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* CLP REPORT *
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[November 30, 2018, 08:01:38 AM]
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Author Topic: * CLP REPORT *  (Read 2763241 times)

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gore range

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Re: * CLP REPORT *
« Reply #11340 on: July 16, 2018, 07:57:19 AM »
ref:
... the Bankruptcy Court approved the dispersal of funds and abnormal payments from the last lot sale.............. without objection and canceling a scheduled hearing on the matter because of no objection....

....for those readers who may have not followed the related postings on social media....

.... per bankruptcy court filings, the local sewer authority initially filed a motion objecting to the approval of the sale of the last lot because the park was in violation of its agreed to bankruptcy plan as the park had not paid its sewer taxes/fees  as required by court rules and the bankruptcy plan.

The sewer authority initially requested that the court require the park to pay sewer authority the portion of the sewer bill due since the park filed for bankruptcy with the revenues from the park’s last lot sale, and the court scheduled a hearing on the matter.

However, as the court encourages parties to do, the sewer authority and park representatives met and mutually agreed to pay the sewer authority the park’s overdue post-bankruptcy filing sewer bill with the revenues realized from the park’s last lot sale, and as a result of that agreement the previously scheduled hearing to argue the sewer authority’s motion objecting to the approval of the park’s sale of the last lot was cancelled by the court.


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gore range

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Re: * CLP REPORT *
« Reply #11341 on: July 16, 2018, 08:18:36 AM »
ref:
.That means those oh so concerned citizens and creditors filed no objections to the proposal for the park to divert those funds. ....

...of course, the Gore has never stated or local citizens need to be concerned about holding the park accountable and/or that local citizens need to address the matter to their local governing officials.

While forum contributors are certainly free to implore locals to hold their elected folks accountable-.



….I endeavor to research and provide the pertinent facts that are not reported  by the local press and park to offer locals the opportunity to make informed decisions.


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The Wraith

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Re: * CLP REPORT *
« Reply #11342 on: July 16, 2018, 12:48:28 PM »
Hmmm, still no answer.......

The question once again recurs (x3): "With  all the exhaustive work done and illustrated here, why none of that  has been presented to the court or pushed by a group of  creditors.......... any ideas?"

You posted the previous objection to the lot sale that was due in April, not the most RECENT attempt after the modification. The hearing that was supposed to be held on July 3 was canceled because of the lack of an objection, and the DEFAULT ORDER written by the Trustee's counsel in their motion was signed by the judge.

One note about the CLMA attorney: "If the park defaults on payments, trustees will sell the Hotel Conneaut. If sale proceeds don’t cover the remaining debt, Snyder, a representative of the state Attorney General’s Office and Conneaut Lake Joint Municipal Authority lawyer Guy Fustine, appointed to represent remaining secured creditors, would work together to find payment options."

For newer readers, of course....

As for this screen capture of a previous comment from your humble and independent contributor.................


That comment was made when you actually contributed meaningful and non-biased factual information with a sense of humor and playfulness........... some things have changed since that comment was made - hence the lack of an attributable date. I stood up for you at that time. Don't forget that. No matter, as I said a few posts ago, its all good pappy! For the most part you are still that person, but your ale has not aged well and can be a bit sour to the taste with a tinge of bias. Maybe we should canoe instead of having a drink.....
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gore range

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Re: * CLP REPORT *
« Reply #11343 on: July 16, 2018, 12:54:07 PM »
ref:
... those creditors who signed off on the reorganization and discharge...


For the readers not fully appreciating the sequential process and stages of a Chapter 11 bankruptcy,

....factually, no creditors have signed off on a discharge of the park’s Chapter 11 bankruptcy process-




Per the park’s approved bankruptcy plan, the park agreed to pay quarterly $30,000 payments to pay the park’s secured creditors debt on a prorated basis- meaning each secured creditor receives a portion of the quarterly $30,000 debt payment apportioned on their established priority ranking.

Per the park’s own figures in the park’s court filings, the park owes the Conneaut Lake Joint Municipal Authority, the area sewer provider, $605,680.89 of secured debt in unpaid back sewer taxes and fees.

In addition to the $605,680.89 the park states it owes the sewer authority, the park states it owes Joseph Prischak, $770,898.23 in secured debt. For newer readers, Erie businessperson Prischak graciously purchased four rides for the park years back with an overly generous payment plan for the park to repay Prischak. The park failed to pay Prischak for leasing the rides, and now Prischak is the park’s largest secured debtor.

In addition to the $1,376,579,10 the park states it owes the sewer authority and Prischak, the states it still owes the Economic Progress Alliance and the Northwest Region Planning Commission $300,000 in secured debt for loans on which the park told the bankruptcy court the park would begin making payments in 2017.

Per court files, the park states it owes five others secured creditors a little less than a quarter million dollars.

Factually, currently, unless there is a seriously significant change in the park’s revenue stream, the park is likely years away from obtaining a Chapter 11 discharge.

At present, the park is in its fifth year of its stated ten year plan to return the park to self sufficiency.




The park can not make a request to the court for a discharge of debt until the secured creditors are paid.


At the park’s agreed-to secured bankruptcy debt repayment rate of $30,000 every four months to the secured creditors, it will take at least six years to pay off the park’s secured creditors.

Currently, with the park officially admitting it is unable to generate sufficient revenue on its day to day operations to be able to pay its secured creditors, and the park relying on income from the last lakefront lot sale to make its secured bankruptcy payment, it is understandable how and why secured creditors could be  wondered when their debts will be paid..

Of note, there is no established time limit on a Chapter 11 bankruptcy.


