankruptcy
Hosted inaugural Rothbury event.
Reporter: Associated Press |
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The Double JJ Resort Ranch and several related companies have filed for Chapter 11 federal bankruptcy protection.
The filings were made Friday in Grand Rapids. They protect the resort and other corporate defendants in an $18 million foreclosure lawsuit filed July 8 by Minneapolis-based BankFirst.
The Oceana County resort hosted the inaugural Rothbury music festival this month that attracted some 40,000 people.
Judge Paul Maloney had ordered that the festival's proceeds be placed into escrow by July 28 but rejected the bank request for a receiver to take control of the Double JJ property.
The Muskegon Chronicle says the bankruptcy filing apparently protects the resort and the other corporate defendants from revenue seizure.
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