Its 90-day deadline for repayment having passed, U.S. Eagle Federal Credit Union has filed for foreclosure on the largely shuttered Future Legends sports complex in Windsor.
The Albuquerque, New Mexico-based credit union had loaned tens of millions of dollars to managing partner Jeff Katofsky and the various Future Legends entities to build the sports complex. A settlement reached in late March and filed in federal bankruptcy court stipulated that U.S. Eagle must be paid in full in 90 days or it would foreclose on the complex.
The foreclosure motion, filed late Friday in Weld District Court, noted that “Eagle’s position is that this Motion should be deemed filed as stipulated, despite Defendant’s efforts made at the June 24, 2025 Status Conference to disavow the existence of the settlement.”
In a separate motion filed Friday asking the court to enforce the settlement agreement, U.S. Eagle’s attorneys wrote that, “in any ordinary dispute this disavowal would be shocking, given the fact that counsel and his partners entered into that Agreement and referenced its existence — on the record — in the now-dismissed bankruptcy case … and negotiated it on behalf of all of the FL entities. Here, the Agreement was instigated by FL’s principal, Jeff Katofsky, who was present as a witness in the Bankruptcy Case at the time counsel and the Court referenced the existence of the Agreement and made absolutely no objection to it, despite FL receiving the benefit of U.S. Eagle’s promised consideration and performance in exchange. Now, the attempted repudiation is simply the final, desperate effort to avoid the consequences of FL’s lengthy and needlessly complex legal journey.”
U.S. Eagle listed more than $51.47 million it says it’s owed, plus 8% per annum interest from the date of judgment. The motion stated that “these amounts are exclusive of legal fees and costs to which U.S. Eagle is entitled under the terms of the loans, in the amount of not less than $1,043,480.02 as of the date of filing, for a grand total of not less than $52,511,874.68 for which the Defendants and Guarantors are collectively liable.”
Katofsky had attempted to seek bankruptcy protection, but Hilary Barnes, a U.S. Bankruptcy Court judge in Nevada, dismissed the filing, contending that the case was filed as a way to avoid litigation in state court, and that Katofsky’s credibility in the matter was questionable.
The vision for Future Legends, a 186-acre sports and events facility under construction on Diamond Valley Drive north of Eastman Park Drive, was to make the complex a destination to host sporting events for youth and professional sports in Northern Colorado.
The stadium, domed pickleball and volleyball courts and surrounding areas at the troubled complex, currently managed by a court-appointed receiver, have been shut down by the town of Windsor and the Weld District Court because of safety concerns. The fields have been inaccessible since April 27 when the town shut it down and allowed its occupancy permit to expire. After Future Legends sued to get the facilities reopened, Weld District Judge Kimberly Schutt issued a restraining order May 23, banning public use of the stadium, pickleball and volleyball courts and surrounding areas.
That shutdown forced the Northern Colorado Owlz baseball team to rebrand and move to Colorado Springs, and the Northern Colorado Hailstorm men’s soccer team to also seek other venues.
In Friday’s motion, U.S. Eagle requested an immediate entry of the judgment by the district court.
Katofsky could not be reached for comment Friday afternoon.
The case is Coloscapes Concrete Inc., et al, v. Jaco General Contractor Inc., et al, case No. 2023-CV-030946
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2025 BizWest Media LLC.
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