U.S. Bankruptcy Court, Central District of California (Santa Ana Division)
Case Number
8:26-bk-10832-SC
Petition Date
March 18, 2026
Judge
Hon. Scott C. Clarkson
Plan Deadline
June 16, 2026 (120-day SARE deadline)
Classification
Single Asset Real Estate (SARE)
Estimated Assets
$50M-$100M
Estimated Liabilities
$10M-$50M
Case Snapshot
Property Background
Blackhawk Plaza is an open-air retail center in the unincorporated Blackhawk community of Danville, in Contra Costa County's San Ramon Valley, approximately 4.5 miles east of Interstate 680. The original Development Agreement (Resolution 85/259) was recorded June 20, 1985, covering 45.54 acres. Developer Ken Behring's company built the center, which opened in 1989.
The property is adjacent to the Blackhawk Museum (Behring Global Education Foundation), which operates on a separate parcel under independent ownership. The property is zoned Mixed-Use Medium Density under the Contra Costa County General Plan, permitting commercial, residential, or mixed-use development at 30-75 residences per acre.
Former tenants included Saks Fifth Avenue, Gottschalks, Restoration Hardware, and Anthropologie. Century Blackhawk Plaza, a theater that had operated at the property for more than 30 years, closed in December 2022.
Ramanujan Group is managed by Jason Miller (petition signatory) and associated with Andrew Stupin and Deba Shyam. Vierergruppe Management Inc., an Orange County firm, serves as property manager. The debtor's address is listed as 520 Newport Center Drive, Suite 480, Newport Beach, California.
Vacancy and tenant departures. Occupancy declined to approximately 74% by early 2026. Draeger's Market, an anchor tenant since 2007, announced its closure on January 9, 2026, citing "declining condition and maintenance" of the plaza, and closed in mid-February 2026. Apple Cinemas backed out of a planned 26,200-square-foot theater on January 30, 2026, citing "uncertainty surrounding the ownership structure of the plaza." The Grille at Blackhawk closed in January 2025.
Deferred maintenance. A coalition of commercial property owners, including the Blackhawk Automotive and Cultural Museum, filed a lawsuit alleging "ever-widening cracks and potholes in parking lots, decrepit and non-functioning light stanchions, rusted and broken staircase railings, crumbling stairs, broken and inoperable irrigation pipes, unclean water, dangerous erosion of soil," and "open and live wiring."
Total secured debt of approximately $36 million exceeds the $28 million base acquisition financing and approaches the $38.3 million total transaction price.
The petition indicates funds will be available for unsecured creditors.
Pre-Petition Receivership
On February 3, 2026, an Orange County Superior Court judge appointed Douglas Wilson of Douglas Wilson Companies as receiver to oversee Blackhawk Plaza operations and recoup Nano Banc's $5 million loan.
The chapter 11 filing on March 18 triggered the automatic stay under 11 U.S.C. Section 362, halting the receivership and all state court collection actions. Ramanujan Group retains possession and operational control as debtor-in-possession.
Litigation
Pre-petition litigation now subject to the automatic stay includes:
Nano Banc v. Ramanujan Group MOM LLC (Orange County Superior Court, filed summer 2025): Breach of guaranty on $5 million loan; receivership granted February 3, 2026
Ramanujan Group previously filed and dismissed suits against tenants Peasant and the Pear (2021), Crunch Fitness (2021 unlawful detainer), and Nekter Juice (2022 breach of contract).
Adam Stein-Sapir of Pioneer Funding Group commented: "Filing Chapter 11 buys them time to try to refinance the mortgage or sell the property in a less rushed fashion."
Professional Retentions
Kyra E. Andrassy of Raines Feldman Littrell LLP (Newport Beach, California) serves as debtor's counsel. No financial advisor, investment banker, or claims agent has been disclosed. The U.S. Trustee is assigned from the Santa Ana office.
