Lawsuits Filed in Coco Palms Restoration Collapse

LIHU`E, KAUA`I (Ben Caxton) — Lawsuits are starting to fly in the collapse of a plan to restore the iconic Coco Palms Resort. Utah-based Private Capital Group which loaned $23 million to investors to pay for the first phase of the project filed a motion asking a court to force the sale of the property to repay the lenders who provided the funding. What’s left of the resort, which was destroyed by Hurricane Iniki in 1992 was purchased by Chad Waters and Tyler Greene a few years ago with an eye to restoring the property to its former glory. But a number of delays, including legal fights with squatters, eventually killed the project.

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