For newer readers, the park listed aprx 70 creditors-claims (parties owed money by the park).in it bankruptcy application.
There are 21 secured creditor claims, and aprx 50 unsecured creditor claims.
The park agreed to pay the secured creditor-claims in full. And, the park stated they would pay the aprx 50 unsecured creditor claims, after the secured creditors were paid in full, at the rate of ten cents on the dollar, but qualified that payment to unsecured creditors that the park  would only make that one-tenth payment if the park had the funds available to pay those aprx creditors.
Only nine of those aprx 70 creditors claims voted on the park’ proposed bankruptcy plan. There were eight votes supporting the park’s proposed plan, with one ‘no’ vote cast.
Seven of those yes-vote creditor-claims have subsequently filed various motions in court regarding park debt payments.
The overwhelming majority of CLP creditors identified by the park have shown absolutely no interest in further dealings with the park.
« Last Edit: July 16, 2018, 11:47:44 PM by gore range »
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The Wraith

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Re: * CLP REPORT *
« Reply #11344 on: July 16, 2018, 01:41:06 PM »
Did he answer? Hmmmmmmm
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Squirrels In Hats

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Re: * CLP REPORT *
« Reply #11345 on: July 20, 2018, 10:31:26 PM »
That's really bleak and NOT what is reported in the Trib.
Do you happen to know the terms of the sewer debt? Last I knew, it was a low interest loan.  Have any other info on that?



ref:
... those creditors who signed off on the reorganization and discharge...


For the readers not fully appreciating the sequential process and stages of a Chapter 11 bankruptcy,

....factually, no creditors have signed off on a discharge of the park’s Chapter 11 bankruptcy process-




Per the park’s approved bankruptcy plan, the park agreed to pay quarterly $30,000 payments to pay the park’s secured creditors debt on a prorated basis- meaning each secured creditor receives a portion of the quarterly $30,000 debt payment apportioned on their established priority ranking.

Per the park’s own figures in the park’s court filings, the park owes the Conneaut Lake Joint Municipal Authority, the area sewer provider, $605,680.89 of secured debt in unpaid back sewer taxes and fees.

In addition to the $605,680.89 the park states it owes the sewer authority, the park states it owes Joseph Prischak, $770,898.23 in secured debt. For newer readers, Erie businessperson Prischak graciously purchased four rides for the park years back with an overly generous payment plan for the park to repay Prischak. The park failed to pay Prischak for leasing the rides, and now Prischak is the park’s largest secured debtor.

In addition to the $1,376,579,10 the park states it owes the sewer authority and Prischak, the states it still owes the Economic Progress Alliance and the Northwest Region Planning Commission $300,000 in secured debt for loans on which the park told the bankruptcy court the park would begin making payments in 2017.

Per court files, the park states it owes five others secured creditors a little less than a quarter million dollars.

Factually, currently, unless there is a seriously significant change in the park’s revenue stream, the park is likely years away from obtaining a Chapter 11 discharge.

At present, the park is in its fifth year of its stated ten year plan to return the park to self sufficiency.




The park can not make a request to the court for a discharge of debt until the secured creditors are paid.


At the park’s agreed-to secured bankruptcy debt repayment rate of $30,000 every four months to the secured creditors, it will take at least six years to pay off the park’s secured creditors.

Currently, with the park officially admitting it is unable to generate sufficient revenue on its day to day operations to be able to pay its secured creditors, and the park relying on income from the last lakefront lot sale to make its secured bankruptcy payment, it is understandable how and why secured creditors could be  wondered when their debts will be paid..

Of note, there is no established time limit on a Chapter 11 bankruptcy.


For newer readers, the park listed aprx 70 creditors-claims (parties owed money by the park).in it bankruptcy application.
There are 21 secured creditor claims, and aprx 50 unsecured creditor claims.
The park agreed to pay the secured creditor-claims in full. And, the park stated they would pay the aprx 50 unsecured creditor claims, after the secured creditors were paid in full, at the rate of ten cents on the dollar, but qualified that payment to unsecured creditors that the park  would only make that one-tenth payment if the park had the funds available to pay those aprx creditors.
Only nine of those aprx 70 creditors claims voted on the park’ proposed bankruptcy plan. There were eight votes supporting the park’s proposed plan, with one ‘no’ vote cast.
Seven of those yes-vote creditor-claims have subsequently filed various motions in court regarding park debt payments.
The overwhelming majority of CLP creditors identified by the park have shown absolutely no interest in further dealings with the park.
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gore range

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Re: * CLP REPORT *
« Reply #11346 on: July 21, 2018, 10:00:40 AM »
That's really bleak and NOT what is reported in the Trib.
...


....as a multitude of information was addressed,  the comments as posted lack any specifics.

What is bleak?

What has the Trib NOT reported?

It is rather thoroughly documented herein what the Trib has vs. has not reported.

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gore range

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Re: * CLP REPORT *
« Reply #11347 on: July 21, 2018, 10:01:58 AM »
...
Do you happen to know the terms of the sewer debt? Last I knew, it was a low interest loan.  Have any other info on that?

Terms of the sewer debt? The sewer debt is a low interest loan?

Bankrupcty debt is bankruptcy debt. I am unaware of any official documentation that the $605,680.89 the park self reports it owes the Conneaut Lake Area Municipal Authority “is a low interest loan”. I have not read of any such “low interest loan” arrangement in the park’s or sewer authority’s court documents.

If, by some stretch of imagination, the $605,680.89 the park self reports it owes the Conneaut Lake Area Municipal Authority would be  “a low interest loan”, the reality of such is that it remains  a debt  the park officially self-reports it owes for previous unpaid bills to the Conneaut Lake Area Municipal Authority.

I have not read of any  “terms of the sewer debt” identified in the park’s approved bankruptcy plan.  The $605,680.89 the park self reports it owes the Conneaut Lake Area Municipal Authority is in the second tier of secured debt creditors which the park self-reports it owes money, with the first tier secured creditors being the property tax bodies.

The park agreed to make $30,000 quarterly payments to the second tier creditors, a pro-rated portion of which is to be paid to each of the 21 secured creditors claims every four months.

