Firm highlighted by Trump for work in opportunity zones files for Chapter 11 – Denver, Colorado

Denver, Colorado 2021-03-15 07:06:41 –

Screenshots of the R. Investments website. A Denver-based company has filed for bankruptcy protection.

The Denver-based investment firm, which the CEO spoke on stage with former President Donald Trump last year, filed for Chapter 11 bankruptcy.

  1. Investments, which lists its offices on 1624 Market St., said in a March 4 filing that 50-99 creditors had $ 10- $ 50 million in debt. It said it has assets between $ 500,000 and $ 1 million.

The company is the parent company of many different divisions, and real estate investment firms in particular describe their model as leveraging the Opportunity Zone.

Neither R. Investments CEO Travis Steffens nor his attorney responded to the request for comment.

Introduced as part of the 2017 Tax Reduction and Employment Act, the company’s focus on the Opportunity Zone, a Trump-era initiative that provides tax incentives to develop in “economically deprived” communities. Is the way I noticed Stephens talking behind last year’s presidential podium.

Steffens was invited to the stage At the “Opportunity Now” Summit held by Trump in Charlotte, North Carolina on February 7, 2020, the president was promoting legislation and the economy. Stephens, the video, stood for a few minutes on the podium with the president’s coat of arms above it, and Trump was approaching his shoulder.

Stephens is R. Before Investments put him into construction, he went on stage that day, following veteran Tony Rankins, who was imprisoned homeless and addicted to drugs. Rankins was honored as a guest in the State of the Union address earlier that week.

Associated Press Survey Published February 13, 2020Rankins was actually hired by R. Investments and actually used that job to get out of the homeless and addicted, but some of the president’s claims about him and the company weren’t entirely true. I found.

According to a survey, Rankins was hired before the Opportunity Zone was deployed, so it did not work on the Opportunity Zone site, and at that time the Opportunity Zone site was not actively constructed by R. Investments entities. did.

The· Company website We list six Colorado properties as “Completed Assets”. Of the total of 15, only one in the state seems to be in the Opportunity Zone. The hotel in the property in Aurora was built in 1961, according to reports of a recent sale.

Among the 20 largest creditors of R. Investments are many local individuals and businesses. According to court documents, the largest creditor is JD Ryan Investments LLC in Denver, which has a debt of over $ 3.1 million.

Patrick Akers, a lawyer for Moye White in Denver, represents the company.

Firm highlighted by Trump for work in opportunity zones files for Chapter 11 Source link Firm highlighted by Trump for work in opportunity zones files for Chapter 11

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