Future Legends cites ‘improper management’ by court-appointed receiver
WINDSOR — Fresh on the heels of a request to remove a third-party receiver appointed to take over portions of the Future Legends Sports Complex, the owner has filed another document attesting to the receiver’s “lack of experience.”
Attorneys for the Future Legends complex and its owner Jeff Katofsky have filed a supplement to the first request to remove the receiver from the project.
In September, Weld District Court Judge Shannon Lyons appointed a receiver for three structures at the complex: the dome and the partially built dorms and pro stadium, after lender U.S. Eagle Federal Credit Union sued, alleging nonpayment of $45 million in loans. Lyons appointed Michael Staheli of Cordes & Co. in Denver as receiver for the property.
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Katofsky last month requested that Lyons rescind or modify his order, claiming that the receiver has no idea how to run a business like Future Legends and that his presence could jeopardize plans for future funding of the project to pay off its bills. In a filing last week, Katofsky’s attorney filed a supplement to that request because in the month he’s been the receiver, the filing claims, Staheli “has taken no action to protect the property.”
The filing claims that the receiver is now working with the general contractor that quit working at the site this past spring. Contacted Monday, Staheli declined to comment.
According to the latest filing, on Oct. 1, an employee of Jaco General Contractor dropped off about $100,000 worth of doors and door frames in an unsecured shell of the stadium. The filing states that Future Legends contacted the receiver to ask how he was going to secure the property, and he responded saying he would talk with Jaco representatives to “discuss proper storage and security measures.”
“Most troubling, being informed that these materials have been left in an unsecured location at the stadium, the receiver has taken no action to inventory these materials or properly secure them,” the filing states.
“Based upon this absence of proper judgment, the receiver’s qualifications for proper management of this matter are clearly in question. … Future Legends respectfully requests that the court enter an order dismissing the receiver or modifying the receiver order as set forth above, and for such other relief as the court deems appropriate.”
In the original request to remove the receiver, Katofsky’s court filing stated that the mere appointment of a receiver on the property had already caused financial harm in that it threatens to undo current negotiations with a new lender to pay off the outstanding loans.
Future Legends has been mired in lawsuits and liens in the past two years for payment problems. At present, lawsuits claim $56 million in unpaid bills, and there are $13.9 million in liens encumbering the property.
The project is a 118-acre complex that is the home of the three professional sports teams, and is used by youth sports leagues and Windsor recreation. The project was supposed to be a national draw for youth sports for tournaments and tourism, bringing in 1 million visitors annually. But to date, only the collegiate stadium is completed. The dome, which is used for indoor soccer and other sports, is functional, but the bathrooms are without running water, so the complex must rely on portable toilets. The entire project also is under the ownership of several limited liability companies, with loans linked to different LLCs and parcels in the property.
Katofsky also has alleged that U.S. Eagle and general contractor Jaco General Contractor Inc., conspired to put Future Legends in financial distress. Katofsky also has filed court documents charging Jaco with filing an excessive blanket lien against the Future Legends property. Jaco has until Wednesday to file a response.
The town of Windsor gave Future Legends until Oct. 31 to fix myriad safety concerns on the property, or operators would lose their temporary occupancy permits. In an earlier interview, Katofsky said he has taken care of many of the smaller concerns.
Fresh on the heels of a request to remove a third-party receiver appointed to take over portions of the Future Legends Sports Complex, the owner has filed another document attesting to the receiver’s “lack of experience.”
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WINDSOR — Fresh on the heels of a request to remove a third-party receiver appointed to take over portions of the Future Legends Sports Complex, the owner has filed another document attesting to the receiver’s “lack of experience.”
Attorneys for the Future Legends complex and its owner Jeff Katofsky have filed a supplement to the first request to remove the receiver from the project.
In September, Weld District Court Judge Shannon Lyons appointed a receiver for three structures at the complex: the dome and the partially built dorms and pro stadium, after lender U.S. Eagle Federal Credit Union sued, alleging nonpayment of $45 million in loans. Lyons appointed Michael Staheli of Cordes & Co. in Denver as receiver for the property.
Katofsky last month requested that Lyons rescind or modify his order, claiming that the receiver has no idea how to run a business like Future Legends and that his presence could jeopardize plans for future funding of the project to pay off its bills. In a filing last week, Katofsky’s attorney filed a supplement to that request because in the month he’s been the receiver, the filing claims, Staheli “has taken no action to protect the property.”
The filing claims that the receiver is now working with the general contractor that quit working at the site this past spring. Contacted Monday, Staheli declined to comment.
According to the latest filing, on Oct. 1, an employee of Jaco General Contractor dropped off about $100,000 worth of doors and door frames in an unsecured shell of the stadium. The filing states that Future Legends contacted the receiver to ask how he was going to secure the property, and he responded saying he would talk with Jaco representatives to “discuss proper storage and security measures.”
“Most troubling, being informed that these materials have been left in an unsecured location at the stadium, the receiver has taken no action to inventory these materials or properly secure them,” the filing states.
“Based upon this absence of proper judgment, the receiver’s qualifications for proper management of this matter are clearly in question. … Future Legends respectfully requests that the court enter an order dismissing the receiver or modifying the receiver order as set forth above, and for such other relief as the court deems appropriate.”
In the original request to remove the receiver, Katofsky’s court filing stated that the mere appointment of a receiver on the property had already caused financial harm in that it threatens to undo current negotiations with a new lender to pay off the outstanding loans.
Future Legends has been mired in lawsuits and liens in the past two years for payment problems. At present, lawsuits claim $56 million in unpaid bills, and there are $13.9 million in liens encumbering the property.
The project is a 118-acre complex that is the home of the three professional sports teams, and is used by youth sports leagues and Windsor recreation. The project was supposed to be a national draw for youth sports for tournaments and tourism, bringing in 1 million visitors annually. But to date, only the collegiate stadium is completed. The dome, which is used for indoor soccer and other sports, is functional, but the bathrooms are without running water, so the complex must rely on portable toilets. The entire project also is under the ownership of several limited liability companies, with loans linked to different LLCs and parcels in the property.
Katofsky also has alleged that U.S. Eagle and general contractor Jaco General Contractor Inc., conspired to put Future Legends in financial distress. Katofsky also has filed court documents charging Jaco with filing an excessive blanket lien against the Future Legends property. Jaco has until Wednesday to file a response.
The town of Windsor gave Future Legends until Oct. 31 to fix myriad safety concerns on the property, or operators would lose their temporary occupancy permits. In an earlier interview, Katofsky said he has taken care of many of the smaller concerns.
Fresh on the heels of a request to remove a third-party receiver appointed to take over portions of the Future Legends Sports Complex, the owner has filed another document attesting to the receiver’s “lack of experience.”