The park has officially admitted to the court and it is unable to generate sufficient revenue on its day to day operations to be able to pay its secured creditors, i.e. the Conneaut Lake Area Municipal Authority, and the park relying on income from the last lakefront lot sale to make its secured bankruptcy payments. The  Time will tell how the revenue situation continues to develop in
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gore range

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Re: * CLP REPORT *
« Reply #11348 on: July 21, 2018, 10:16:22 AM »
For newer readers’ historical perspective, posted below are the pertinent portions of archived news articles from the Meadville Tribune and other local papers regarding their references to the Conneaut Lake Area Municipal Authority:

MAR 2001 (Pittsburgh Post Gazette)
   Brill projects that it will take five years to pay the park's two largest debts. It owes more than $225,000 in back taxes to the Conneaut School District and more than $300,000 in sewer fees to the Conneaut Lake Municipal Authority.
Conneaut Lake Park's sewer system is a bigger financial headache. Its aged, leaky pipes drain thousands of dollars a month from the park's bank account.
Brill wants a $1 million state grant to repair the system. He hopes eventually to give an improved system to the municipal authority, which could hook up new customers along the lakefront. In exchange, he would ask that the park's $300,000 in sewer bills be waived.


MAR 2001 (Pittsburgh Post Gazette)
 Brill projects that it will take five years to pay the park's two largest debts. It owes more than $225,000 in back taxes to the Conneaut School District and more than $300,000 in sewer fees to the Conneaut Lake Municipal Authority.

MAY 2001(Sharon Herald)
   The park generates more than $1 million a year in revenue and provides between 250 and 300 full- and part-time jobs each summer.
   It's a nonprofit corporation; all money will be channeled back into the facilities, he said.
   Sewer work: Brill is working on a plan to cut a big chunk of that back debt by replacing the park's antiquated sewer system, which also serves 160 private homes.
   He has enlisted the help of local planning and sewer officials in seeking grants and loans of about $1 million to replace the 50-year-old lines and turn the system over to the Conneaut Lake Municipal Authority in exchange for forgiveness of $280,000 in back sewer fees.


AUG 2001
The park now owes about $650,000, including $300,040 to the Conneaut Lake Municipal Authority and $225,000 in back taxes, Brill said.

FEB 2006
Reviewing the park’s current $2.1 million debt owed, he said $810,000 of that sum is for payment of two major bills.
   The first is a PENNVEST loan of $426,000, a 30-year low-interest loan to upgrade the park’s sewer system. That loan was made to the Conneaut Lake Area Municipal Authority with an agreement that the park will pay the authority monthly payments.
   In addition, the park owes back real estates property taxes of $384,000.
   General Manager George Deshner said Monday he is still reviewing all park records and making contact with individual vendors to determine the exact amounts of money that may be owed for past services. He said there could be some instances where the vendor is owed more than is listed in the park’s accounts payable file.


MAY 2006
   Crawford County Judge Anthony Vardaro said Thursday a $250,000 loan enabling Conneaut Lake Park to open for the season is OK with him.
   Vardaro said he will issue the order allowing the loan this morning. He issued the ruling at the close of the hearing on the loan request from court-appointed park custodian LeRoy Stearns late Thursday afternoon.
   Park and First National Bank officials said the loan will be closed as soon as the judge's order is entered.
   "It will be full speed ahead,"Conneaut Lake Park General Manager George Deshner said. ""We have a large volume of things that have been sitting that we could not do without the money. I have two weeks to get the park ready to open, and we need to move at full speed. I will probably have people working overtime."
   The judge's approval of the loan is the final step required in getting the money to open for the 2006 season, which seemed in doubt just 12 days ago.
   A tentative loan deal with another lender fell through. Stearns announced on May 1 that he did not have the money to open the park, and laid off its 30 employees.
   But the following day, First National Bank stepped forward and agreed to loan the park the money to open.
   It was learned at Thursday's court hearing that First National Bank's loan was made possible by Erie industrialist and business leader Joseph Prischak and his wife, Isabelle.
   The Prischaks are guaranteeing the loan for First National Bank. The couple previously loaned the park $250,000 and also bought $125,000 in park certificates, another form of a loan offered several years ago. The Prischaks also have bought several rides that they lease to the park.
   The Prischaks could not be reached for comment Thursday. They were represented in court by attorney Jack Mehler of Erie, who said the couple desired to keep their support for the park anonymous.
   The loan deal asks that if park property or other significant assets are sold, the bank loan and the money owed the Prischaks be repaid immediately. However, it was made clear at Thursday's hearing that back taxes and debt owed a municipal authority will be first in line for payment.


APR 2007
Answering concerns expressed previously by others, Sutterlin said he has hired an architect, and said the condos will “not be cookie cutters,” but will be constructed in a Victorian theme to match that of Hotel Conneaut.
   Sutterlin also had letters from the Conneaut Lake Joint Municipal Authority and from Conneaut Lake Park that the sewer system and the park’s water system can handle the new construction.


APR 2009
According to a recently published legal advertisement, the Conneaut Lake Joint Municipal Authority is accepting bids on a defaulted mortgage note presently owing $552,994 in unpaid principal, interest and penalties, and on four municipal liens and accumulated interest filed for unpaid sewer service charges in the amounts of $210,400; $27,469.49; $58,052.50 and $45,379.91.
   “I would expect us to submit a bid,” said Peter Acker, the Hermitage-based attorney for First Capital Finance Inc., which previously submitted the only bid — of $200,000 — for an approximate $152,000 debt the park owed Summit Township for back amusement taxes.
   If another First Capital bid is accepted by the joint authority on the debts now up for sale, Acker said the agency’s intents are “the same — to address the overwhelming debt issues of the park (in order) to try to preserve the historical park.”
   Earlier this year, Acker said First Capital intends to work cooperatively with the park and its other business associates rather than force a sale of its assets.


