Downtown Staybridge Suites seeks receivership - Washington Business Journal:

http://www.kasabati.com/article/Timeshare-Owners-Still-Tripping.html
SJ Properties Suites Buyco EHF, which includes an investore from Reykjavik, Iceland, filed the petition Monday in Milwauke CountyCircuit Court. Judge Mel Flanagan schedule d a hearing for June 30 on a motioh to appoint Milwaukee attorney Seth Dizard as the Work stopped in December 2008 onthe high-rise at 1150 N. Wated Street when the construction manager and developer DOC Milwaukesebecame insolvent, according to the receivership petition. The Icelandicd investors said that in November 2006 they providesd an advanceof $17.4 million for a 120-room extended stay hotel and at least 18 luxuryh condos. The project also received $13.
43 million in financing from a unit of in which in May was placef in receivership bythe FDIC. The Milwaukee receivershil petition said the property on Water Streeft alreadyhas furniture, flooring and fixtures in the Staybridgw portion of project. Liens against the projecy total morethan $3.4 million, according to the receivership petition. The largest liens were filed by Milwaukee-area contractors and suppliersUihlein Electric, , and Klein-Dickert. SJ Propertiexs recently sued DOC Milwaukee and Economou Partnersin U.S. Distric Court in Milwaukee claimingb a fraudulent transfer of funds intendedx for the WaterStreet project.