Posted by Dennis Herrick on May 19, 2009 at 06:33:57:
Protect the quality of your local water resources. You never know, someone might want to take the water from you and sell it for a profit.
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The USA Springs debacle continues
To the editor: Since July 2008 the USA Springs debacle continues to waddle its way through the federal bankruptcy court system. Although several hearings have been held much more needs to be done.
On May 1st the attorney representing the unsecured creditors who are owed more than $3 million, filed court papers requesting approval to hire an expert lawyer. According to that filing, the March 2007 bank closing of the $9 million first mortgage loan from Roswell Commercial Mortgage to USA Springs disclosed via the bank "settlement statement" that Roswell made disbursements and payouts to certain individuals who were "insiders" of USA Springs. Moreover, the unsecured creditors "wish to investigate and prosecute recovery of such disbursements and payouts." An expert attorney would allow them to do this. According to the bank (Roswell)) USA Springs is incurring approximately $4,500 per diem in interest alone on its loan ($1,642,000 annually) while the case is bogged-down in bankruptcy court.
At the May 4th hearing the judge disclosed that the dozen or so attorneys representing the various parties are costing about $5,000 per day. USA Springs is asking the court to accept a plan that will give them several more months to market their property for sale and/or refinance the property in order to payoff the various creditors who are owed in excess of $13 million. However the Town of Nottingham has assessed their land and buildings for only $2.3 million.
Although the judge at an April hearing disclosed that he did not know the status of the various permits associated with this project, the Neighborhood Guardians have since informed the assistant trustee of the court. The local building permit expired in July 2008 and cannot be renewed unless substantive work is completed by the applicant. Also, the wetlands permit is currently under appeal before the state supreme court. The Neighborhood Guardians is a citizens' action group formed in 2005 dedicated to protecting and guarding groundwater, property values, the health and safety of the residents of Nottingham and the surrounding communities in this special region of the state.
Jim Hadley
Chairman, Neighborhood Guardians
Nottingham