APR 2009
   Whether a major portion of Conneaut Lake Park’s debt may be sold off won’t be known for about two weeks. In the meantime, Trustees of Conneaut Lake Park, current owner of the facility, are asking for patience on the debt, saying such a sale could cause the park to close.
   Conneaut Lake Joint Municipal Authority members voted Wednesday to hold a special meeting May 13 at 8 p.m. to take action on whether to accept the lone bid of $200,000 for nearly $900,000 the amusement park owes the authority. The debt is from a 2003 mortgage to repair the park’s sewer system as well as four municipal liens for unpaid sewer bills.
   Members of the five-member authority unanimously voted to hold a special meeting after receiving only one bid for the debt. The lone bid for $200,000 was from First Capital Finance Inc. of Ohio. The authority wants to review the bid with its attorney, Alan Shaddinger, before taking action, according to Dean Callendar, authority chairman.
   In December 2008, First Capital paid $200,000 to Summit Township for approximately $152,000 debt the park owed the township for back amusement taxes. It, too, was the only bidder on that debt.
   Conneaut Lake Joint Municipal Authority sought bids on the defaulted mortgage note presently owing $552,994 in unpaid principal, interest and penalties, and on four municipal liens and accumulated interest filed for unpaid sewer service charges in the amounts of $210,400; $27,469.49; $58,052.50 and $45,379.91. First Capital bid $47,600 for the mortgage note and $152,400 for the four sewer liens.
   The authority wants to sell the debt to the highest bidder to recoup the money now, instead of waiting for payment from Trustees of Conneaut Lake Park, which owns the amusement park.
   Trustees plan to generate money through future park operations such as the leasing of amusement park rides and the Hotel Conneaut and Beach Club. The park has approximately $2.4 million in past debt.


MAR 2007
Youngs said the sale would give the park the ability to pay off all the real estate taxes (approximately $470,000) and most of the other mortgages and liens, including $175,000 to certificate holders. Those are certificates purchased to open the park several years ago, which purchasers chose not to redeem several years ago. The park “believes that some lien holders will compromise their claims in order to facilitate this sale,” according to the petition.
   That’s because number included in the plan show the recorded liens and charges total $1.8735 million, excluding the 30-year, 1-percent interest rate mortgage of $476,920 owed for a PennVEST loan to improve the park’s sewer system.
   That in turn allowed the Conneaut Lake Joint Municipal Authority the ability to lift a moratorium against new hookups. According to authority officials, 14 new customers and 65 from the park were added after those improvements were made. It also allowed the ability of future development projects, such as the Snow Waters condominium project, to have access to municipal waste services.
   Had that not happened, no new development (or residential properties) would have been permitted to be added in either Summit and Sadsbury townships.
   Sutterlin plans to construct condominiums on the land, formerly known as the Flynn House site and adjacent parking lot — if Summit Township approves a zoning ordinance change allowing him to construct 10 condos per acre versus the current six units allowed. (Supervisors are to act on that request April 11.)
   Without that change, Sutterlin said it isn’t economically feasible to purchase the land. That change is a requirement of the sales agreement.
   

MAY 2009 (Community News)
   A sole bid for the purchase of debt owed by Conneaut Lake Park to Conneaut Lake Joint Municipal Authority (CLJMA) was opened at a meeting on April 29.
   The lone bid was in the amount of $200,000 for the purchase of almost $900,000 and was submitted by First Capital Finance Inc. of Ohio with Attorney Pete Acker acting on behalf of an unnamed client.
   In January, a meeting was held at which Acker approached the CLJMA in order to express his client's interest in buying the debt owed to the Authority by the Board of Trustees of Conneaut Lake Park.
   In December of 2008, the same individual placed, and was awarded, the only bid in the amount of $200,000. This was for the judgment of Summit Township against the Trustees of Conneaut Lake Park. The park had owed Summit approximately $152,000 in back amusement taxes.
   Chairman of the Board of CLJMA Dean Callender allowed those in attendance to speak, but asked that they be brief and non repetitive in doing so.
   The Chairman of the Board of Trustees of Conneaut Lake Park, Jack Moyers, was first. He said that the goal of the bidder was to purchase enough liens to force a sheriff’s sale of park properties.
   In reference to a statement made either prior to the meeting, or at another time, Moyers said that, “in Mr. Acker's presentation, he stated clearly of the intentions to do so. He noted that his [Acker’s] client has been working to 'get the park' for the past seven years. He said his client is worth $50 million and has dedicated $3 million to this particular project.”
   Moyers said that he saw the plans of whom he believes to be Acker's client, and claimed they were not in the best interest of the trust or the public. He also pointed out that the plans would cause any unsecured creditors to lose their funds completely.
   Moyers continued by reading from a letter that he had brought with him and had submitted to CLJMA Solicitor, Alan Shaddinger.
   He imparted that in May of 2004, the park sewage lines had been tested by Gary Jones and Don Schanz. According to the letter, Jones claimed that during heavy rains, the system would become backed up due to either a blockage in the 14-inch forced main, or due to a pump station being unable to handle the sewage infiltration during high water periods.
   He also asked that CLJMA substantiate what they, the Board of Trustees, considered to be higher than usual bills for several off season months.
   Moyers said that they had not received any monthly bills from 2007 to the present time, other than the cumulative one prior to the advertisement of the lien sale. He said too that the board had not received proper notifications of non payments.


