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* CLP REPORT *
by IC2ITUC
[May 24, 2017, 08:50:06 AM]
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Author Topic: * CLP REPORT *  (Read 1405347 times)

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jimmyt

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Re: * CLP REPORT *
« Reply #10935 on: May 09, 2017, 06:40:17 PM »
JIMMY, Any other info on the Fire at Wanda's Trailer Court ? (I still miss her)  I didn't see anything about it in the "Trib" but it may have been there and I missed it.  ( Say Hi to your Mom for me, as always )
At least 2 were completely destroyed, a few more damaged, I believe on the right side as soon as you enter.....
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clp_lives

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Re: * CLP REPORT *
« Reply #10936 on: May 18, 2017, 03:29:12 PM »
When the value is X do you really expect to get returned 3X, or brand new replacement cost?  Do you suffer economic loss when the value actually increased if this is actually a true assessment?  Based on lakefront sales numbers it does seem possible the value is more than prior.   What is the latest the Trustees are saying they can sell that BC lot for when it came up recently?

http://www.meadvilletribune.com/news/local_news/value-of-beach-club-property-argued-in-court/article_b3d75408-355e-5db6-876d-48e7648c5b36.html

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clp_lives

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Re: * CLP REPORT *
« Reply #10937 on: May 18, 2017, 03:51:41 PM »
What was the value they were looking for with the BC property at the time?
Re:




For the newer readers, some related historical background data.

The tax bodies legally pursued and scheduled a sheriff sale of the park in September of 2014 due to the park trustees’ repeated failure to present a viable plan to the tax bodies regarding paying the park’s nearing one million dollars of back property taxes.

The park trustees proactively solicited the State Attorney General assistance to intervene and stop the sheriff sale.

The AG petitioned the local court to halt the sheriff sale, with one of the AG’s legal arguments being Conneaut Lake Park is exempt from a sheriff’s sale because the property is held within a charitable trust, and the park’s land must be used as a public park because of deed restrictions on the property.

The recorded Articles of Incorporation for the Trustees of Conneaut Lake Park, Inc. state  the purpose of the corporation is: “to preserve and maintain Conneaut Lake Park for historical and cultural and social and recreational and civic purposes etc., for the benefit of the community and general public.”

The deed restrictions included in the  Articles of Incorporation for the Trustees of Conneaut Lake Park, Inc. state, "IN TRUST, NEVERTHELESS, for use of the general public forever, subject, however, to such rules and regulations for the use of said land to be known as "Conneaut Lake Park" as may be made from time-to-time by the Trustees of Conneaut Lake Park, Inc., and their successors; AND FURTHER specifically, in part for use as a public amusement park and the like, and in part for use as a public park with open parkland and the like, and in part for the use for public buildings and the like, forever; AND FURTHER in addition specifically, in part for public access to and use of Conneaut Lake and the lake shore for swimming and boating and the like, forever; AND FURTHER, for other like and similar and related public purposes; all forever."
 
The local court ruled the tax bodies’ sheriff sale of the park for unpaid back taxes was valid, with the sale to occur on  December 5, 2014.

The CLP trustees filed for bankruptcy in the evening hours of December 4, 2014, halting the sheriff sale and collection of any back taxes.

The AG did not appeal the court’s ruling.

During the park’s protracted process of submitting repeated re-written bankruptcy reorganization plans which were acceptable to the bankruptcy court, it came to light part of the trustees plan to raise revenues needed to pay the park’s bankruptcy debts was offering “non-core” and “surplus”  park properties, which were not essential to the operation of the park and maintenance of the park trust, for sale.

Among those properties identified by the trustees in their court-filed bankruptcy documents were the lake front Beach Club and Hotel Conneaut properties, all the while with the park publicly denying on their Facebook page the park was  considering selling the Beach Club and Hotel Conneaut properties.

While, the park’s approved bankruptcy plan identifies the Beach Club and Hotel Conneaut as non-core and surplus properties not essential to the operation of the park, the park bankruptcy plan states that the trustees have not asked for nor obtained the AG’s approval to sell the Beach Club and Hotel Conneaut properties.
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The Wraith

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Re: * CLP REPORT *
« Reply #10938 on: May 18, 2017, 11:14:23 PM »
............  The judge decides if your points are valid or not, not you.

