TROY, N.Y. --Sandy Horowitz, the local real estate developer and former Hollywood producer appears to be close to finalizing his bankruptcy plan that includes selling off several local properties must still win the backing of SEFCU for his reorganization plan.
Horowitz, who now lives in Montana, has presented a plan in a federal bankruptcy court in Los Angeles that includes selling three Troy properties he owns.
SEFCU is the only creditor standing in the way of having the plan approved by a judge, according to records at the U.S. Bankruptcy Court. SEFCU holds a mortgage on one Troy property, which is currently home to Daisy Baker's restaurant. Horowitz owes more than $1.1 million on the loan, but the property is valued at about $780,000, the records indicate. SEFCU said in court filing it would not agree to the plan because the expected profits from the property sales were "unreasonably optimistic at best, and pure fantasy at worst."
Horowitz says he can raise $2.1 million for his creditors by selling the three Troy properties and a plot in Malibu that has both ocean and canyon views. The house that Horowitz owned on the parcel was destroyed in a 2007 wildfire.