Estimated Value of Its Assets Ranges Between $500K and $1 Million
The company behind KW Advisors, a prominent brokerage headquartered in Santa Monica, has recently filed for Chapter 11 bankruptcy, Real Deal reported.
R&LS Investments, led by Rick Cunningham, made a voluntary petition for protection from creditors in the U.S. Bankruptcy Court’s Central District on July 18. The company acknowledges owing less than $7.5 million, while the estimated value of its assets ranges between $500,000 and $1 million, Real Deal reported.
Among the creditors is a limited liability company associated with real estate investor David Taban. Cunningham’s brokerage previously occupied offices in a Santa Monica building owned by Taban’s Jade Enterprises, but they reportedly vacated the premises in June.
Apart from the debt to Taban’s LLC, R&LS Investments also owes around $144,800 to City National Bank, $30,000 to a Citi Bank credit card, and approximately $30,000 to CoStar. Additionally, the company has smaller outstanding debts, including $3,100 to an office cleaning company and $3,000 to a parking lot company, according to Real Deal.
