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Cape Cod Resort Owner Files for Chapter 11 Bankruptcy Protection.(Originated from The Boston Globe)
Knight Ridder/Tribune Business News, April, 1997 by Kindleberger, Richard
Apr. 1--The owner of the New Seabury development in Mashpee filed for bankruptcy protection yesterday in a move to avoid losing part of Cape Cod's largest resort to a creditor.
The Chapter 11 filing in US Bankruptcy Court in Boston came five days before New Seabury Limited Partnership would have otherwise lost title to the resort's beach club and 65 of its condominiums, according to its lawyer, John Monaghan.
The creditor, Harry Joe Brown Jr., has been locked in a bitter battle for control of the 2,000-acre development on Nantucket Sound with Christopher Burden, its majority owner and developer since 1969.
The partnership listed about $40 million in debts in yesterday's filing, according to Monaghan, but gave no figure for its...
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