Parties in a bankruptcy case involving a bond-financed Arizona participant sports venue objected to a motion to either appoint an independent chapter 11 trustee or dismiss the case, arguing either move would be detrimental or premature, The Bond Buyer reported. Legacy Cares, the venue's owner, which filed for bankruptcy May 1 in Arizona federal court, along with bond trustee UMB Bank and the official committee of unsecured creditors raised concerns Thursday that efforts to sell the 320-acre Legacy Park in Mesa would be derailed and $9 million of debtor-in-possession (DIP) financing that is allowing the facility to continue to operate would be exhausted before a sale could be consummated. Legacy Cares objected to a motion in bankruptcy court to appoint an independent trustee or dismiss the chapter 11 case. U.S. Trustee Ilene Lashinsky asked the court last month to appoint an independent entity to assume control of Legacy Cares' assets and operations or dismiss the bankruptcy, citing "dishonesty, incompetence, or gross mismanagement," as well as the possible misuse of bond proceeds on the part of the nonprofit owner.
