The $400-million real estate company LeFever Mattson may be declaring bankruptcy soon. The Press Democrat reports that an email was sent out to investors by partner Tim LeFever this week stating “Certain entities will be forced to seek protection under Chapter 11 of the U.S. Bankruptcy Code.” It also stated “These filings will be needed to protect valuable assets from foreclosure and to ensure a transparent sale and claims process.” Chapter 11 could be a boon to LeFever Mattson but also carries potential downsides such as loss of control and financial records being made public.
LeFever Mattson has been on the ropes since a falling out between LeFever and former partner Ken Mattson in which Mattson has been accused of fraudulent activity.
