ONLY ON 3: Vice Chair of new Wilmington Ballpark Coalition quits after WWAY asks questions


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Submitted: Wed, 04/11/2012 - 3:56am
Updated: Wed, 04/11/2012 - 2:48pm
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WILMINGTON, NC (WWAY) — We told you yesterday about a new group supporting the City of Wilmington in its plans to bring a ballpark to town. Today, the vice chair of the Wilmington Ballpark Coalition resigned after WWAY started asking questions about his involvement.

James Hundley Sr. was the vice chair of the Wilmington Ballpark Coalition. He also sat on the Board of Directors of Cooperative Bank, which went under in 2009.

The Federal Deposit Insurance Corporation is suing Hundley, the rest of the board, as well as the bank’s former chief for “neglect of duty” and a total of $33 million, including $4.48 million from Hundley.

The WBC announced today that Hundley is not guilty of the actions he is accused of, but to avoid any distraction he will quit the volunteer group.

Rich Neumann of Mandalay Baseball Properties, which wants to run a team here, was in town today. He said he did not know about the lawsuit or if this affected the coalition’s credibility. He says the group will continue to grow once information is released.

“Once all the information is out there, once all the facts are out there as opposed to opinions or hearsay, rumor, people can make a very educated assessment if it’s a good deal or not a good deal for the City of Wilmington,” Neumann said.

Neumann says his company always faces opposition when proposing ballparks in communities, but he says the Wilmington opposition is louder than they are used to.

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19 Comments on "ONLY ON 3: Vice Chair of new Wilmington Ballpark Coalition quits after WWAY asks questions"


2015 years 8 months ago

“Neumann says his company always faces opposition when proposing ballparks in communities, but he says the Wilmington opposition is louder than they are used to.”

The best compliment thus far. A true badge of honor – and I will wear it proudly…

PublicBleh
2015 years 8 months ago

No kidding. Prove it. You’re the “Public Avenger”!

EDucated
2015 years 8 months ago

Prove it.

Or shut up

PublicAvenger
2015 years 8 months ago

If you can’t take it from the Federal Pot, take it from the Local Pot. This Baseball Stadium Ripoff is gonna make several crooked politicians, and insiders, very rich.

Erlkoenig
2015 years 8 months ago

From the filing:
“the Director Defendants permitted a lax loan approval process”
“regulators repeatedly warned Cooperative’s management and Board about the risks associated with its high concentration in speculative loans and weaknesses in its lending function.”
“loans were made with little or no hard borrower equity required”
“The Defendants recklessly failed to ensure that Cooperative identified, measured, monitored and controlled the risk associated with its rapid growth. The Bank’s growth was fueled by its risky and uncontrolled increase in residential development and commercial real estate (“CRE”) loans”.

How corrupt must they be for the government to notice.

Guest857
2015 years 8 months ago

No doubt they crawl out of the woodwork when someone inquires about their vested interest. Stand to gain from this Eddie boy?

GuestKettle
2015 years 8 months ago

How you state this is a free country and everyone is entitled to their opinion, yet you are telling someone to shut up. Grow up.

Citizen of the Republic
2015 years 8 months ago

“This is a free country and everyone is entitled to their opinion.”

Then why are you telling them to shut up?

GuestAnyone
2015 years 8 months ago

Who do you think you are, Titan? Why don’t you shut up, a##h*le. This is a free country and everyone is entitled to their opinion.

Ten Can
2015 years 8 months ago

Want to left holding a big Tax Bag, go baseball stadium.

Guest554
2015 years 8 months ago

it is a simple thing. He failed at banking. Why is his bank closed and so many others still open? Because He Failed. This man had a great responsability. And He Failed. The Ballpark issue Fits like a glove. It may take a year or three to see the Failure, But it will Fail and Saffo will Be Long gone.

Guest28451
2015 years 8 months ago

Keep Dreaming if you think Saffo and his Democratic buddies are going to be gone from Wilmington City Council. Wilmington suffers from teh same problem Washington DC does which is Mayor for life syndrome aka. The Dumbocrats own the city they have too much money in peoples pockets to get voted out. Forget it.. Stop Annexation is your only hope to stop Saffo and the Demos from gobblingup the tax base and shoving their insane tax and spend policies with Saffo and Laura Padgett and the rest.. Saffo will leave when hes good and ready to quit as Mayor which probably will be never.

Commonsensenotcommontoday
2015 years 8 months ago

Not only was their loan portfolio carelessly assembled, but far too high a percentage of their assets were tied to mortgage backed securities. Like the hundreds of other banks that have failed in the past three years, they (along with everyone else)believed that these securities were issued with the full backing of the United States governmnet.

So they were not only part of the problem, they were falling victim to the same problem at the same time.

It’s a shame too, because Cooperative was one of Wilmington’s shining stars for over one-hundred years. They were a good savings and loan that unfortunately started believing that you really could build a house of cards that would last.

SurfCityTom
2015 years 8 months ago

now the question for them deals with their individual abilities to transfer personal assets to a country where the money can not be touched by the Feds and they can retreat to and not be extradited.

John Henry
2015 years 8 months ago

was a misnomer at best.

Shaun O'Rourke
2015 years 8 months ago

They better dump this guy and his son before tomorrow. “Your out!”

2015 years 8 months ago

This is nothing new. The board of directors of many banks all over the country are being sued for the same cause: “negligence.”

The FDIC is trying to recoup some money from people who took out loans they could not pay for, for whatever reason.

THE REAL STORY and THE REAL TARGET should be the @ss h013s who take out these big loans, then file for bankruptcy protection then go out and rebuy the same property for half the money using an LLC/Corporation or other tax entity. CROOKS! Look no further than a local real estate owner/broker… Search headlines and it won’t be too hard to find who I’m referring to.

Guestin
2015 years 8 months ago

Another one bites the dust chacha.

Guestguest
2015 years 8 months ago

He’s the only one in that group?