MAY 2009 (Community News)
   During a special Conneaut Lake Joint Municipal Authority meeting held on May 13, sighs of relief were audible when CLJMA voted unanimously to reject a $200,000 bid for the purchase of approximately $900,000 in back debt.
   The debt is owed by the Board of Trustees of Conneaut Lake Park to the Authority for a mortgage on the Park sewer system, plus municipal liens for unpaid sewage bills.
   The lone bid had been placed by First Capital Finance Inc., with Attorney Pete Acker acting on behalf of an unnamed client.
   The CLJMA part of the lien sale saga began at the January meeting when Acker approached the board and expressed his client's interest in buying up the debt owed to them.
   In December of 2008, Acker's anonymous client placed, and was awarded, another sole bid in the amount of $200,000 for a Summit Township judgment against the Trustees of Conneaut Lake Park. The Park had owed Summit Township approximately $152,000 in back amusement taxes. Simply put, the sale of the liens amounts to a transfer of debt, which means CLP now has to pay Acker's client, rather than paying Summit.
   Had “the client” won this bid, he/she could have forced a future sheriff sale and/or sales of Park assets in order to collect the money owed.
   Currently, there are many rumors flying about but no one has stated in a public forum what Acker's client has in mind in terms of collecting the debt.
   Jack Moyers, Chairman of the Board of Trustees of Conneaut Lake Park, stated at an April public meeting, held at the Hotel Conneaut, that the lien situation had not been addressed in a formal fashion between “the client” and CLP. Whether this is still the case or not, was not known by press time.
   After the CLJMA “verdict,” Meadville resident Audry Porter thanked the Authority for their decision to reject the bid.
   At that point, Dean Callender, CLJMA Chairman of the Board, spoke up and said he, personally, did not reject the bid due to a need to please the public. Porter indicated that the new Park board was just getting started and should have a chance to succeed.
   Callender made it clear that the decision had nothing to do with that and stated further, “That's my opinion...For most board members, it's a thankless job. Our concern is what will happen to our mortgage and our liens if we just hand them over for $200,000. We have a duty to all the customers we serve�somewhere in the neighborhood of 24 (to) 2,500, to try and keep...their rates as low as we can.”
   A few questions were fielded with Tim Weber, who had been a member of CLP board number two, asking the first one. He inquired as to whether or not they would consider offering the debt up for bid again. Callender answered that he was not certain if they would or would not.
   Weber also asked, “I'm just curious, is there a minimum bid that you would accept on the back debt?” A CLJMA member answered that he didn't think the board had established that yet.
   Callender said his vote was based on his feelings that $200,000 wasn't worth the approximate $900,000 owed.
   Greg Sutterlin, of Park Restoration LLC, the group which has leased the Hotel Conneaut and has a management agreement for the Beach Club and other parts of the Park, said even though the Authority's intentions were not to save CLP, so to speak, their actions had gone a long way in helping to help bring it back. “I know indirectly it will help us but that wasn't your intention. You were given an offer that's ridiculous compared to what's owed.”
   Callender reiterated, “It's got nothing to do with public opinion... It has to do with the people we serve on this board. (We're) trying to protect their investment and keep our rates as low as possible.”
   Wanda Ramaley, owner of the Stable Pit & Pub Restaurant, presented a humorous analogy of someone ordering a steak at her establishment, eating it and then setting his own lower price for the food.
   Callender joked and said he would not be dining in her restaurant due to not being able to set the price! This statement caused much laughter among the many citizens in attendance and was all in good fun.
   She went on to say she thought it would have set a bad precedence for the rest of the creditors had they accepted the low bid.
   Directly after that portion of the meeting, Sutterlin made a brief statement for the record. “I'm ecstatic. I'm hopeful that this will stop the whole process of liens being sold and we can now look forward to a bright future.”
   At press time, it was not known what kind of payment plan, if any, had been worked out between The Board of Trustees of Conneaut Lake Park and CLJMA. Moyers had stated at the bid opening meeting on April 29, that they would work with the Au-thority in any way possible. He said at that time, “We're doing the best we can and with the operation of the Park, we will have cash flow. We will have the ability to make good on these debts.”
   Directly before deadline, Moyers was reached for comment and had the following to say concerning the payment of the debt.
   “The CLJMA has a fiduciary duty to its customers, just the same as the Trustees of Conneaut Lake Park have the same charge, (fiduciary duty), to perform for the Park. Although we have not presented a formal plan to CLJMA, we have indicated our ability to pay the current bills and payments toward the past debt.”

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gore range

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Re: * CLP REPORT *
« Reply #11349 on: July 21, 2018, 10:17:40 AM »
JUL 2009
   Most of Conneaut Lake Park’s debts for unpaid sewage services will be paid back over the next decade under an agreement reached by park and local officials Monday.
   At a special public meeting yesterday, Conneaut Lake Joint Municipal Authority voted unanimously in favor of approving respective agreements with the Trustees of Conneaut Lake Park and Park Restoration LLC, the group of local investors who are leasing parts of the park including the Hotel Conneaut and the Beach Club.
   Under their agreement with the authority, the trustees are set to pay sewage liens totaling roughly $236,000 over a period of 10 years at a 4 percent interest rate. The authority’s agreement with Park Restoration has the investment group set to repay a debt from a 2003 mortgage to repair the park’s sewer system; the investors will be responsible for making monthly payments of roughly $2,250 for about the next 14 years after making an initial upfront payment of $4,500.
   The agreement also gives the investment group a forbearance on roughly $118,000 in other debts as it continues working to re-establish the viability and reputation of the historic, 117-year-old amusement park.
   “This is a very positive development,” said Greg Sutterlin, one of the partners of Park Restoration LLC. “We’re very pleased the Joint Municipal Authority believes in our plan and supports it.”
   In December 2008, sole-bidder First Capital Finance Inc. of Ohio paid $200,000 to Summit Township for approximately $152,000 debt the park owed the township for back amusement taxes. Earlier this year, the joint authority announced it was also considering selling off the mortgage-related debt rather than waiting for payment from the park; First Capital again expressed interest, and submitted another lone bid for $200,000.
   Park officials, however, maintained — and apparently convinced the authority — that such a sale could have caused the park to close. Park officials have also expressed concerns that such a sale would not be in the best interest of preserving the park as a historic community asset.
   Monday’s decision to allow the park to repay its debts directly to the authority “shows a willingness for (the authority) to work with this board and continue (re-establishing) the viability of the park,” said Jack Moyers, chairman of the board of trustees.
   The park’s former owners, Property on the Lake Inc., deeded the amusement park over to the public trust in 1998. The trustees also inherited the park’s myriad financial problems with the transfer. Rides at the park didn’t operate in 2007 or 2008 because of the financial problems.
   Apparently outside of attempting to sell off the debts to a third-party bidder, Monday’s agreements are “in my opinion, the only way we can recoup the money we lost ... with the park being down so long,” authority Chairman Dean Callendar said Monday.
   The park opened Memorial Day Weekend and has since seen thousands of visitors; many rides and other attractions have been re-opened, and a full schedule of public events has been planned.
   “Business is up,” Moyers said.


