Frair Tuck Inn - Auction Deal dead - Jan 10 deadline

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Frair Tuck Inn - Auction Deal dead - Jan 10 deadline

New postby dave » Wed Dec 16, 2009 12:22 pm

The deal with Caterpillar Lawn Service is dead. The deal appears to be a fraud. The 10% premium to the auctioneer was never collected before, during, or after the sale. This raises a lot of questions.

The atty representing the bankruptcy alleges that there are four interested parties in purchasing the property. Judge Robert E. Littlefield Jr approved a court order to extend the debtor-in-possession financing until Jan. 10. If they can cut a deal with the debtor before Jan 10, 2010, they could become the new owner of the failed resort. If they do not have a deal by Jan 10, the property will fall into the hands of the largest debtor, which is Ulster Savings Bank for 3.2 million dollars. For the bank to pursue possession of the property raises a lot of eyebrows.

Again, Ricki and Ross Caridi, co-owners of the Friar Tuck estate, have alleged that they will pursue a lawsuit against the auctioneer and Win Morrison RE agency. At this point the threat of a lawsuit is all talk and no action.

In any event, this has been a very strange debtor sale.
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