News and Opinion from Sisters, Oregon
News and Opinion from Sisters, Oregon
A golf course has been rough cut into the sage and pine and county approval secured for the 144 lot subdivision.
KMB Enterprises purchased 1,050 acres from J.C. Compton for $1 million on July 12, 1989, with $90,000 down and a trust deed for $910,000. KMB then split off and sold 17 lots on the Rim at Aspen Lakes.
In March, 1993, KMB missed a $180,000 payment to Compton and defaulted on the contract. A judgment in favor of Compton was rendered in August, 1994 and the property was to be sold at a sheriff's sale on November 10, 1994, but KMB filed for voluntary bankruptcy on November 9 and stayed that sale.
In March, 1995, KMB and Compton entered into an agreement giving KMB until December 31, 1995 to satisfy the note. That deadline still stands, according to Keith Cyrus, and although no one has stepped forward loan them the money they need to satisfy creditors, there is still time.
"There is nothing firm yet," Cyrus said. "We are still working on some deals. We have until the end of the year to redeem it from Compton. They (Compton) jumped the gun a little on the sheriff's sale."
Cyrus's attorney in the bankruptcy, Brent Summers of Portland, said the sheriff's sale was part of the March, 1995 agreement with Compton. He deferred other questions on the sheriff's sale to Compton's attorney, Martin Hansen of Bend, who could not be reached for comment.
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