Proposed Terms To Sell Annie’s Campground Submitted

SHAWANO, WI-The court-appointed receiver managing Annie’s Campground has submitted proposed terms to sell the facility, currently owned by Ann Retzlaff, who is in jail on a variety of charges and behind on mortgage payments.

Separate from the criminal charges, Bank First initiated a civil action against the campground, regarding the $1.5 million in mortgages it holds on the property. The bank says there have missed payments for the loan, insurance, and taxes, so the court appointed a receiver to manage the Gresham property.

“The Receiver has determined that the best method of maximizing the value of Annie’s Campground’s assets for the benefit of its creditors is to conduct a going concern auction to sell the Assets and thereafter ask the Court to approve the highest and best offer for the Assets at a sale confirmation hearing,” a court document filed this week states. “Accordingly, the Receiver has retained an auctioneer, and hereby requests authorization to sell the Assets at auction pursuant to the Auction Terms and Procedures, free and clear of all liens, claims, leasehold interests, and encumbrances, and to disburse the net sale proceeds to the Bank up to the amount of its secured claim. Furthermore, the Receiver requests this Court determine that the ultimate purchase price for the Assets will be the value of the Bank’s collateral.”

The matter returns to court July 11. A ‘confirmation of sale’ hearing before the judge is scheduled for Aug. 23. A judge must approve the terms of the auction.

Proposed Terms To Sell Annie’s Campground Submitted

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