Friar Tuck Inn sale goes "South" - Lawsuits flying

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Friar Tuck Inn sale goes "South" - Lawsuits flying

New postby dave » Wed Dec 02, 2009 1:52 pm

The auction sale of Friar Tuck Inn has gone south. Last month Caterpillar Lawn Service, Inc. ("CLS") of Oklahoma bid on the full property for 4.5 million dollars (5.3 million including fees and back taxes). They were the only bidder. I guess the first "red flag" should have been that it is a Lawn Service. It must be a very rich lawn service business.

CLS then failed to make a partial payment within 48 hours of the closing of the auction. Now it appears that Caterpillar Lawn Service, Inc. has less then $250 of revenue per year, and has no phone numbers. The address appears to be a house where the residents allege they don't know anything about it. The registered agent who bid for Caterpillar Lawn Service, Inc. has now disconnected his phone.

Ricki Caridi who is the co-proprietor and general manager of the Friar Tuck Inn, is now stating that he is going to sue Auction America and Win Morrison Real Estate. He is alleging that they didn't follow the US Bankruptcy court's instructions. The US Bankruptcy Court has set a date for December 9, 2009 for a conference (hearing). The largest credit, Ulster Savings Bank, has put in a credit bid for the property. They may become the new owners of the Friar Tuck Inn. There are also rumors that several large hotel chains are interested in the property. The judge may change his direction on the auction. Especially since the starting bid was high.

You can read more about it here: http://www.thedailymail.net/articles/20 ... 817945.txt
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Re: Friar Tuck Inn sale goes "South" - Lawsuits flying

New postby mtnclimber » Wed Dec 02, 2009 3:55 pm

The whole thing sounds like a scam. How can there only be one bidder who showed up. They advertised for months. Sounds like the court needs to appoint someone without a conflict of interest. If Ulster Savings Bank wants to take it on a credit bid, they must believe that a scam is going on. Banks generally don't want to own property. Then they have to manage it and maintain it.

It sounds like the bidder in Oklahoma might be connected to some of the other parties. The whole thing stinks.
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Re: Friar Tuck Inn sale goes "South" - Lawsuits flying

New postby mike » Thu Dec 03, 2009 12:11 am

This whole thing stinks! Something is very seriously wrong. One bidder for an absolute auction is surprising. And the only bidder was a fraud. I agree, the Bankruptcy court needs to step in.

I have seen some bidders setup a fake ID. If there is fraud in the representation of the sale item, they have an exit door. Fraud is a significant problem with auctions. This may be the case here.
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Re: Friar Tuck Inn sale goes "South" - Lawsuits flying

New postby alexis » Sun Dec 13, 2009 1:00 pm

I heard that the court date has been postponed until Dec 15. Everyone is being tight lipped on the details. There are rumors that the bidder in OK is trying to get the funds together. If not, I would suspect that Ulster Savings Bank will take possession of the property with a credit bid of 3.2 million. There is something very wrong with what has happen.
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