Greeley commercial landlords file bankruptcy after foreclosure

GREELEY — A Greeley company has filed for Chapter 7 bankruptcy protection with $2 million in liabilities against a commercial condo building and vacant property they own in Nunn.

The company, MJ 1814 LLC, is still listed as the owner of Unit E of 4689 W. 20th St., the northernmost building in the College Green commercial park off of 47th Avenue and 20th Street in Greeley, and a residence and about 73 acres of land in Nunn, all of which were used to secure various loans on which their bankers recently foreclosed. Another 10 acres worth $135,000 is guaranteed by LCB Properties LLC based in Park City, Utah.

Michael Ozell and Judith Roberts, the sole members of MJ1814 LLC, filed for bankruptcy Aug. 27, after their banker sued them in April in Weld District Court for nonpayment on more than $2 million in loans. According to the lawsuit filed by Berthoud lender Lynx Loan Fund, the Robertses failed to make timely payments on their loans after the first year.

Court documents indicate that Landmark EPC put a lien against one of their properties, and in September 2023, Roberts paid $63,300 to fend off a pending lawsuit. Roberts also was able to fend off a utility lien on the Nunn property for more than $12,288. The Robertses, however, did not make all payments on the loans from Lynx, court documents state.

The court issued a default judgment against the couple and their business on Aug. 29, as they failed to answer the lawsuit. The bank initiated foreclosure on their properties in February.

In their bankruptcy filing, the company lists one to 49 creditors, assets of $2,139,060 and liabilities of $2,385,000. The Robertses also filed personally for Chapter 13 bankruptcy protection in June, which will allow them to reorganize their debts and pay them over time.