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Shaw Development, LLC Files for Chapter 11 Bankruptcy Protection

Shaw Development, LLC – the developer of the Captain’s Galley condominium project in Crisfield, Maryland that was the subject of the Shaw Development v. Southern Builders litigation that I have discussed extensively both here at GRELJ and over at gbNYC – recently filed for Chapter 11 bankruptcy protection. Since the development was completed back in 2006, only 3 of the 17 units available had proceeded to contract. In late December, a foreclosure auction was to take place for the remaining units, but Shaw filed for bankruptcy protection in order to restructure and allow the pending sales to ultimately proceed. Asking prices now start at $250,000.00 for the remaining units (apparently Shaw expects to close on a number of additional contracts by the spring), though all prices are off 50 percent from when the project came on line back in 2006. When I saw the article detailing Shaw’s Chapter 11 filing, I was curious to very generally consider whether the specter of a bankruptcy filing might allow us to add an additional twist to the discussion of the Shaw Development litigation.

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