Receiver Named for Troubled Park

January 14, 2009 by   - () Comments Off on Receiver Named for Troubled Park

A Juneau County Circuit Court judge appointed a receiver for the Yogi Bear Jellystone Park camp-resort in Warrens, Wis., on Friday (Jan. 9).
The judgment by Circuit Court Judge John Roemer comes on the heels of a decision by a judge in Chicago on Jan. 6 to dismiss a Chapter 11 bankruptcy case that had been filed in November by the campground’s owner, according to The Tomah (Wis.) Journal.
The campground is part of the Three Bears Resort, which also includes an indoor water park and 93-room hotel.
An attorney for the Bank of Mauston, one of the resort’s biggest lien holders, said the court’s appointment of Milwaukee attorney Michael Polsky as receiver for the campground offered the best hope for a sale of the resort and a successful 2009 season.
“Time is of the essence,” said Michael van Sicklen, the bank’s Dodgeville-based attorney.
A court-appointed receiver is a person charged with oversight of the property of others. The court had already appointed Polsky receiver for the water park and hotel property.
The law regulating receivership makes it much easier for the businesses to continue operation, Van Sicklen said. Foreclosure would have set into motion legal matters that would have made operating the businesses much more difficult. “That’s a very disadvantageous alternative,” Van Sicklen said.
Prospective buyers of the campground now will deal with the court-appointed receiver.
Last September, the Bank of Mauston filed a mortgage foreclosure lawsuit in Juneau County against Edward Van Der Molen and various corporations that own parts of the resort.


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