Resort Declares Bankruptcy in Texas Amid FBI Investigation

: Chris Lee Law Firm

  Filed under: Chapter 7

Trident Lakes, a luxury resort located in just north of Dallas Texas has filed for Chapter 7 Bankruptcy in late July 2018. The 5-star resort isn’t your normal vacation, however, but was initially planned to be able to survive an all-out nuclear war. The resort’s ownership has other issues as well, such as an FBI investigation that brought criminal charges regarding claims that Colombian drug cartels were using the resort to launder money into the United States.

Fannin County Texas Bankruptcy

In a Chapter 7 bankruptcy petition filed with the US Bankruptcy Courts in the Eastern District of Texas, the company responsible for build Trident Lakes estimates that it owes between $1,000,001 and $10 million dollars, with liabilities thought to be in the same range. The estimated number of creditors is somewhere between 1 and 49.

FBI Charges

After an FBI investigation just weeks ago, the Federal Bureau of Investigations alleges that the owner agreed to laundry millions of dollars of Colombian drug money through the resort. The owner of the business allegedly accepted $200,000 of fake drug money from an undercover FBI agent last year and is facing a count of conspiracy to commit money laundering and two counts of money laundering.

Chapter 7 for Businesses

Chapter 7 is definitely a “last resort” for businesses that want to call it quits and have all company assets liquidated to officially close the business. With the assets liquidated, the bankruptcy trustee will work to pay back some of the debts of the business. In this particular case, the Trident Lakes corporation and its affiliates are holding somewhere between $3 and $30 million in assets to be liquidated.

If your business is facing a Bankruptcy in Dallas, TX or the surrounding counties, it’s crucial that you obtain the services of a bankruptcy attorney to ensure that you obtain a discharge of your debts and know how to handle other situations such as lawsuits that may arise out of your bankruptcy case.

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