Legal & Courts  January 25, 2024

Trustee, HOA file objections to bankruptcy reorganization plan

NoCo Real Estate Solutions to close

FORT COLLINS — The trustee and creditors of an individual who filed for Chapter 13 bankruptcy protection have filed objections to the reorganization plan.

“The plan is not feasible,” said Carlson Farms Homeowners Association, which claims that Sandra Oldenburg and her husband, Lee Oldenburg, owe the association as much as $400,000, money that the association says is missing from bank accounts and disappeared from financial statements.

Sandra Oldenburg is one of the owners of NoCo Real Estate Solutions Inc., formerly Poudre Property Services, which at one time handled the management of multiple homeowners associations in Northern Colorado. The company has since discontinued service to several of them, either by its initiative or that of the HOAs.

A person who answered a call to the NoCo office Thursday said she wouldn’t be seeing Sandra Oldenburg because the company is closing permanently as of Friday. Her attorney also did not respond to a phone call.

Three entities have filed objections or motions since a revised reorganization plan was filed.

First, PNC Bank National Association asked the court for a “relief from stay” in order to enforce its rights under a mortgage agreement that the Oldenburgs signed. The bank said that the couple has failed to make five successive payments on a home that they own at 4904 Silverwood Drive in Johnstown. 

The bank said that $369,358 is owed on the secured loan with $16,824 in default. 

The trustee assigned to the case also objected to the reorganization plan, saying that the couple is not current in payments to the trustee as required and has not made installment payments on the mortgage, as noted by PNC Bank. The trustee asked the court to deny confirmation of the reorganization plan.

Then, the Carlson Farms objection listed multiple details that it asked the court to consider.

It said that the reorganization depends upon Sandra Oldenburg’s income from NoCo Real Estate Services, which “is experiencing financial difficulty” that could result in less income. At the time of the objection filing, Carlson Farms was not aware of the status of the NoCo office. 

Carlson attorney Robertson Cohen told BizWest that while he suspected closing of the company might occur he was not aware of it when he filed the HOA’s objection Thursday morning. He wondered how many other HOAs might be affected, because he had received phone calls from four of them. If they also have claims, as yet unfiled, court actions after a reorganization plan is approved could imperil the ability to meet its terms.

The association asked the court to inquire about what other actions, civil or criminal, might be in the works involving NoCo Real Estate. It also asked the court to require Sandra Oldenburg’s company to disclose its financial details to determine its financial stability, since it is her primary source of income.

“The plan is not filed in good faith. … Debtors propose to pay approximately $50,000 to their non-dischargeable tax liability and provide for only $973 to the rest of their disclosed creditors. This is effectively a 0% plan.

“The debtors filed this plan in order to frustrate the association’s ability to prosecute its claim in the state courts,” the objection said.

Bankruptcy Judge Joseph Rosania has scheduled a hearing on the reorganization plan and the objections on Feb. 15. 

Sandra Oldenburg and Lee Oldenburg, Chapter 13 bankruptcy, case number 2023-13858, filed Aug. 28, 2023, in U.S. Bankruptcy Court for the District of Colorado.

FORT COLLINS — The trustee and creditors of an individual who filed for Chapter 13 bankruptcy protection have filed objections to the reorganization plan.

“The plan is not feasible,” said Carlson Farms Homeowners Association, which claims that Sandra Oldenburg and her husband, Lee Oldenburg, owe the association as much as $400,000, money that the association says is missing from bank accounts and disappeared from financial statements.

Sandra Oldenburg is one of the owners of NoCo Real Estate Solutions Inc., formerly Poudre Property Services, which at one time handled the management of multiple homeowners associations in Northern Colorado. The company has since…

Ken Amundson
Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.
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