Waterways Joint Venture IV, LLC

Wells Fargo Bank, NA v. Waterways Joint Venture IV, LLC et al.

Appointment as receiver for an interrupted real estate development located in Fort Myers, Florida, comprised of 43 completed and rented homes, 25 undeveloped lots and 128 acres of undeveloped land.  On behalf of the first lien holder, the receiver:  (i) secured the developer’s offices; (ii) inventory and secure all operating and project development construction and engineering records, furniture, fixtures and equipment; secure all rented homes and marshal rents for the duration of the receivership; hired and directed the developer controlled property manager, overseeing the homeowner’s association, not yet turned over to the homeowners and subject to ongoing potential claims.  The receiver preserved the real estate assets and cash flow until the completion of a successful auction sale was conducted.  Successfully discharged at the conclusion of the receivership.