Court-Appointed Administrator to manage $50MM settlement and pursue other causes of action
A member of Harney Partners currently serves as the court-appointed Plan Administrator to oversee a settlement plan between the developer and investors of the Skyloft Austin, an 18-story high-rise student housing project a block from the University of Texas in Austin.
The investors contributed approximately $75MM into the project and claimed in litigation that those funds were misappropriated to other properties and entities owned and/or controlled by the developer. The parties agreed to settle the litigation claims for $50MM subject to a specific plan to monetize other of the developer’s properties for the benefit of the deceived investors.