iFly Headed for Foreclosure
iFly just opened at Montecito a few months ago and according to El Paso Inc is already headed for foreclosure.
Foreclosure is set for July 2, 2019. iFly is owned by Flyzone LLC. One of the investors in Flyzone LLC is Lynda Sharpe. The confusing thing is Lynda Sharpe also holds the promissory note for this company. In other words, Lynda Sharpe owns both iFly and the company iFly used to borrow the money. So it looks like Lynda Sharpe is foreclosing on herself. Confused yet?
iFly may not actually be in financial trouble. While it is rare, sometimes a company will foreclose on itself to restructure capital or change legal details.
For example, a partner in the firm passes away, leaving his stake in the company to the estate. Sometimes the estate will refuse to sell its stake in the company. Forcing the other partners to "foreclose" the company to allow it to restructure.
I have been to iFly several times in the past few months and business looks good. So I don't think this foreclosure has to do with lack of business. iFly is operating under normal business hours. I will keep an eye on this story and keep you updated.