Key Timeline
Date
Event
1989
Blackhawk Plaza opens (developed by Ken Behring)
April 2020
Ramanujan Group acquires the property for $38.3M; $28M Preferred Bank loan
December 2022
Century Blackhawk Plaza theater closes after 30+ years
2024
Nano Banc extends $5M loan to Ramanujan Group
March 2025
Ramanujan Group stops making payments on Nano Banc loan
Summer 2025
Nano Banc sues in Orange County Superior Court
September 2025
FBI searches Continuum Analytics offices in Newport Beach
January 9, 2026
Draeger's Market announces closure, citing declining plaza condition
January 30, 2026
Apple Cinemas backs out of planned theater at the plaza
February 3, 2026
Court appoints Douglas Wilson as receiver for Blackhawk Plaza
February 2026
Preferred Bank files two notices of default totaling $31M
March 18, 2026
Ramanujan Group files chapter 11; automatic stay halts receivership
June 16, 2026
SARE plan filing deadline
Frequently Asked Questions
Who owns Blackhawk Plaza?
Ramanujan Group LLC, associated with Andrew Stupin and Deba Shyam, acquired the property in April 2020 for $38.3 million. The entity is now the debtor-in-possession in the chapter 11 case.
How much debt does Blackhawk Plaza carry?
The property has approximately $36 million in secured debt: $31 million owed to Preferred Bank (first lien) and $5 million to Nano Banc (second lien). Both lenders have filed default actions.
What is the single asset real estate (SARE) designation?
The case is classified as single asset real estate under 11 U.S.C. Section 101(51B), which imposes a 120-day deadline for the debtor to file a plan or begin making interest payments to secured creditors. The plan is due June 16, 2026.
Will Blackhawk Plaza be redeveloped into housing?
No redevelopment applications have been filed. County Supervisor Candace Andersen stated no housing is "currently planned," though the zoning permits residential development at 30-75 units per acre. The county has noted that pending litigation could take several years to resolve.
What is the connection to the broader fraud allegations?
Ramanujan Group's principals are linked to fraud findings in a JAMS arbitration, an FBI search of their real estate firm, and over $270 million in troubled debt across multiple lenders. Stupin filed for personal bankruptcy in early 2025.
filed a voluntary chapter 11 petition https://www.danvillesanramon.com/business/2026/03/25/blackhawk-plaza-owners-file-for-bankruptcy/
ordered on February 3, 2026 https://therealdeal.com/san-francisco/2026/02/13/east-bay-retail-center-faces-double-default-threat/
reported $50-100 million in assets and $10-50 million in liabilities https://patch.com/california/danville/blackhawk-plaza-owner-files-bankruptcy-amid-mounting-debt-lawsuits-reports
acquired for $38.3 million in April 2020 https://news.theregistrysf.com/as-retail-continues-to-struggle-danvilles-blackhawk-plaza-trades-for-38-3mm/
recorded June 20, 1985 https://www.contracosta.ca.gov/10581/Blackhawk-Plaza
opened in 1989 https://www.pleasantonweekly.com/blackhawk/2026/01/21/closing-time-blackhawk-plaza-faces-foreclosure-amid-increasing-vacancies/
zoned Mixed-Use Medium Density https://contracosta.news/2026/03/02/supervisor-andersen-update-on-blackhawk-plaza/
closed in December 2022 https://www.danvillesanramon.com/business/2026/02/03/apple-cinemas-backs-out-of-blackhawk-plaza/
Vierergruppe Management Inc. https://www.danvillesanramon.com/business/2026/01/09/draegers-market-closing-store-in-blackhawk-cites-declining-condition-at-plaza/
named in lawsuits filed by multiple banks https://www.credaily.com/briefs/california-landlord-fraud-fuels-regional-bank-losses/
FBI searched Continuum Analytics' Newport Beach offices on September 11, 2025 https://www.insurancejournal.com/news/west/2025/10/30/845778.htm
exceed $270 million across multiple lenders https://www.cnbc.com/2025/10/18/the-alleged-sweeping-betrayal-of-trust-that-rocked-zions-bank-and-spooked-wall-street.html
February 3, 2026 https://hoodline.com/2026/02/foreclosure-drama-rocks-blackhawk-plaza-as-danville-shops-empty-out/
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.