The Monday, May 20 edition of The Aspen Times tells of the Chapter 11 bankruptcy filing by the by the Aspen Club and Spa and the Aspen Club Redevelopment Property LLC (Business Monday, “Aspen Club creditors to meet June 25”) Twenty creditors are listed in the proceedings that are owed 80 million bucks. It is very unfortunate that many local contractors and businessmen will take a loss at the hands of a group that mismanaged the redevelopment.
Maybe in the future, Pitkin County can require any project that has subcontractors to put the amount of projected expenses in escrow, thus eliminating the mismanagement of funds to be used for redevelopment.
The only good thing to come from this delay is the lack of late Aspen Clubbers roaring down Ute Avenue in their Belchfire Eight SUVs because they can not manage their time. I can arrange for a Cat D-10 to come in and level that whole pile of trash and make it a park.
Jim Wingers
Aspen