Bankruptcy filings show deep debt of coastal investors [Alabama]
Three of Bon Secour Village’s five developers have filed for bankruptcy, putting the already imperiled Gulf Shores development at further risk and illustrating how south Baldwin County’s burst real estate bubble has hit even the most moneyed investors.
Cullman brothers Eddie and Josh Canaday — along with their business partner Michael Knight and a pair of their companies, Midnight Properties and Midnight Management & Investments — have asked for Chapter 11 bankruptcy protection in northern Alabama’s federal court. Such protection is generally used by debtors to stave off lawsuits from creditors while they reorganize their finances.
Messages left with the men’s Cullman office and their Decatur bankruptcy lawyer, Garland Hall III, were not returned.