Andrew Wold properties sold to avoid judgement

ATTORNEY

Attorneys for tenants of the collapsed Davenport building are arguing its owner, Andrew Wold, is selling properties to avoid potential future financial judgements in lawsuits against him. 

Wold sold a number of rental properties in October, and his high-profile downtown apartment buildings have been listed for sale. Wold sold his personal home in December. 







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Emergency crews work the scene of a partial building collapse in the 300 block of Main Street on Sunday, May 28, 2023, in Davenport.




In a master petition filed in Scott County court in late December, the attorneys requested that all proceeds from Wold’s sale of properties be held in an account under the supervision of a court-appointed receiver until the litigation is resolved. 

The attorneys argue Wold and Andrew Wold Investments, LLC, are “insolvent” as defined by the Iowa Voidable Transactions Act, because, the attorneys say, their debts are greater than their assets. 

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The attorneys point to property taxes going unpaid on several of Wold’s properties in the year preceding the collapse, a failure to pay for city licenses, and a second mortgage taken out on Wold’s personal home. 

Added to the list of defendants are buyers of Wold’s properties, including QC Rental Group, and Kyle Robinson, who bought Wold’s personal home and has been the listing agent for Wold’s downtown properties.  

The attorneys argue that the listing of the properties and their sales “are done with the actual intent to hinder creditors, including plaintiffs.” 

“These listings all occurred after the partial collapse of The Davenport, at which point Wold knows that he and his sham companies will be liable for the catastrophic losses caused by the collapse,” the attorneys wrote in the filing. 

What’s in the Iowa Voidable Transitions Act? 

Under the Iowa Voidable Transactions Act, a transfer made or obligation incurred by a debtor is voidable if the debtor made the transfer or incurred the obligation “with actual intent to hinder delay, or defraud any creditor of the debtor” or “the debtor intended to incur or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor’s ability to pay as they became due.”

The attorneys argue that Wold “intends to collect the cash from the transactions for his own benefit and to hinder plaintiffs’ ability to recover against him.”

In Iowa code, there are several factors that can determine actual intent, including:

A. The transfer or obligation was to an insider.

B. The debtor retained possession or control of the property transferred after the transfer.

C. The transfer or obligation was disclosed or concealed.

D. Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit.

E. The transfer was of substantially all the debtor’s assets.

G. The debtor removed or concealed assets.

H. The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred.

I. The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred.

J. The transfer occurred shortly before or shortly after a substantial debt was incurred.

K. The debtor transferred the essential assets of the business to a lienor that transferred the assets to an insider of the debtor.

Who’s named as defendants?

The master complaint brings together the complaints from the various individual lawsuits that have been filed, along with the new allegations concerning the sales. The individual lawsuits continue, but the partial consolidation allows for streamlined filings and sharing of information.

Defendants named in the master petition are: 

  • Davenport Hotel, LLC
  • Andrew Wold
  • Andrew Wold Investments, LLC
  • Village Property Management, LLC
  • Alliance Contracting, LLC
  • Select Structural Engineering, LLC
  • Bi-State Masonry, Inc.
  • CT Engineering, Inc., doing business as Townsend Engineering
  • City of Davenport
  • Waukee Investments I, LLC
  • Parkwild Properties, LC
  • Trishna Pradhan
  • Richard Oswald
  • Corrin Spiegel
  • QC Rental Group, LLC
  • Kyle Robinson
  • Dorothea LLC
  • 2200 11th LLC
  • 246 W. 3rd Street Cooperative

In a news conference Nov. 2, 2023, Peach and Lexus Berry talk about their life five months following the collapse of 324 Main St. where they lived. Rescuers amputated Peach’s leg to free her from the rubble. They are currently suing a number of defendants following the collapse, including building owner Andrew Wold and the City of Davenport.



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