A voluntary filing of Chapter 13 bankruptcy by a co-owner of the former O.C. Jamboree, Michael Weatherholtz, of Trenton, New Jersey has forced the delay of the auction of the site originally scheduled to take place today.
Chapter 13 bankruptcy allows an individual with a regular income to determine a repayment plan to cover some or all of their debts in an installment plan over a period of three to five years.
The court is pondering a default judgment against the listed owners: David Weatherholtz Jr., who is currently imprisoned awaiting trial on multiple charges, Michael Weatherholtz, Elaine Weatherholtz and OC Entertainment Group Inc.
The mortgage holder, U.S. Bank, is seeking the property in exchange for non-payment of bills. The court has already appointed a receiver, Gray and Associates, to prepare the property for sale.
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