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Developer of 70 homes in Nipomo battles liquidation
The developer of a Nipomo project of more than 70 homes is fighting liquidation and will be selling the lots it owns.
Maria Vista Estates is in Chapter 7 proceedings in federal bankruptcy court.
Chapter 7 involves the sale of a debtor’s assets and the distribution of the proceeds to creditors.
In March 2007, Maria Vista filed for Chapter 11, in which a debtor typically sets forth a plan of reorganization to keep its business afloat and pay creditors over time.
But Judge Robin Riblet in Santa Barbara converted the case to Chapter 7 this summer.
The project, located near the Santa Maria Valley, included 24 homes already built and ready for sale, 15 houses partially built, and 37 finished lots ready for construction, according to attorney John Fricks, who is representing Maria Vista Estates.
The developer has filed multiple lawsuits against the Nipomo Community Services District over disputes regarding approval of water hook-ups and water rights, Fricks said.
Some of the lawsuits have been resolved, some are in the appeals process and one is still pending, according to Fricks.
—Nick Wilson
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