April 20, 2026 Update On Chapter 11 Filing For Leestma Management/Adelaide Pointe

April 20, 2026
For Immediate Release:
Contact:
Ben Eason – Media/Communications Specialist, Jennis Law (813) 956-4198 ben@thenetworkedplanet.com
David Jennis, Esq. — Lead bankruptcy counsel, Jennis Law, 606 East Madison Street, Tampa, Florida 33602. (813) 229-2800 djennis@jennislaw.com

Tampa, FL – Our firm filed “day one motions” in Case No. 8:26-bk-02696, in the Middle District of Florida, on April 15, 2026 on behalf of the debtors, Leestma Management, LLC (the parent Florida LLC formed January 26, 2017), Adelaide Pointe QOZB LLC (the primary campus operating entity, a Qualified Opportunity Zone Business), Adelaide Pointe Boater Services LLC, Adelaide Pointe Building 1 LLC, and Waterland Battle Creek, LLC. All entities are jointly administered under Case No. 8:26-bk-02696.

Total Enterprise assets in this case are scheduled at approximately $91,000,000 and the total Enterprise liabilities are approximately $61,000,000.

“Last week, we asked the Court to terminate the receivership of John Polderman of the Leestma assets and requested turnover pursuant to the bankruptcy code.” says Dave Jennis. “The Court will be supervising all of the cash flows coming from the assets and oversee the preservation of all collateral for the protection of all creditors. This will allow the Chapter 11 process to resolve and reconcile many competing interests. We have also asked the Court to approve the employment of a Chief Restructuring Officer to oversee and continue the completion of the sales process for the condominiums and the leasing of the boating facilities.”

The Motions filed are as follows:

  • DEBTORS’ MOTION FOR TURNOVER PURSUANT TO SECTION 543
  • DEBTORS’ APPLICATION TO EMPLOY CHIEF RESTRUCTURING OFFICER
  • NOTICE OF FILING DECLARATIONS OF AUBREY GLICK
  • NOTICE OF FILING DECLARATION OF RYAN LEESTMA
  • DEBTORS’ OPPOSITION TO RECEIVERS MOTION TO “EXCUSE” TURNOVER

Motions were also filed by the Receiver, John Polderman, to excuse the turnover by Independent Bank. The motions filed were:

  • THE RECEIVER’S MOTION TO: (1) EXCUSE RECEIVER FROM TURNOVER PROVISIONS; AND (2) SUSPEND THE BANKRUPTCY CASE
  • INDEPENDENT BANK’S CONCURRENCE AND JOINDER RECEIVER’S MOTION TO: (1) EXCUSE RECEIVER FROM TURNOVER; AND (2) SUSPEND THE BANKRUPTCY CASE

The Judge in the case, Caryl Delano granted debtor’s motion to extend time to file additional schedules and financial statements through April 29, 2026. A hearing on the motions is scheduled for April 22, 2026.

The Debtor, John Polderman, has been overseeing a liquidation process on behalf of Independent Bank and has contested the bankruptcy filing. Independent Bank has filed a motion in support of Polderman’s continued liquidation efforts.

“We are disappointed that Independent Bank continues to insist that Receiver John Polderman be allowed to put Independent Bank’s interest ahead of all the other creditors, condominium owners, tenants, etc.” says Jennis, “His Court filing makes it clear that he has no grasp of the complexity of the business, doesn’t understand real estate nor interacting with condo buyers and boat owners. In my opinion, by liquidating, the Receiver perceives his role is to make sure Independent Bank gets its money ahead of all the other investors and creditors in this project. We hope the Court will certainly see through this attempt to control the assets through Polderman instead of allowing the Chapter 11 process to run through to the reorganization. We have proposed a Chief Restructuring Officer that can and will do the job. The fact that Independent Bank insists on running its liquidation efforts through Polderman shows how little it cares about Muskegon, Michigan and the revitalization of its waterfront. We suspect that the bank’s own financial pressures are creating a ripple effect across this project and threatening a very viable and vibrant development.”

Expected next steps in the Bankruptcy:

  • Rulings by Judge Caryl Delano, US Bankruptcy Judge, Middle District of Florida on the Day One Motions.
  • Establishing Leestma Management, LLC and Adelaide Pointe QOZB, LLC management as the principal operator of assets included in proceedings with a court-appointed Chief Restructuring Officer to complete the project.
  • Filing of the Cash Collateral and Budget to the Court to insure and oversee business liquidity and maintenance of the assets.
  • Leestma Management, LLC is in talks with lenders to secure $10,000,000 in funds to complete the project as part of DIP financing.

Ongoing:

  • All actions against the assets are stayed by the filing of the Chapter 11 cases resulting in the automatic stay.
  • Our hope and intention is that all employees will be paid; and, all vendors and lenders owed money and deemed eligible by the Courts as of the date of the bankruptcy will be treated as creditors and paid what they are owed as part of the reorganization.