JUL 2009
   The government entity that provides Conneaut Lake Park with sewer service will wait a while longer to collect on a huge, old debt.
   That bit of extra patience, if park officials hold to their promise of repayment, eases the threat of a third party buying enough of the park's roughly $2.4 million in unpaid debts to force repayment through foreclosure of the publicly owned resort and amusement park.
   It also gives park overseers an important victory in their efforts to reverse the fortunes of a once-thriving facility that has been hurt by financial and other problems in recent years.
   "This is one step we have in toward our debt reduction," Jack Moyers, president of the park's board of trustees, said after members of the Conneaut Lake Joint Municipal Authority approved a repayment plan for unpaid sewer service debt on Monday morning.
   "It's still a slow process, but we're getting there," Moyers said.
   The agreement, which must be signed by park officials within 48 hours to take effect, makes the board of trustees responsible for paying liens totaling $236,041 for unpaid past sewer service. The amount will be repaid over 10 years, at 4 percent interest, officials said.
   The agreement also makes Park Restoration LLC a group of local investors that is leasing the Hotel Conneaut and other park property from the board, responsible for repaying a mortgage note secured in 2003 to repair and upgrade the park's sewage system. The park turned over the system to the authority after the work was done, but the park was still responsible for repaying the money, officials said.
   Park Restoration LLC will pay roughly $4,500 upfront and will make monthly payments of $2,252 over the next 14 years to satisfy the mortgage, officials said.
   The authority also had sought to have Park Restoration LLC pay $118,000 upfront to cover the mortgage payments that the park hadn't made. But members of the investment group had reservations about that because they are investing money in fixing up the Hotel Conneaut and other park property, authority Chairman Dean Callender said.
   The total that park officials have agreed to pay represents about 70 percent of the $894,296 sewer debt the authority offered to sell to the highest bidder in April.
   The only bid received was a $200,000 offer by First Capital Finance, an Ohio corporation described by its lawyer as being involved in the purchase of debt and financing. The amount was identical to what First Capital Finance paid in January to take over a roughly $152,000 park debt owed to Summit Township for unpaid amusement taxes.
   The authority rejected the bid as park officials promised to develop a repayment plan that would satisfy both sides.
   Greg Sutterlin, of Park Restoration LLC, said Monday that the people behind First Capital Finance were acquiring park debt to force foreclosure and then advance their ultimate goal of lining the park's lengthy stretch of Conneaut Lake shoreline with condominiums.
   "We're just glad the authority is working with us," Sutterlin said.
   Peter Acker, a Mercer County lawyer who represents First Capital, has denied the allegation and stated that his clients wanted only to preserve the park's historic assets.
   Acker attended Monday's municipal authority meeting but did not comment.
   Conneaut Lake Park is running at nearly full strength this summer after most of its attractions were mothballed in 2007 and 2008 because of a lack of funds. Park Restoration LLC is operating two key attractions, the Hotel Conneaut and the Beach Club, under long-term leases, while Lisko Entertainment LLC, of Ohio, is leasing out and operating the amusement rides and the water park.


AUG 2009
   The moves have sparked increasing confidence that the park is not a financial basket case. The latest evidence of this came in late July when the Conneaut Lake Joint Municipal Authority worked out an agreement with the park under which the park will pay off $236,000 in overdue sewer fees. The agreement staves off the sale of the park’s debt to the highest bidder, a move park officials opposed because it could have led to a forced sale of park property if the buyer demanded payment.

AUG 2009 (Sharon Herald)
    “When you run these numbers ahead, you see how the trust will become more like a trust should be,” generating the funds needed not only to maintain but improve the park, said Moyers.
   The moves have sparked increasing confidence that the park is not a financial basket case. The latest evidence of this came in late July when the Conneaut Lake Joint Municipal Authority worked out an agreement with the park under which the park will pay off $236,000 in overdue sewer fees. The agreement staves off the sale of the park’s debt to the highest bidder, a move park officials opposed because it could have led to a forced sale of park property if the buyer demanded payment.


SEP 2009
   Park officials narrowly avoided losing some of their office equipment in a sheriff sale in January 2008 when Sysco Foods delayed the sale, which was scheduled to satisfy a $3,133 bill. The park also avoided possible legal action by the Conneaut Lake Joint Municipal Authority over nearly $900,000 in sewer debt when the authority agreed in July to a new payment plan.
 
MAR 2011
That in turn allowed the Conneaut Lake Joint Municipal Authority the ability to lift a moratorium against new hookups. According to authority officials, 14 new customers and 65 from the park were added after those improvements were made. It also allowed the ability of future development projects, such as the Snow Waters condominium project, to have access to municipal waste services.

APR 2015 (Community News)
   Moving on, Dean Callendar from CLJMA, or Conneaut Lake Joint Municipal Authority, stood to inform the Board that there is over $298,000+ in delinquent sewer fees for a total of 6% of all the 2,287 accounts.
   He said that in other townships, if a bill is delinquent over 30 days, the customer loses sewer service.
   Callendar stated that the citizens who are faithfully paying their bills are supporting the ones who aren’t, and this is not fair.
   He said that Senator Bob Robbins’ office has been contacted, along with State Rep Michele Brooks, but he has not gotten any help from them; he surmised that the politicians are not interested in helping CLJMA.
   Liens do not work, as money from tax or Sheriff sales goes to the higher municipality and not to the Sewer Authority.
   The liens keep adding up to more than what the house is actually worth, the Authority is 3rd on the list and there are lawyer fees, also.
   Callendar stated that he wants the Sewer Authority to have the right to cut off service to delinquent accounts, and that if the electric company or the water works aren’t paid, those services are terminated.


JAN 2015
In October, the Conneaut Lake Municipal Authority filed a $23,238 lien against the land housing the hotel, saying either trustees or Park Restoration owes money for sewer service between July 1, 2011 and June 30, 2014.
   Park Restoration has had an agreement since 2009 to pay $432,000 owed to the municipal authority as an alternative to paying rent, Turner said, but the company hasn't been making payments.
   “I'm not paying that, frankly, because of this possible tax sale,” Sutterlin said, referring to a possible sale of the park property for unpaid taxes.
   Sutterlin said he's been concentrating more on making lease payments in recent months, but that the company has paid about $121,000 toward the authority debt.


