Bankruptcy Details
In its filing, Liu’s entity pegged the River Road site’s value at $45 million, with 1 to 49 creditors and assets and liabilities each ranging from $10 million to $50 million.
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East-West Funding tops the creditor list with a $31.2 million claim.
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Amy Hsiao Chen and others hold a $2.8 million judgment from a case involving stolen funds.
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Yuhe Wang is owed $800,000, part of a lawsuit that ballooned into a $1.6 million judgment and sparked Liu’s arrest warrant.
This isn’t East-West’s first entanglement on River Road. In June, it was listed as the largest creditor in another Chapter 11 filing tied to an $80 million movie theater site on the same street.
What’s Next
A settlement conference in Sheng Da’s fraud case is slated for Oct. 22. Meanwhile, East-West and other creditors are expected to challenge Liu’s bankruptcy strategy in court.
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Bankruptcy case: In re 575 River Road Edgewater LLC, Case No. 25-20056-VFP, U.S. Bankruptcy Court, District of New Jersey.
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Foreclosure case: East-West Funding LLC v. 575 River Road Edgewater LLC, Case No. SWC-F-010657-22, N.J. Superior Court, Bergen County.
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Fraud case: Sheng Da Xing Ye Investment LLC v. Fan Liu, pending in state court.
With 575 River Road filed for bankruptcy, the once-promising riverside property remains mired in litigation, with investors, lenders, and the courts now holding the fate of the contested site.
