Friar Tuck Inn sale goes "South" - Lawsuits flying
Posted: 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
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