MARINA DEL REY : Shared Management Approved for Condos

Despite the protests of some Marina City Club condominium owners, including Los Angeles City Councilman Nate Holden, a federal bankruptcy judge has agreed to a reorganization plan that allows the developer and homeowners to share management of the troubled waterfront complex.

The homeowners association and lawyers for the partnership led by developer Jerome Snyder agreed to the plan Wednesday. Holden and a lawyer for two dozen other homeowners had asked U.S. Bankruptcy Judge Samuel Bufford for more time to work out a better deal for the homeowners, who contend that lax management since the bankruptcy filing in 1992 has caused their property values to tumble by up to 50%.

“Every person is being hurt, even the people who just want to get it over with,” said Holden, who said he splits his time between the condo and his legal residence in Southwest Los Angeles. He said he bought the condo after anonymous death threats in the wake of the Rodney G. King beating.

The partnership behind the Marina del Rey development filed for Chapter 11 protection after defaulting on a $24-million loan from Aetna. Homeowners, the partnership and Aetna have been working on a reorganization plan ever since.

Under the plan, a committee composed of two homeowners and two representatives of the partnership will share management of the 600-unit complex, which had been managed exclusively by the partnership.