Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Prominent Massachusetts Real Estate Developer Files for Bankruptcy
Author: Joel R. Glucksman
Date: November 7, 2013
Key Contacts
Back
On Oct. 24, following a failed effort to develop a golf community in Ipswich, Massachusetts, real estate developer Ted Raymond filed for bankruptcy protection.
Citing more than $46 million in debt in his official bankruptcy filings, Raymond revealed his substantial debts arose from his attempts to develop a golf course and residences at Turner Hill, the Boston Globe reported.
Creditors – including James Cavanaugh, John Littlechild, and Charles Reed – have argued that the Chapter 11 filing was part of a strategic effort on Raymond’s part to prevent them from recovering funds lost in the project.
“When Raymond realized the extent of his financial problems, he began actively concealing, liquidating and transferring his assets so as to shield [them] from creditors,” the creditors wrote in documents filed in U.S. Bankruptcy Court in Boston, according to the news source.
Additionally, the creditors allege that Raymond maintained a “lavish lifestyle” on his estate in Ipswich, all the while refusing to honor outstanding debts stemming from the Turner Hill development.
“I’ve been working tirelessly for more than five years to generate additional opportunities to make up for those losses,” wrote Raymond in the statement. “Unfortunately, a small minority of my investors have refused to cooperate in reasonable efforts to treat all creditors fairly and equitably in an out-of-court arrangement.”
Raymond is seeking individual protection under bankruptcy law. His real estate firm, Raymond Property Co., is not part of the case.
Prominent projects undertaken by Raymond in the past include Flagship Wharf, located in the Charlestown Navy Yard, as well as Trinity Place in Boston, Mass., the news source reported.
Recently, Raymond’s real estate firm partnered with Sagebrook Development LLC to begin work on a five-story apartment building, to be located near the Malden Center Commuter Rail Station, the Boston Business Journal reported.
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
What Founders Can Learn From Start-up Suits
High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]
Author: Dan Brecher
Corporate Governance Reviews: A Practical Guide for New Jersey Companies
Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]
Author: Ken Hollenbeck
What to Do After Being Served with a Lawsuit: Steps to Protect Your Legal Rights
Being served with a lawsuit is one of the most stressful legal events a business or individual can face. Whether the claim involves a contract dispute, an employment matter, an intellectual property issue, or another legal challenge, the actions you take in the first few days can significantly shape the outcome of your case. Acting […]
Author: Robert E. Levy
Will 2026 Be a Banner Year for SPACs? Understanding the Risks and Opportunities
Special Purpose Acquisition Companies (SPACs) continue to gain momentum as we move through 2026. After enduring a significant contraction following the 2021 boom and the regulatory scrutiny that followed, SPAC activity rebounded sharply in 2025 and now carries forward into 2026 with real momentum. The SPAC resurgence reflects broader improvements in both market conditions and the […]
Author: Dan Brecher
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.