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
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
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.