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lifefeedsonlife

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Re: * CLP REPORT *
« Reply #10939 on: May 19, 2017, 06:51:32 AM »
An aside Wraith - I really like your Hitchens quote.
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gore range

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Re: * CLP REPORT *
« Reply #10941 on: May 20, 2017, 11:41:04 AM »
...

http://www.meadvilletribune.com/news/local_news/value-of-beach-club-property-argued-in-court/article_b3d75408-355e-5db6-876d-48e7648c5b36.html



  Several newer readers sent messages noting they were  confused over the Tribune article linked above regarding the Beach Club damages award to the trustees, with their understanding that the back taxes on the Beach Club lot are being paid down with the sale of the lakefront Flynn lots, and requested further clarification of the article.
 
It is understandable how confusion can be generated given there are two similar cases regarding events following the Beach Club fire.
 
The Beach Club damage award article cited above reports on a court case which is distinctly different and separate from the reported Beach Club insurance court case where the tax bodies have claimed a majority portion of the Beach Club insurance funds to pay CLP delinquent, overdue back property taxes. 
 
For the newer readers, a short summary of both cases is posted below:
 
 - In 2008 Park Restoration LLC signed a 20 year lease with the trustees to manage and operate the Beach Club and Down Under Bar, and expanded their operations to converting/remodeling the adjacent former cafeteria building into an event facility to supplement/augment Park Restoration’s Hotel Conneaut event operations.
 
- In 2013 the Beach Club and adjacent Dockside events center was totally destroyed in a fire of “undetermined cause”.
 
- The trustees had no insurance coverage on the Beach Club, however Park Restoration had obtained and paid for a reported $611,00 insurance policy on their Beach Club complex operations and investment.
 
- Shortly after the fire, the Summit Township legally petitioned the insurance company, claiming $478,261 of the $611,000 insurance to be paid to the tax bodies on long overdue park property taxes (state statute authorizes a tax body to file a claim with the insurance carrier on the insurance payment on an insured destroyed property that has delinquent back property taxes).
 
- Park Restoration sued to stop the tax bodies’ claim for taking a portion of the insurance payment. The case has been tried, was appealed several times with the appeals rulings further challenged by either Park Restoration or the tax bodies.. The latest federal district court appeals ruling has overturned the previous appeals court ruling and reconfirmed awarding the $478,261 insurance payment to the tax bodies. It remains to be seen if Park Restoration will appeal the latest ruling. On a side note, the park has been selling lakefront Flynn lots to generate revenue to pay the park’s $1.3 million back tax debt, and it remains to be seen if the full $478,261 is actually awarded to the tax bodies as the park’s tax debt continues to be gradually paid down and reduced thru the Flynn lot sales.
 
- In the second separate case, the damage awards case cited above, last year the park trustees sued Park Restoration for damages due to Park Restoration’s breach of contract of their agreed to Beach Club management agreement lease contract; Park Restoration agreed to that in the event of cancellation, “for any reason” Park Restoration would return the Beach Club to the trustees in “broom clean condition without and damage”.
 
- The court ruled for the trustees and the case is currently in the damages award phase of the case to determine how much Park Restoration will be required to pay the park trustees for damages due to Park Restoration failing to return the Beach Club to the trustees in “broom clean condition without any damage”, in the event of cancellation, “for any reason”.
 
-While the court’s decision to hold Park Restoration to the specified agreement in the Beach Club lease may appear harsh and overly strict to the casual reader, it is never the less subject to contractual law, and Park Restoration did agree to those terms specified in the contract. On a side note, the Meadville  Tribune reported Park Restoration previously attempted to sue the trustees to force the trustees to sign a new Beach Club management agreement lease  contract as Park Restoration failed to have the original Beach Club management agreement lease contract notarized, and Park Restoration did not subsequently file a notarized copy  of the Beach Club management agreement lease contract with the county clerk office.  Park Restoration claimed they were unable to secure commercial loans because the lease was not on file at the county office. Park Restoration reportedly did not engage the services of an attorney in signing and reviewing the Beach Club management agreement lease contract prior to signing the document. The court declined to hear the suit.
 
- Damages awarded to the trustees in the Park Restoration breach of contract suit goes solely to the park trustees, with no other parties currently having any claim on the awarded funds. The trustees are free to utilize the cash award however they so choose. 
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The Wraith

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Re: * CLP REPORT *
« Reply #10942 on: May 21, 2017, 02:43:41 AM »
Concerning the damages phase of the breach of contract case........

