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Subdivision developers file for bankruptcy

By The Associated Press

Story Created: Sep 10, 2008 at 7:13 AM MST

Story Updated: Sep 10, 2008 at 7:13 AM MST

TOWNSEND - The developers of a planned 2,600-lot subdivision in southern Broadwater County have filed for Chapter 11 bankruptcy reorganization.

Steve Cavanaugh says he looks at the filing as a step in an effort to get the Rolling Glen Ranch development back on track. Cavanaugh failed to meet a Feb. 13 deadline for a subdivision road agreement with Broadwater County. The county then suspended final plat approval for the first two phases of the Rolling Glen Ranch north of Three Forks, freezing lot sales or land transfers unless they had commission approval.

The county has also filed a lawsuit against Steve and Susie Cavanaugh, seeking $258,400 for promised road improvements. Cavanaugh says the county's actions have made it nearly impossible to sell lots.

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