By MATT BLOIS
The developer of the Ovation property in Franklin still hasn’t paid a multimillion dollar debt due on June 1.
If Georgia based developer Thomas Ovation LLC can’t pay creditors $44 million by June 1, they will be able to foreclose on the property.
The company, operated by Stanley Thomas, is developing about half of the Ovation property in Cool Springs. Last October, the company filed for Chapter 11 bankruptcy.
As a part of the bankruptcy proceedings, creditors agreed to give Thomas more time to pay back his loans. They agreed to wait until June 1 before foreclosing on the property.
According to a lawyer representing one of the creditors in the case, Thomas hasn’t paid the debt yet and hasn’t filed any court documents to indicate whether he will meet the deadline.
Attorney Bill Norton is representing a company connected to the Williamson County developer SouthStar in the bankruptcy case. SouthStar was the original developer on the Ovation property, but later sold the property to Thomas’ company.
“We’re very hopeful that something happens, but I do not know any details. They have not disclosed anything to me,” Norton said. “Obviously it’s getting down to the wire for them. I’m not aware of anything that’s been filed or anything that would lead me to believe they’re going to work it out. It was kind of a drop dead deadline for them to pay it back.”
Given the size of the debt and the relatively short time to repay it, Norton said he never had much confidence that Thomas would make the payment.
Thomas’ company narrowly avoided foreclosure in May 2017 by filing for bankruptcy. The company came out of bankruptcy in August 2017 on the condition that the company pay back a $27 million loan.
According to the Nashville Business Journal, Thomas was able to repay that loan by a November 2 deadline.
Thomas also owes more than half a million dollars in taxes to Williamson County and the state of Tennessee. Williamson County Trustee Karen Paris confirmed the development company still has unpaid property taxes for 2016, 2017 and 2018.
Stanley Thomas did not return a phone call asking about the bankruptcy case before the publication of this story.