FEB 2015
The Conneaut Lake Joint Municipal Authority also could claim the settlement. The park owes the authority almost $684,000 for sewer facilities and services. The authority has not yet decided if it will intervene in the case, attorney Guy Fustine said.

OCT 2015
Another $23,238.86 is a claim by Conneaut Lake Joint Municipal Authority of Conneaut Lake for past utility bills.

NOV 2015
The state and Conneaut Lake Joint Municipal Authority, in recent court filings, called both plans flawed or lacking critical information.

NOV 2015
Since filing for Chapter 11 bankruptcy protection on Dec. 4, Conneaut Lake Park has lost $599,137 and added to its estimated $3.5 million debt by borrowing $300,000 for improvements and operations, according to financial statements filed with the court.
   The park's repayment plan "fails to adequately explain the substantial deviation between (future financial) projections and historical performance and how the circumstances going forward will be different from what has transpired in the past," Joint Municipal Authority attorney Guy Fustine said in court filings.


NOV 2015
The major problem with the trustees' plan is that it's based on projections that the park one day will be profitable and able to repay its debts, and there's no evidence to support that, according to objections by local taxing authorities and the Conneaut Lake Joint Municipal Authority. The authority is owed almost $684,000 by the park, for sewer facilities and services.
Since filing for Chapter 11 bankruptcy protection on Dec. 4, Conneaut Lake Park has lost $599,137 and added to its estimated $3.5 million debt by borrowing $300,000 for improvements and operations, according to financial statements filed with the court.
   The park's repayment plan "fails to adequately explain the substantial deviation between (future financial) projections and historical performance and how the circumstances going forward will be different from what has transpired in the past," Joint Municipal Authority attorney Guy Fustine said in court filings.


MAY 2016
Wednesday's ruling means that less money from property sales will go to secondary creditors, including the Conneaut Lake Joint Municipal Authority and park vendors.
   "Now the taxing authorities can claim $478,000 more from the property sales than they would have yesterday," said George Snyder, lawyer for park trustees. "The junior creditors now have less opportunity to be paid from the land sales and will have to rely on park operations."


JUL 2016
The objections were filed by the Conneaut Lake Joint Municipal Authority, which owns the sewer system serving the park and is owed more than $278,815 in sewer fees, and by Erie area businessman Joseph Prischak and his wife, Isabel Prischak, who are owed almost $1,050,000 in loans, attorney fees and ride leases, according to court documents

AUG 2016
In a counterclaim filed Monday with bankruptcy court, Park Restoration claims Trustees of Conneaut Lake Park was contractually required to have fire insurance for the Beach Club through the Trustees' mortgages with Mercer County State Bank and Conneaut Lake Joint Municipal Authority, but Trustees didn't buy fire insurance.
Park Restoration's counterclaim alleges the Aug. 1, 2013, fire that destroyed the Beach Club rendered it unusable and the Trustees were liable because "failure to obtain fire insurance in breach of its agreements with the Conneaut Lake Joint Municipal Authority and Mercer County State Bank has caused financial harm" to Park Restoration.


SEP 2016
If the park defaults on payments, trustees will sell the Hotel Conneaut. If sale proceeds don't cover the remaining debt, Snyder, a representative of the state Attorney General's Office and Conneaut Lake Joint Municipal Authority lawyer Guy Fustine, appointed to represent remaining secured creditors, would work together to find payment options.

NOV 2016
The expansion is expected to cost about $30,000 to $35,000 in materials for water and sewer lines for the camping sites plus there would be labor costs, Turner said. Trustees has started the permitting process for the additional sewer hookups at Camperland with the Conneaut Lake Joint Municipal Authority.

JAN  2017
Trustees have started the permitting process for the additional sewer hookups at Camperland with the Conneaut Lake Joint Municipal Authority. The authority provides collection and treatment of sewage for portions of Sadsbury and Summit townships.
"We need (the equivalent of) 30 to 40 new sewer hookups," Turner said for the additional camping sites. "And defining them, getting the authorization for them and (the sewer authority) having the comfort level it can serve it is what we're going through right now."
Turner said he'd like to have all the necessary permits in place by April at the latest to get the utilities in place for the additional camping sites by the time the campground opens in May.
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Squirrels In Hats

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Re: * CLP REPORT *
« Reply #11350 on: July 21, 2018, 12:25:54 PM »
That's really bleak and NOT what is reported in the Trib.
...


....as a multitude of information was addressed,  the comments as posted lack any specifics.

What is bleak?

What has the Trib NOT reported?

It is rather thoroughly documented herein what the Trib has vs. has not reported.




Gore Range, I am speaking to the spin the Trib reporting on the park where a rosey picture of the park's problems being behind them. Your more realistic documentation you present here is vastly different and "bleak" as compared to what the Trib reports. Yes, I know what has been documented HERE and by YOU.
For newer readers, Nightmarepatrol, the originator and administrator of the EE TICKET web site, is on record stating that active participation in the older forum formats such as this one has declined precipitously with the explosion and popularity of social media sites, as borne out by the steep decline in view numbers for all threads residing on this forum, with the very notable exception of the CLP REPORT thread.

By my count there are at least 28 CLP related sites on the internet, the vast majority of which speak to the “wholly false narrative” propaganda  rather shamelessly hyped by the local press and the self-serving, self-contracted, for-pay park management-  a managerial situation which has been stated as  illegal-
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Re: * CLP REPORT *
« Reply #11351 on: July 21, 2018, 12:34:17 PM »
For newer readers’ historical perspective, posted below are the pertinent portions of archived news articles from the Meadville Tribune and other local papers regarding their references to the Conneaut Lake Area Municipal Authority:

...

FEB 2006
Reviewing the park’s current $2.1 million debt owed, he said $810,000 of that sum is for payment of two major bills.
   The first is a PENNVEST loan of $426,000, a 30-year low-interest loan to upgrade the park’s sewer system. That loan was made to the Conneaut Lake Area Municipal Authority with an agreement that the park will pay the authority monthly payments.
   In addition, the park owes back real estates property taxes of $384,000.
   General Manager George Deshner said Monday he is still reviewing all park records and making contact with individual vendors to determine the exact amounts of money that may be owed for past services. He said there could be some instances where the vendor is owed more than is listed in the park’s accounts payable file.


