Home Results Case Studies Skyloft Austin
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.

The Solution
The developer has defaulted on the agreed settlement plan, and as Plan Administrator, Harney is working to vet an updated plan to monetize other portfolio properties of the developer to fully fund the agreed $50MM settlement amount.
The Results
This is a pending matter
Services & Roles
Fiduciary Services
Court Appointed Administrator
*Some engagements may have been performed by team prior to joining Harney Partners.