ROTHSCHILD (WAOW) – A Madison attorney has been named to run the operations of the Cedar Creek Mall after a foreclosure lawsuit was filed.
Timblin Enterprises of Kewaskum, owners of the mall, owes nearly $15 million to Stoney Rivers, a limited liability company with links to the original developers of the property, Creske Corp., Brian Thill, an attorney for Stoney Rivers, said Tuesday.
The debt includes nearly $5 million in loans used to make improvements at the Rothschild mall over the years, including the Patriot Center, Thill said.
Timblin Enterprises purchased the mall with a $12.8 million land contract in January 2007, Thill said. The foreclosure lawsuit was filed Dec. 6, alleging Timblin has defaulted on six loans over the years, the complaint said.
A Marathon County judge has appointed Madison attorney Rebecca DeMarb as receiver of the property to maintain its assets, Thill said.
“There shouldn't be an interruption in mall service or business solely because of the receivership,” Thill said in a telephone interview from Madison.
David Welles, an attorney for Timblin Enterprises, did not immediately return a telephone message Tuesday.
No one answered at a listed telephone number for Timblin Enterprises in Kewaskum late Tuesday.