I would like to add that the issue of what the property may be worth now, compared to what it was before the fire claimed the building, is but ONE of about 9 categories that could be investigated by the court. No use in focusing on just that one aspect. For those who like to use their calculators, figure out how much  revenue the Trustee's will lose over the life of the breached management agreement. That would be from August 1, 2013 (the date the beach club was lost) to the end of the agreement which would have been 2028. Park Restoration was obligated to pay a baseline of $45,000 for each year the park was open, which adjusted according to CPI for the next year. CPI is Consumer Price Index.

The damages phase is too complex to try and forecast an outcome at this point.

« Last Edit: May 21, 2017, 08:38:26 PM by The Wraith »
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clp_lives

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Re: * CLP REPORT *
« Reply #10943 on: May 21, 2017, 10:11:46 AM »
Remember the Trustees were required to have fire insurance on their own assets according to their lien agreements with the other lenders.  Obviously they did not.



Concerning the damages phase of the breach of contract case........

I would  like to add that the issue of what the property may be worth now, compared to what it was before the fire claimed the building, is but ONE of about 9 categories that could be investigated by the court. No use is focusing on just that one aspect. For those who like to use their calculators, figure out how much  revenue the Trustee's will lose over the life of the breached management agreement. That would be from August 1, 2013 (the date the beach club was lost) to the end of the agreement which would have been 2018. Park Restoration was obligated to pay a baseline of $45,000 for each year the park was open, which adjusted according to CPI for the next year. CPI is Consumer Price Index.

The damages phase is too complex to try and forecast an outcome at this point.


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gore range

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Re: * CLP REPORT *
« Reply #10944 on: May 21, 2017, 01:12:43 PM »
For the newer readers, the most recent Meadville Tribune reporting on record has park officials stating they have been unable to secure insurance loss coverage for structure rides like the century-plus old carousel, due to the excessively high risk premiums.

According to the park financial statements required to be reported to and filed with the bankruptcy court, the only structure catastrophic insurance policy which has been reported to/documented with the court is a loss policy covering the convention hall. No other insurance loss coverage has been identified by the park in their mandated court statements.  On a side note, reports are the hotel lessee is required to carry the loss insurance on the hotel.
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nobs_CLP

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Re: * CLP REPORT *
« Reply #10945 on: May 21, 2017, 09:15:01 PM »
For the newer readers, the most recent Meadville Tribune reporting on record has park officials stating they have been unable to secure insurance loss coverage for structure rides like the century-plus old carousel, due to the excessively high risk premiums.

According to the park financial statements required to be reported to and filed with the bankruptcy court, the only structure catastrophic insurance policy which has been reported to/documented with the court is a loss policy covering the convention hall. No other insurance loss coverage has been identified by the park in their mandated court statements.  On a side note, reports are the hotel lessee is required to carry the loss insurance on the hotel.



The stupidity of the new trustees never ends...
They buy fire insurance on the convention hall made of steel and concrete that won't burn.
On a related note, Park Restoration did use the building for concerts until the trustees no longer needed the 10% of revenue they received from the events...and terminated the deal.
eh, they don't need the money.
A 20,000 sq ft storage building makes much more sense...
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clp_lives

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Re: * CLP REPORT *
« Reply #10946 on: May 22, 2017, 11:11:46 AM »
So the question is did they make the April debt payment and if so who loaned them the money because they certainly did not have enough in the bank plus open the park as well?  Otherwise the clock starts to tick for sale of the Hotel if the payments can't be made.
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IC2ITUC

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Re: * CLP REPORT *
« Reply #10947 on: May 24, 2017, 08:50:06 AM »
The Poor "Lady", She almost died by the weight of Debt on her body (and still fighting that), and on top of that she now is getting "Water Boarded" by Mother Nature, in your area !!  How much more can she take ?  You have to give it to her though, she is one TOUGH Lady !! Let's hope she can eventually throw off these and other bodily insults, and still stay "Earthbound".  I receive the hard copy of The Meadville Tribune (2-3 days late since I live in Virginia now) but also check the full version daily via interned. I look at the weather section and about every day lately it says RAIN,RAIN,RAIN, etc.  This is one reason I would not want to move back to the area again even though I miss it and the people there.  If PRECISION PEST was still in your area, (Is he, and if not, where is "that bugger" who used to post on the forum ?) he would probably have a banner year of business from "critters" trying to get into your homes instead of drowning !.......Everyone have a nice Memorial Weekend and stay as dry as you can.  I, of course, will be spending mine at the SUN filled Delaware Seashore. In fact, I am leaving for the "Beach Bunker" this afternoon to beat the Holiday traffic going there.
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