Friar Tuck Inn Closed

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Friar Tuck Inn Closed

New postby dave » Thu Apr 08, 2010 10:56 pm

The bankruptcy court has terminated the Chapter 11 status for Friar Tuck Inn. This allowed Ulster Savings Bank to take immediate possession of the 500 room hotel.

Ulster Savings Bank immediately padlocked the Inn, and removed the valuables out of the hotel. Those items will be warehoused until a new buyer takes over the hotel. The bank or new owner will have to pay the $540,820 plus 12% interest from this day forward. Ulster Savings Bank has a 3.2 million dollar loan debt and they had paid $900,000 to keep the hotel running since September of 2009.

While the past owners, Ricki Caridi, tried to find a buyer for the hotel, they never found one. Ulster Savings Bank has now informed the court that they have several prospective new owners who are very interested in buying the hotel. They now have several offers tendered to the bank. It is assumed that the bank will accept one of the offers, and the sale of the hotel will proceed fairly quickly. This will bring an end to this painful ordeal. It is unknown at this time who these potential buyers are.

Without the shield of bankruptcy protection other vendors are now able to move to force payment of the $500,00 owed them. The bankruptcy court will rule on Friday in regards to Chapter 7 proceedings on the time shares and condominium properties. It is assumed that this will proceed on Friday.
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Re: Friar Tuck Inn Closed

New postby mtnclimber » Fri Apr 09, 2010 9:59 am

Somehow I knew it would end this way. The previous owners didn't seem that motivated to sell the hotel. I think they were hoping for something to save them.
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