A Toledo real estate developer involved in downtown's Bartley Lofts Condominiums and numerous shopping center projects has filed for bankruptcy, listing $60 million in potential liabilities.
Michael Denman, an owner of the failed Timberstone Group Inc. in Monclova Township, filed a 340-page petition this week seeking Chapter 7 liquidation of debts in U.S. Bankrtupcy Court in Toledo.
Neither Mr. Denman of Maumee nor his attorney, Raymond Beebe, could be reached for comment yesterday.
The petition lists Mr. Denman as a one-third owner of Timberstone Group, founded in 2003. He and business partner Daniel Sandwisch were principals of the firm, which was involved in development of Talmadge Town Center at Westfield Franklin Park and renovation of local shopping centers such as DeVeaux Village in West Toledo and Chesterfield Plaza in Maumee.
Most of Mr. Denman's debt is described as potential personal responsibility for the obligations of various real estate partnerships.
The biggest creditor is Huntington National Bank of Columbus, which is owed $38 million in connection with commercial real estate projects.
Most of that — $31.6 million — involves a partnership called TGI Fort Myers 41 LLC.
The Timberstone-linked partnership spent $22 million to buy a shopping center on U.S. 41 in Fort Myers, Fla., that it renovated and rechristened Palm Pointe Shoppes, according to Timberstone's Web site and a report published in the Gulfcoast Business Review.
Mr. Denman's bankruptcy petition lists 30 real estate partnerships in which he was involved.
Bankruptcy documents state that he and his wife, Kerrie, have $1.1 million in assets, including their $550,000 house in Maumee.
Mr. Denman's occupation is listed as “unemployed,” and court filings state that he has had no income since at least Dec. 31, 2006.
Just $1.7 million of his debts are secured, meaning they are backed by real estate mortgages, vehicle notes, and other major assets.
A formal meeting of creditors is scheduled for 1:30 p.m. Oct. 30 in the Ohio Building.
The case has been assigned to Judge Mary Ann Whipple.
Business Writer Larry Vellequette contributed to this report.
Contact Gary Pakulski at:gpakulski@theblade.comor 419-724-6082.
First Published September 5, 2009, 10:18 a.m.
