As far as securing a loan, Keith Cyrus said there are "a lot of flaky people
out there," and people "we thought were coming through have not." Cyrus said
the best caution is "don't count the money until the check clears the bank."
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.
