Property owners file lawsuit against Casey Bachrodt claiming mismanagement and breach of fiduciary responsibility
07/11/2012 6:14 PM
07/11/2012 6:45 PM
WICHITA — Various entities, all partially owned by Summit Holdings LLC, have filed a lawsuit in Sedgwick County District Court against developer Casey Bachrodt.
Summit's five shareholders also own Key Construction.
The suit claims Bachrodt mismanaged six properties in which he also was an owner.
"We feel like he didn't fulfill his fiduciary responsibility," says John Walker, Summit administrator and member.
Bachrodt didn't return calls for comment.
The relationship between Bachrodt and Summit goes back at least a decade.
Starting in October, Summit began removing Bachrodt from managing its properties, including two strip centers in Andover, one in Emporia, one in Texas and two office buildings on and near Rock Road in Wichita.
Walker says Bachrodt didn't market the properties properly or do a good job keeping tenants or being responsive to them.
"It's been an ongoing problem, and we weren't able to control it and get all the details we needed until we took (the properties) over,” Walker says.
Builders Inc. now manages the properties, which Walker says "has been a very good move for us."
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