Harmony back in court Oct. 28
Last Updated on 7/3/2009
Published on 9/25/2008
Harmony Township, a planned community off Pennyroyal Road started by developer Tim Casey, will return to U.S. Federal Bankruptcy Court in Columbia on Oct. 28 in an attempt to finalize a $17 million loan and finish its infrastructure.
The proposed loan would come from Kennedy Funding, a firm that specializes in high risk lending. Terms would be 10 percent interest in the first year and 18 percent in the second year, according to a source close to the case.
Opposing the loan is Barney Ng of California, who has a $32.2 million primary mortgage along with two commercial mortgages on Harmony for $5 million each.
Also seeking payment through the bankruptcy court is Ranbat LLC, which is owed $2.8 million.
Named as defendants in a June 8 foreclosure notice are Harmony Holdings LLC, William T. Casey, Barney Ng, R.E. Loans LLC, Harmony Plantation LLC, Richardson Construction Co. Inc. and Harmony Township.
Dave Eldredge and Chuck Thompson bought out Tim Casey's interests in Harmony Holdings and Spanish Moss Development in mid-March of this year.
Collectively, Ranbat LLC says in its documents, these other entities have more than $43.5 million owed to them by Casey and/or his companies.
R.E. Loans LLC is a corporation in California and is made a party to the lawsuit because of its $32.2 million commercial mortgage dating from Oct. 12, 2005.
Harmony Plantation LLC has a mortgage dated Jan. 13, 2006, for $1.375 million.
Richardson Construction has a land use agreement with Casey's Harmony Township. Richardson Construction's agreement was to excavate 350,000 cubic yards of dirt for an expected 15-acre lake. The document was signed by Robert M. Richardson of Columbia, Casey was a witness, and by Brad Jenkins, president of Harmony Township.
Because of that agreement, Richardson Construction is made a party to the lawsuit, as is Harmony Township, a 1,710-home development along the Sampit River and Trout Creek.
Atlantic Appraisal values the 779-acre property at $90 million once its infrastructure is complete.
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so did these crooks get their $17MM, or not? Hope not, but I'm curious... Posted by Alan on 11/13/2008 |
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