COLORADO SPRINGS — Colorado Springs developer Ray Marshall — whose involvement in the U.S. Olympic Committee headquarters project led to charges of theft and racketeering — and more than 80 partnerships and limited liability companies in which he owns an interest have filed for bankruptcy.
Marshall, 51, filed the Chapter 7 bankruptcy last month in federal bankruptcy court in Denver, citing $3.9 million in debts stemming from his developments.
In the filing, he declares that he has $265,000 in assets, most of it from a 2005 loan on a four-bedroom home in northwest Colorado Springs that was sold in July. Two banks are disputing his right to proceeds from the sale.
Under Chapter 7, a court-appointed trustee will sell his remaining assets to repay about a half dozencreditors. The filing says his other assets include about $15,000 in household goods and furnishings, clothing and office equipment.
Marshall still faces six theft and racketeering charges in connection with allegations that he diverted $1 million in grants and city funds from a $42.3 million deal to keep the USOC headquarters in the Springs.
Read more at
