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Five pending lawsuits would be discontinued, for instance. Anderson Hill would buy the golf course and golf range from KSB for $8 million. A "soft landing for favorable tax treatment" for the sellers would be included.
“Due to the lack of funding,” receiver Kirby D. Payne stated in a Dec. 24 affidavit, the property “is in dire financial condition."
Since 1985, Peter J. Riolo Jr. has operated the business “without regard to corporate formality and in his own best interest,” the petition states, “ignoring any input from the other shareholders or needs of the corporation.”
Because the dealership has ceased doing business and motor vehicles can easily be transferred or hidden, Hyundai’s attorney argues, “it is highly probable that (Hyundai) will never be paid.”
DCCA LLC, the family company that owns the resort, claims Benchmark Management Co. has ruined Doral Arrowwood’s reputation and “effectively run it into the ground.”