Macco Properties Owners File for Chapter 11 Bankruptcy in Texas

By Bailey, Brianna | THE JOURNAL RECORD, September 5, 2012 | Go to article overview

Macco Properties Owners File for Chapter 11 Bankruptcy in Texas


Bailey, Brianna, THE JOURNAL RECORD


Creditors of the troubled multifamily firm Macco Properties are crying foul over another Chapter 11 bankruptcy case that Macco's owners filed in Texas involving two run-down Oklahoma City apartment complexes.

Macco Properties has been in Chapter 11 bankruptcy in Oklahoma since November 2010.

The address for Division Properties LLC is a high-rise luxury condominium in Dallas' Turtle Creek area that is owned by Macco Properties operators Lew McGinnis and Jennifer Price. Division Properties filed for Chapter 11 bankruptcy in July in U.S. Bankruptcy Court for the Northern District of Texas in Dallas, just one day after reincorporating in Texas.

Division holds two apartment complexes in Oklahoma City - the Remington Apartments at 7125 S. Sante Fe Ave. and the Winslow Glen apartments at 4750 NW 23rd St. - that were previously run by Macco.

Ongoing maintenance and security problems at Macco-operated apartment complexes in Oklahoma have been detailed in a series of Journal Record stories over the past two years.

In court documents filed this week, Michael Deeba, a trustee the court has appointed to run Macco while it is in Chapter 11, accused McGinnis and Price of trying to hide the Division bankruptcy from the bankruptcy court in Oklahoma City by reincorporating the company in Texas and filing the Chapter 11 case in another court district. …

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