and perhaps it explains the reasoning for haste by the proponents for the ball park.
In 2011, the 2010 bankruptcy filing was denied by the bankruptcy court. I got a head ache from reading it. But the issues appeared to be the close relationship between the owner of the property Zephyr Land Holdings, LLC and the lenders as well as inaccurate annual reports filed by the various entities with the North carolina Secretary of State.
Now the court documents listed a $3 million first deed of trust held by Paragon Properties of Colorado. And then there was a $1.75 million second deed of trust held by David Spetrino, George Laney, & Peter Fensel.
Without getting into a lot of details, you can google Zephyr Land Holdings and view the order, the Judge ruled there were inaccurate filings made with the NC Secretary of State; bankruptcy filings did not disclose the relationship of the three holding the second mortgage and River Front Holdings which somehow was engaged in all of this city slicker stuff.
There was also reference to 5 years worth of payments to be made to New Hanover County to commence once the petition had been approved.
Thus the bankruptcy petition was denied.
But, it gets even deeper.
Google USA INvest Co
The items below came from their website; admittedly they may be a tad out of date. But the website is still up and offers some interesting tidbits.
Very cute. If you are a foriegn investor, perhaps having difficulty bringing yourself and your family to this country, and you can lay $500,000 or more in an EB-5 government approved project, you, your wife, and all of your children under 21 can qualify for green cards to be issued within 6 months of your investment.
And guess what, the project, which had been planned as a marina and hotel, is an EB-5 government approved project. So lay $500,000 down and you can get green cards and be on your way to citizenship.
The only other project listed on the website is out in California.
And guess what? The website makes no reference to the project being converted from a hotel and marina to a ballpark. I wonder if the ballpark is EB-5 approved?
Check out the USA Invest Co website. Who is President of US INvest? Chuck Schoninger.
Guess who does a very nice video presentation for investors to review? A certain city Mayor and a certain County Councilman who had been a City Councilman. Can you guess who they are?
I wonder if the Mayor or Mr. Thompson received payments for their video appearance and support? I must say Mr. Thompson did a superb job of controlling his temper.
If they did, should that relationship have been disclosed early on?
Now given the Mayor's support for the bond referendum, and his various positions as to what "he can live with", would that constitute a conflict of interest?
Watch that video. See the Chinese immigrant who is here on a Green Card and whose children, at the time of the production, were attending NC colleges on scholarships.
If this is not a city slicker deal, I guess I don't know what is.
NO wonder so many are pushing for a toxic site to be sold and used as a baseball park.
What a tangled web some can weave.
Someone should ask the AG to look into this. I'm in Raleigh regularly; and I know him. Perhaps I'll ask.
People want to jab at Romney because his effective tax rate was 14%.
At least he paid taxes.
I wonder if this will explode before election day?
And you know what, they can not deny the facts or the video existance. So bluster all you wish. Get red in the face.
But truth will prevail.
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