Results of the hearing that took place on September
19, 2000
With all of the “Creditors” in favor of the
terms of repayment offered by Jim Lancelotta, on behalf of Wyndholme
Village, LLC (WVLLC), the Bankruptcy Court issued the following
requirements:
WVLLC had to file a “Plan Of Reorganization and
Disclosure Statement” (“PLAN”) no later than September 26, 2000.
The (“PLAN”) was to outline the terms and conditions that were
agreed upon by all parties involved. (Filed on September 26, 2000 at
3:15 est)
Listed below is a summary of the (“PLAN”)
- WVLLC is required to pay the sum of $2,250,000 to Leeds Federal
Savings Bank on December 29, 2000.
- WVLLC is required to pay the remaining balance of approximately
$1,200,000 to Leeds Federal Savings Bank with the proceeds from the
sale of condominiums in The Watson House, which is scheduled to
occur between October and November, 2001. Payment must be
received no later than March 30, 2002.
- WVLLC is required to pay the sum of $1,650,000 to WVI, LLC (the
investment group from New York) on December 29, 2000.
- WVLLC is required to pay the sum of $170,000 to Iacoboni Site
specialists on December 29, 2000.
- WVLLC is required to pay the sum of $30,000 to Iacoboni Site
specialists on December 29, 2001.
- WVLLC is required to pay the sum of $945,000 to NADIF of Wyndholme
(the investment group from New York) on January 5, 2001.
- WVLLC is required to pay all Unsecured Creditors in full beginning
on January, 2001. Payments will be paid quarterly.
- WVLLC is required to pay all unpaid Real Estate Property Taxes and
Trustee Fees totaling approximately $56,500 on December 29, 2000.
- WVLLC is required to pay all Administrative Fees totaling
approximately $110,000 as per agreements.
Funds to make the required payments and provide
capital to begin construction, in the amount of $6,000,000 are being
provided by an investment group that Jim Lancelotta has established a
business relationship with over the past year. These funds will be
available on November 28, 2000.
Verification of these funds must be provided on
November 16, 2000 - the date set by the Bankruptcy Court to approve the
(“PLAN”) and Disclosure Statement.
At that time a, Cash Flow Analysis, must
also be provided demonstrating the availability of funds to build the
Watson House.
This will be accomplished thanks to the current Members of the Founders
Club and future individuals who will make a commitment to
make payments towards their purchase price during construction on or
before November 16, 2000.
At the conclusion of this hearing, by law, there
is a 10-day appeal period. On November 27, 2000, Wyndholme Village
will officially be in control of the construction process. A
construction schedule will be posted on this website the first week of
October, 2000.
To obtain the terms listed above from the
Creditors and the Federal Bankruptcy Court, Jim Lancelotta was required
to Consent to Lift the Stay providing the Creditors
would forebear from taking any action until December 29, 2000.
In essence if for any reason WVLLC does not
perform in accordance with the above referenced conditions, the
Creditors will be entitled to take whatever action they deem is in their
best interest to dispose of the property.
On a personal note---I have invested five years
and all that I have accumulated over a very successful career in real
estate development. Recently I was asked, “why would you risk
all that you have worked for all of these years in pursuing this cause
when you know there still exists an alternative to at least recover the
millions of dollars you have personally spent?”
My answer is quite simple. Throughout my
30-year career in the real estate profession, I have enjoyed the
satisfaction of being involved with other professionals creating quality
communities for families in which to raise their children. In
return, I was able to provide my family with a very comfortable
lifestyle.
Wyndholme has provided me with the rare
opportunity to improve the quality-of-life for a segment of the
population that has been virtually overlooked.
Equally important it has given me the opportunity
to work with people like Barbara Willigan, who is--without a doubt, the
most loyal and committed individual I have ever had the pleasure to be
associated with.
Then there is Jack and Roselyn Gannon who would
drop whatever they were doing, whenever I called for advice.
…and there is Harry Tremaine who already
committed to purchase two condominiums at Wyndholme Village. To
meet the number of sales that was required by a previous investment
group--one more sale was required. Jennifer Willigan, our ever
resourceful sales manager, placed a call to Harry explaining our
situation. The next day, a check arrived with instructions--to
identify and prepare a contract on a unit that we feel would be a good
investment property!
Do you know of another developer that has filed
Bankruptcy and received over $500,000 from people to provide cash flow
while structuring a plan of reorganization--some he has never met?
In fact, one family from Japan has loaned in excess of $200,000 to
further this community we intend to build.
Even more sensational--after countless setbacks,
numerous disappointments and years of waiting…to eliminate the
necessity of depending on a financial institution to provide
construction financing for the Watson House--a request was made of
contract purchasers to provide funds, at their own expense, to offset a
shortfall in cash flow during construction. This request received
a response in less than three weeks for commitments in excess of
$2,000,000!
My belief in the deaf community; the need of deaf
seniors to have the opportunity to reside in a well-deserved quality
environment eliminating the fear of “isolation” and the support of
my staff, family and the deaf population gives me the strength and
conviction to prevail and take this “SO-CALLED RISK”.
Thank you.
Jim Lancelotta
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