USOC developer in bankruptcy


  • Mike Fleming
Ray Marshall, the developer who won a bid to provide a headquarters building for the U.S. Olympic Committee in a 2009 deal with the city is in bankruptcy.

First reported by The Gazette in today's edition, the case was filed Feb. 20 in U.S. Bankruptcy Court, Denver, and states Marshall has assets of less than $500,000 and owes $3.9 million. The bankruptcy includes dozens of entities controlled by Marshall, which are all listed in the petition:

See related PDF MarshallBankruptcy.pdf

Marshall was acquitted a couple of years ago of criminal charges in connection with siphoning money from investors. He was charged again shortly thereafter, accused of stealing $1 million from the USOC deal. The Gazette reports the earlier dismissal, by Judge Barney Iuppa, was appealed by the District Attorney's Office and overturned by the Colorado Court of Appeals but that Marshall has appealed that ruling to the state Supreme  Court.

Marshall says in the filing that he owns $265,422.50 in personal property that's exempt from attachment by the bankruptcy court. Of that $250,000 is apparently an amount owed Marshall by Terry M. Miller, Lincoln, Neb., who filed for bankruptcy in November in Nebraska, according to bankruptcy records.

Marshall's single most valuable possession are two mountain bikes valued at $1,600.

This is the third bankruptcy with which Marshall has been connected. He declared bankruptcy himself in 1997, and his Colorado Materials Holding Corp. filed for bankruptcy in 2003.

He's living in a leased property owned by Classic Homes, and his spouse, who isn't named in the filing, is working part-time at Starbucks in Monument.

According to the filing, Marshall claims he and his wife have $9,740 a month in income, and $6,020 a month in expenses, leaving him with $3,720 a monthly net income.

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