Receivership Information

Regency ParkHomeowners’ Association

Hiram, Georgia

Who is the Receiver?

• Albert F. Nasuti was appointed by a Superior Court Judge in Douglas County, to be the Receiver for lots owned by Avenue Homes, Capri Homes, and Pine Grove Builders.

• James M. Cavin and Ted W. Hight, III, of the law firm of Thompson, O’Brien, Kemp, & Nasuti, P.C. in Norcross, are attorneys working for the Receiver.

What is a Receiver?

• A Receiver is appointed by a Court when the rights of either or both parties cannot be protected, or when there is property with no one to manage it. O.C.G.A. § 9-8-1.

What does a Receiver do?

• The law requires that the Receiver take possession of and preserve property that is the subject of a lawsuit, so that the assets will be fully available to pay the claims of creditors.

• In this case, the Douglas County Superior Court Judge appointed Mr. Nasuti to maintain and repair the lots owned by Avenue Homes, Capri Homes, and Pine Grove Builders, so they may be preserved to pay the claims of Bank of Amercia, the builders’ creditor. (The builders and the bank are the parties in the lawsuit.)

How long will it last?

• The Receiver serves until released by the Judge.

• Things that will cause the Judge to release the Receiver:

- Bank of America forecloses their loans.

- The lots are repaired and maintained to the point they can be sold.

- The Judge decides to. (The law gives the Judge broad discretion).

What has been done so far?

• Street cleaning project in Phase II: Mud removed from Lanier Court and the entry to Monarch Way, allowing residents access to Monarch Way and opening up the storm drains.

• Lawn maintenance contract is being awarded to bring lawns at vacant houses in compliance with Paulding County ordinances, and in turn retore the neighborhood’s appearance.

What is next?

• Placement of private security, to prevent vandalism of vacant and partially-completed homes.

• Stabilization of the soil on empty lots to stem the flow of mud into the streets and prevent soil erosion.

• Securing partially-completed houses to prevent weather damage, vandalism, or injury.

• Cleaning and stabilization of the retention pond next to Lanier Court, in Phase II.

What can you do?

• Keep an eye out for vandals or thieves. Report them to the Paulding County Sheriff, the private security guard, or your Neighborhood Watch.

• Report any concerns about the condition of lots owned by Avenue Homes, Capri Homes, and Pine Grove Builders to the Board of the Regency Park Homeowners’ Association. They will inform the Receiver and the attorneys working for him.

What else can you do?• Keep in mind the Receiver (and the contractors he

hires) are here to preserve the lots owned by Avenue Homes, Capri Homes, and Pine Grove Builders, so that they can eventually be sold.

• The Court has not authorized the Receiver to perform any warranty labor for occupied homes, any of the responsibilities of the Developer, or the placement of any amenities.

• The Receiver has no authority or control over Phase III.

• The Receiver has no authority or control over Avenue Homes, Capri Homes, or Pine Grove Builders.

• Work with us, while we try and improve these properties and the neighborhood.