F&S Oil biodiesel plant disputes unresolved
Reported by the WRAs Dave Krechevsky:
The receiver for failed F&S Oil Inc. has offered what he considers a reasonable solution to resolve disputes with the landlord of a biodiesel production facility in Cheshire, but as of Friday the offer has not been accepted....
Among the issues still unresolved are a half-dozen mechanics liens placed on the facility totaling more than $600,000, including one for $340,000 placed by FF Hitchcock, which like Cheshire Investment is based in Cheshire and operated by the Bowman family.
Cheshire Investment also claims F&S Oil is in default on its long-term lease for the facility and owes money in back rent. (The attorney representing CIC, Stuart) Margolis has said the landlord opposes selling the facility, and has told the judge that potential buyers should be negotiating directly with Cheshire Investment so it can set terms of a new lease.
The tentative auction date is August 12. And the tentative closing date for submitting Letters of Intent to Purchase is August 5... which begs the question... how can one bid, if these disputes remain unresolved?
Tim White
p.s. And whoever keeps adding comments with the name "Steven," those comments will be deleted. Also consider that much of the law that governs new media is still unclear. But the FBI has already visited CT to investigate "comments" as new media proliferates. So I suggest you stop.
6 comments:
"$340,000 placed by FF Hitchcock, which like Cheshire Investment is based in Cheshire and operated by the Bowman family.
Cheshire Investment opposes selling the facility, and has told the judge that potential buyers should be negotiating directly with Cheshire Investment so it can set terms of a new lease."
Tony Soprano would have a tough time topping this. No need to sell anything, even though they don't own the building or any of the equipment, they say that interested parties should simple deal with Cheshire Investment. So, are they planning to lease the land that they own and the building and equipment that they don't own.
Stay tuned. Cheshire is such a good place for some people to do business.
Seems too much like the owners of Cheshire Investment who at one time were part of the circle of owners of F&S are foot dragging in hopes of further lining their pockets at the further expense of the thousands and thousands of F&S/Village Oil customers who were initially taken to the cleaners by the owners once already.
Which Bowman/Bowmans own FF Hitchcock? Are there any other people part of this?
$340,000 seems like a pretty bit of change. Does anyone know why F&S would pick FF Hitchcock to do the work? Any other Bowman companies involved?
Check out this video, dated May 20, 2007.
It's by channel 3,WFSB, about the Biofuel plant in Cheshire.
http://www.youtube.com/watch?v=tNP81uB5hcg
I think you'll like it.
10:14 interesting point you make about "arm's length transactions."
I wonder if the factors to consider
Piercing the Corporate Veil have any relevance here?
Good old Ned Bowman, check the following from Tim White's blog of August 2007.
http://timwhitelistens.blogspot.com/2007/08/ned-bowman-to-lead-ctinnovations.html
After Ned contributes $2,500 to Rell's campaign, Rell names him Chairman of Ct Technologies. One of the reasons she named him was that he was spearheading the biofuel plant, and wasn't he the one that got the biofuel plant grant from Ct Technologies?
Some months after that Ned says he has nothing to do with the biofuel plant.
Another Believe It or Not.
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