An entity that is controlled by Charif Souki and behind the ownership of Aspen Valley Ranch declared bankruptcy last week in its latest attempt to stop creditors from foreclosing on the 813-acre property with a gated community in Woody Creek, the Aspen Daily News reported. Bankruptcy also was declared by Strudel Holdings, a Souki entity that owns one-half of Ajax Holdings, in order to put off an auction by creditors to sell its assets, which include the Coldwell Banker Mason Morse real estate firm in Aspen. The filings came amid a dispute between Souki, who lives in Aspen and Houston, and the lenders, who say Souki has defaulted on $90 million in personal loans that have soared over $120 million with interest, according to court records. Souki pledged Aspen Valley Ranch and Ajax Holdings as collateral for the loans that he received last decade. The 25 million shares in the stock of Houston-based Tellurian, a liquified natural gas company Souki co-founded in 2016, also were put up as collateral, as was his luxury yacht. The creditors sold those shares earlier this year at below $2 per share, according to court filings. Allegations in the bankruptcy filings are similar to ones carried out by Souki in the Supreme Court of the State New York, which are that Souki’s debt should be wiped clean because his loans were overcollateralized and the lenders dumped the Tellurian shares at fire-sale prices rather than following a strategic timeline. Souki’s New York suit is now on hold with the bankruptcies on file.
