Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Prominent Massachusetts Real Estate Developer Files for Bankruptcy
Author: Joel R. Glucksman
Date: November 7, 2013
Key Contacts
Back
On Oct. 24, following a failed effort to develop a golf community in Ipswich, Massachusetts, real estate developer Ted Raymond filed for bankruptcy protection.
Citing more than $46 million in debt in his official bankruptcy filings, Raymond revealed his substantial debts arose from his attempts to develop a golf course and residences at Turner Hill, the Boston Globe reported.
Creditors – including James Cavanaugh, John Littlechild, and Charles Reed – have argued that the Chapter 11 filing was part of a strategic effort on Raymond’s part to prevent them from recovering funds lost in the project.
“When Raymond realized the extent of his financial problems, he began actively concealing, liquidating and transferring his assets so as to shield [them] from creditors,” the creditors wrote in documents filed in U.S. Bankruptcy Court in Boston, according to the news source.
Additionally, the creditors allege that Raymond maintained a “lavish lifestyle” on his estate in Ipswich, all the while refusing to honor outstanding debts stemming from the Turner Hill development.
“I’ve been working tirelessly for more than five years to generate additional opportunities to make up for those losses,” wrote Raymond in the statement. “Unfortunately, a small minority of my investors have refused to cooperate in reasonable efforts to treat all creditors fairly and equitably in an out-of-court arrangement.”
Raymond is seeking individual protection under bankruptcy law. His real estate firm, Raymond Property Co., is not part of the case.
Prominent projects undertaken by Raymond in the past include Flagship Wharf, located in the Charlestown Navy Yard, as well as Trinity Place in Boston, Mass., the news source reported.
Recently, Raymond’s real estate firm partnered with Sagebrook Development LLC to begin work on a five-story apartment building, to be located near the Malden Center Commuter Rail Station, the Boston Business Journal reported.
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.