Adelaide Pointe’s Legal Battle | Grand Rapids News

A high-stakes legal battle rages over Michigan’s first new marina in decades, Adelaide Pointe, as developer Ryan Leestma fights to stop West Shore Bank from foreclosing on a critical restaurant and event center building. With $61 million in debt against a $91 million project, Leestma’s five linked companies are in Chapter 11 bankruptcy and seek to halt the foreclosure via an automatic stay — claiming the property is vital to cash flow and that the bank knew about the stay. The bank counters that the property isn’t directly owned by bankrupt entities and hasn’t received rent, blaming Leestma’s wife for managing the businesses. A crucial hearing looms in Tampa — where the fate of this billion-dollar dream could hinge on courtroom strategy. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2f2263f05c9dee64