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Lake Michigan Beach Pottawattamie Resort LLC Chapter 11 Bankruptcy Petition Filed

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According to documents filed with the U.S. Bankruptcy Court, privately-held Lake Michigan Beach Pottawattamie Resort LLC (LMBPR) filed for Chapter 11 protection in the Northern District of Illinois. On 15 wooded acres of the Lake Michigan bluff, Pottawattamie Resort offers guests a relaxing and scenic retreat with natural surroundings and an unobstructed view of the Lake Michigan shore and Pottawattamie Beach. The resort, based in Coloma, MI, is conveniently located just 15 minutes from shopping and dining in St. Joseph and South Haven, and seasonal attractions in southwestern Michigan. It offers a variety of rental units such as villas and cabins.

The Company’s Chapter 11 petition indicates total assets of $7.23 million, with $7.2 million in real property and $30,000 in personal property. Court documents list liabilities in the sum of $2,769,510 in the form of a single claim secured by property by creditor BCL-Bridge Funding LLC.

Gary Danno, who submitted the bankruptcy petition, holds 68% of LMBPR’s securities, and the rest is distributed amongst Gerald Janicke, Michael Olsen and Timothy Finninander. The Company will be represented by Miriam R. Stein of Chuhak & Tecson, P.C. throughout the bankruptcy proceedings.

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