Lake Eve developer KA and KM Development, Inc., Files for Bankruptcy
By John L. Urban, Shareholder, Urban Thier Federer & Jackson, P.A.
On May 6, 2009, KA and KM Development, Inc., a/k/a KA & KM Development, Inc., the developer and seller of the Lake Eve condominium hotel development, filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Middle District of Florida, Orlando Division, case number 6:09-bk-06245-KSJ.
Urban Thier Federer & Jackson, P.A., currently represents approximately 80 of the 176 units in the Lake Eve condo-hotel development. Each of Urban Thier Federer & Jackson, P.A.,’s purchaser clients in the Lake Eve Development signed a Contract for Purchase and Sale (Purchase Contract) with KA & KM Development, Inc., for the purchase of a condo-hotel unit. Urban Thier Federer & Jackson, P.A., is in the process of moving forward in the bankruptcy court to enforce its client purchasers’ rights to terminate any contratual obligation to purchase and to seek a refund and return of deposits paid.
If you entered into a Purchase Contract with KA & KM Development, Inc., you should be aware that your 30 percent deposit payment was paid to Titleconcepts, LLC, as escrow agent. You should also be aware that pursuant to the terms of the Purchase Contract, any deposit payment in excess of 10 percent of the Purchase Contract purchase price has probably been released to KA & KM Development, Inc. However, at least 10 percent of the purchase price in deposits should still be in the Titleconcepts, LLC, escrow account and may be recoverable if you take appropriate and decisive legal action with competent legal representation.
Now that the bankruptcy has been filed, your rights may be lost if you fail to take appropriate action. You should also be aware that taking any action against KA and KM Development, Inc., outside of the bankruptcy court may be deemed by the bankruptcy court to be a violation of the automatic bankruptcy stay, subjecting you to possible sanctions and contempt. We encourage you to consult with this law firm or another law firm of your choice to ensure that your rights are protected. In most cases we can represent purchasers on a contingency fee basis.
With offices in Orlando, Florida, and Munich, Germany, Urban Thier Federer & Jackson, P.A. continues to assit buyers throughout the United States and European Union countries in terminating their pre-construction purchase agreements. In many cases the law firm’s clients are not even required to travel to Florida.
We encourage you to explore our websites – www.urbanthier.com (English language) and www.urbanthier.de (German language) – and law blogs to learn more about Urban Thier Federer & Jackson, P.A. and its attorneys and practice areas. Urban Thier Federer & Jackson, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.
Please note that we do not represent you and cannot take any action on your behalf unless and until we enter into a formal written Legal Representation Agreement and any cost deposit or retainer has been cleared into the firm’s attorney trust account.
Tags: attorney, Bankruptcy, Condominium, Deposit, law firm, Lawyer, Litigation, preconstruction, refund, return