The Bellingham developer whose company was behind most of the Semiahmoo area development and a number of other large projects throughout Whatcom County has filed for Chapter 11 bankruptcy.
David Syre, the founder and owner of Trillium Corporation, filed for bankruptcy on Thursday, December 8, according to documents filed in the Washington State Western Bankruptcy Court. Syre has listed assets of about $170 million and debt of approximately $70 million, according to court documents.
Syre is facing a lawsuit from Polygon, Inc., a Bow-based development firm, and the bankruptcy filing is meant to delay Polygon’s legal actions and give Syre time to pay off his debts, Gayle Bush, Syer’s attorney was quoted as saying. Syre owes about $8 million to American West Bank and $881,803 to Dennis Wise, a property owner from Fairbanks, Alaska, whose investment company, DBW Whatcom, LLC, foreclosed on 231 acres of land in the Birch Point area owned by Trillium.