...[/]
[]

Yes, that's what I was looking for. And...um...thanks for everything else you shared. [/]
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gore range

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Re: * CLP REPORT *
« Reply #11352 on: July 23, 2018, 02:00:49 AM »
...
 I am speaking to the spin the Trib reporting on the park where a rosey picture of the park's problems being behind them.
...

There are a variety of comments currently appearing on the numerous CLP social media sites of posters saying they are happy to hear the park has emerged from bankruptcy, and/or that they are happy to hear the park has rebounded, or that they are happy to hear that the park is doing better this year, as well as they are happy the park is making a profit.

As documented herein by citing the park’s and creditors’ official court filings, not one of the social media perceptions noted above is factually valid.

Given the abundant misinformation which has been repeatedly ‘reported’ in the local press of  the park’s alleged financial situation, it is understandable how such  misperceptions exist in the mind of the uniformed but emotionally-supportive public, quite similar to the years of the rumor repeated again and again in the local press that the park is owned by the people of northwest Pennsylvania.

Factually, as documented herein, while the local press has falsely reported the park is emerging from bankruptcy, unfortunately, it is not.

The documented fact is that, per the park’s own figures reported to the bankruptcy court, the park isn’t even remotely close to emerging from bankruptcy. In fact, even after selling off all the ‘surplus’ lakefront lots and   the Reed Ave. property, and after the tax bodies applied a majority of the Beach Club insurance payment to the park’s back tax debt, the park currently has more debt than when it filed for bankruptcy in December of 2014.

The local press has not reported to their readers that in order to successfully emerge from bankruptcy, the debtor (CLP) must request the court to grant a bankruptcy discharge to the park, and then the debtor (CLP) is granted a final decree closing the bankruptcy case.

To obtain a bankruptcy discharge, the debtor (CLP) must have successfully paid off its bankruptcy debts which the debtor (CLP) owes its secured creditors.

The local press has not reported to their local readers that, per the park’s own official court filings, the park owes its secured creditors aprx $1.6 million.

The local press has not reported to their local readers that, per the park’s bankruptcy plan, the park agreed to pay $30,000 every three months to the secured creditors, which is prorated and divided among the secured creditor claims.

For the newer readers, or those who may be just getting caught up on developments, as previously documented herein, and, once again, not reported by the local press to their readers, the park recently officially informed the court and creditors  that at per the park’s own bankruptcy court filings, the park has park officially informed the bankruptcy court and the park’s creditors that the park:

- does not have not have sufficient funding from its on going day to day operations to pay its currently existing bankruptcy debts,

- does not have not have sufficient funding from its on going day to day operations to pay for the needed capital improvements, and

- does not have not have sufficient funding from its on going day to day going operations to pay for the needed maintenance which is required for the park.

And, while the local press ‘reports’ the park has paid off it back property tax debt, the local press has not reported to their local readers that  even tho the park officially told the court, the tax bodies, and other park creditors that the park would pay off its back property tax debts by the end of March 2017, per court filings by  Lawrence Bolla, attorney for the unofficial (ad hoc) committee of real estate tax creditors, the park still owes the taxing districts approximately $76,000.00 on the park's back property debt.

And while the local press ‘reports’ to their local readers the park’s day to day operations income revenues are up and the park is making a profit, the local press does not report, per court filings, Allan Shaddinger, attorney for the Conneaut Lake Joint Municipal Authority (the lake area sewer system agency), informed the court the park has not paid its sewer bill to the Conneaut Lake Joint Municipal Authority since February of 2016.

While the local press ‘reports’ the park stating that if the park continues to do well this year, that next year the park “may” purchase by a used ride (the local press does not report the park currently has  fewer rides standing in the park then than it did when the current contracted managed took over in 2014).

On a related note, as factually documented herein, the local papers have not reported to their readers that the park officially told the court and creditors that the park would significantly increase its day to day operations income revenues by almost a quarter of million dollars  with the addition of the new Go Kart attraction in the Convention Hall and the 50 new camp sites in Camperland for the 2017 summer season.

Nor has the local press reported to their readers, that the park officially told the court and park creditors that the park would begin the process for building the new Beach club this season, 2018.

Regarding the popular misperception the park is booming and is doing very well this season-

....per the park’s own most recent financial report to the court and published this past week, for the most recent quarter- thru June 2018,  the park’s cash sales are down 23% percent from last year’s park’s cash sale thru the same period.

To be on track to break even on its 2018 day to day operations and pay off the new debt which the park has incurred since filing for bankruptcy, the park needed to generate $483,227 in cash sale thru June of 2018.

Per the park’s most recent official financial statement filed with the court, thru June the park reports generating $286,911 in cash sale, 40% less than what it needs to be on track to break even and begin making a net profit to be able to reinvest in park infrastructure.

Regarding both the public misperceptions posted on social media that the park is emerging from bankruptcy and the park is making a profit, and not reported by the local press to their readers, per the park’s most recent financial filings the park officially reported to the court, since the park’s bankruptcy repayment agreement was approved by the court in 2016, the park was to have made seven $30,000 quarterly payments to the park’s secured creditors. Per the park’s own official court filings, the park reports no quarterly debt payments for four of those quarters. The park reports show the park has not made over half the quarterly debt payments the park agreed to pay to its secured creditors, which is $120,000 that the park has not paid to their creditors as they agreed to pay.
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lifefeedsonlife

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Re: * CLP REPORT *
« Reply #11353 on: July 23, 2018, 11:33:04 AM »
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Re: * CLP REPORT *
« Reply #11354 on: July 24, 2018, 10:02:40 AM »
The question once again recurs (x4): "With all the exhaustive work done and illustrated here, why none of that has been presented to the court or pushed by a group of creditors.......... any ideas?"

All those words and no answer......

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