Doral’s Receiver closes the books bringing years long saga to end

State Supreme Court-appointed Receiver Kirby Payne and his Director of Finance Rick Richardson have finally closed the books on the Doral Arrowwood takeover by Charles Cohen, with the approval of Judge Gretchen Walsh.

As Richardson e-mailed the Westmore News Sept. 20:

“Late this afternoon we initiated the final remaining funds back to Anderson Hill/Cohen Purchase Building Company, LLC for approximately $244,000.”

The last two bills to be paid indicate the length and complexity of the task in closing the Receiver’s books.

In August, a law firm representing American DG Energy wrote Judge Walsh that Cohen’s company was attempting to stop payment on funds due them for leased power co-generation and air chiller equipment.

That letter, in court records from Aug. 9, 2022, stated: “No doubt Anderson Hill’s true motivation for trying to take control of this sum is (1) that American DG is suing its affiliate (the current owner of the property) to recover the power generation and chiller units that American DG had leased to the prior owner of the property; and (2) that Anderson Hill believes that, for economic reasons, American DG might not sue for $74,992.04 or, if it does, will have to compromise to avoid the expense of litigation.”

The money was paid, and this allowed Judge Walsh to order Payne to make final payments, close the Receivership bank accounts and close the books with Richardson’s assistance.

The other bill was for the services of the Receiver’s law firm—services needed right to the end.

With all financial matters now settled, Richardson could conclude in his e-mail:

“I'm happy to see this all finally conclude and hope something is done with the real estate that will end up benefiting Doral Greens and the local community for the long run.”

This ends a three-and-a-half-year saga that began Mar. 15, 2019, cost hundreds of people their jobs, had dozens of lawyers involved and will result in a new development on the former Arrowwood property on Anderson Hill Road.