July 2, 2026 Update On Chapter 11 Filing For Leestma Management/Adelaide Pointe
July 2, 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
On Friday June 27, 2026, Adelaide Pointe reached an interim settlement agreement with the principal creditors that will allow all parties in the bankruptcy to combine efforts into completing the Adelaide Pointe project.
Dave Jennis: “Judge Caryl Delano and Chief Judge Jacob Brown were instrumental in bringing all sides together to get a result that works for all the stakeholders of Adelaide Pointe. Chief Bankruptcy Judge Jacob Brown, acting in his capacity as a judicial settlement officer, did an incredible job getting the parties to this point. I look forward to getting to the next phase of this reorganization.”
Ryan Leestma, Adelaide Pointe’s CEO stated “For eight months we have been playing defense. We can now get back to the task of completing the project and this agreement allows us to do that. This is a great accomplishment for everyone, condo owners, marina customers, employees, vendors and investors. The project has a tremendous amount of current and future value and has been growing in occupancy and revenue every single year. This gives us the time to finish building what we started.”
The agreement will be presented in a bankruptcy hearing currently scheduled for July 9th in Tampa.
The parties have tentatively agreed to the following:
- John Polderman, the Receiver appointed by the State Court of Michigan, will surrender the control of Independent Bank’s collateral, that is the warehouses, land, boater’s services building and condo assets to the Bankruptcy Court and Debtor management. The wet marina, dry marina and multi-use buildings remain unaffected. In addition, Polderman will assume a new role of Chief Restructuring Officer (CRO) working with management, creditors and the Courts to prepare a Plan of Reorganization to allow the companies to emerge from the Chapter 11 bankruptcy proceedings.
- EGLE has agreed to waive any enforcement issues for a period of 120 days and to participate in mediation with Judge Jacob Brown of the Bankruptcy Court.
- Frank Peterson, former City Manager of the City of Muskegon, has been retained to assist all parties.
- Adelaide Pointe management will finalize agreements with either DIP (Debtor in Possession) Lenders or secure post-bankruptcy financing to complete the project.
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About the Case:
Case No. 8:26-bk-02696, in the Middle District of Florida, 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 approximately $91,000,000 and the total Enterprise liabilities are approximately $61,000,000.
Expected next steps in the Bankruptcy:
- Rulings by Judge Caryl Delano, US Bankruptcy Judge, Middle District of Florida on the motion to accept the Interim Settlement Agreement. The Court date has been set for July 9th.
- Completion of the Plan of Reorganization, including financing, as part of the enterprise’s emergence from the bankruptcy process. This is expected to take 4-6 months to complete.
Ongoing:
- All actions against the assets are stayed by the filing of the Chapter 11 cases resulting in the automatic stay.
- All employees will be paid, and all vendors deemed eligible by the Courts will be paid.
- All vendors owed money and lenders as of the date of the bankruptcy will be treated as creditors and paid what they are owed as part of the reorganization.