Nester

Plano, TX

#357 Jan 21, 2013
wow, I wonder if they can extradite from there

Since: Jan 13

Boston, MA

#358 Jan 23, 2013
SPM was put into Chapter 7 involuntary bankruptcy last Thursday the 17th in Bankruptcy Court in Manchester (Case 13-10105-JMD). It appears that High Country, Osceola and Waterville Place forced them in.

I do wish that the Town would provide more regular updates about what is happening (not gossip, just facts) because this whole matter has unfairly hurt the perception of the Valley -- particularly outside the Valley, including potential visitors, etc.-- and having regular updates would instill some needed confidence within the community (and not having info of course makes it hard to answer even basic questions from others). For example, I learned about the bankruptcy from a paralegal colleague I had asked to track it. Are there any PR professionals out there who could volunteer to help the Town with a communications strategy? That all said, the Valley is really a great and special place and will survive this.
NBCdude

Stoneham, MA

#359 Jan 24, 2013
Sherlock Holmes

Lowell, MA

#360 Jan 24, 2013
Involuntary Bankruptcy. Let's review: bank accounts: closed, receivables: none, cash: gone or hidden, assets: sold for cash or hidden, real estate: mortgaged to the max to their lawyer, insurance: none. Also keep in mind the bankruptcy is only for SPM. The Stones could be making money elsewhere and would be unaffected by this.
Ex Valley Lover

Locust, NC

#361 Jan 24, 2013
Sherlock Holmes wrote:
Involuntary Bankruptcy. Let's review: bank accounts: closed, receivables: none, cash: gone or hidden, assets: sold for cash or hidden, real estate: mortgaged to the max to their lawyer, insurance: none. Also keep in mind the bankruptcy is only for SPM. The Stones could be making money elsewhere and would be unaffected by this.
Nope, we're not going to get any assets out of this mess BUT once there is legal notice to all creditors and the statutory period has elapsed, we will all be free from any subsequent claims against our associations for any unpaid bills.(And yes that is a concern.)

Since: Jan 13

Boston, MA

#362 Jan 24, 2013
All condo association board members should connect with their insurers - -if not already done - - to make sure the condo insurers are on notice.
Sherlock Holmes

Lowell, MA

#363 Jan 26, 2013
OsceolaHike wrote:
All condo association board members should connect with their insurers --if not already done -- to make sure the condo insurers are on notice.
On notice for what? Mechanics liens? I don't think we are insured for that.
OsceolaHike

Boston, MA

#364 Jan 26, 2013
Sherlock Holmes wrote:
<quoted text>
On notice for what? Mechanics liens? I don't think we are insured for that.
No, much more so to check if the association insurance covers third party theft and/or exposure of any board members individually (I have no idea whether that is the case or not, but certainly worth checking). I was not referring to mechanics liens. I assume/hope that all of the WV condo associations have notified their insurers.
snowjob

Waterville Valley, NH

#365 Feb 8, 2013
Sherlock Holmes wrote:
Involuntary Bankruptcy. Let's review: bank accounts: closed, receivables: none, cash: gone or hidden, assets: sold for cash or hidden, real estate: mortgaged to the max to their lawyer, insurance: none. Also keep in mind the bankruptcy is only for SPM. The Stones could be making money elsewhere and would be unaffected by this.
If the property is owned personally then there's probably nothing there for the associations to recover from
Ret Litgtr

Binghamton, NY

#366 Feb 8, 2013
Look to the banks, insurance agent and possibly others to have exposure in this matter. If condo owners are smart they will work cooperatively towards restitution.
OsceolaHike

Boston, MA

#367 Feb 12, 2013
snowjob wrote:
<quoted text>
If the property is owned personally then there's probably nothing there for the associations to recover from
If the SPM entity was transferring assets to the owners to start a new business, the bankruptcy trustee will likely seek to unwind those transfers.
snowjob

Waterville Valley, NH

#368 Feb 12, 2013
OsceolaHike wrote:
<quoted text>
If the SPM entity was transferring assets to the owners to start a new business, the bankruptcy trustee will likely seek to unwind those transfers.
Good point Hike. I heard they have a new business somewhere and it's even possible they are involved in one that is operating in the valley if you read all these posts. Crazy world.
observer

Norway, ME

#369 Feb 12, 2013
snowjob wrote:
<quoted text>
Good point Hike. I heard they have a new business somewhere and it's even possible they are involved in one that is operating in the valley if you read all these posts. Crazy world.
Interesting. Does that explain why one of the Stone Property trucks now says "Valley Run Property Services". No shame
Ret Litgtr

Stoneham, MA

#370 Feb 13, 2013
observer wrote:
<quoted text>Interesting. Does that explain why one of the Stone Property trucks now says "Valley Run Property Services". No shame
That's Will Lambert.
Snow Faux

United States

#371 Feb 14, 2013
Ret Litgtr wrote:
<quoted text> That's Will Lambert.
Will Lambert is driving an SPM truck under a different name and he still works out of the Stone building.
Sherlock Holmes

Lowell, MA

#372 Feb 14, 2013
Snow Faux wrote:
<quoted text>Will Lambert is driving an SPM truck under a different name and he still works out of the Stone building.
That does not look good for poor Will. How did he get the truck? Can the truck be "clawed back" in bankruptcy? Does he really "work out of" the Stone building or is he just storing materials and equipment there? Is he paying rent to Billy?
Waterville Weekender

Santa Clara, CA

#373 Feb 15, 2013
Sherlock Holmes wrote:
<quoted text>
That does not look good for poor Will. How did he get the truck? Can the truck be "clawed back" in bankruptcy? Does he really "work out of" the Stone building or is he just storing materials and equipment there? Is he paying rent to Billy?
Will has always owned that truck and always had his own office in town square since he started his prop mgt business last fall. Will jumped in and has taken over prop management for many condo associations in the valley. heard very positive feedback from his customers. Will is an asset to Waterville Valley
Ret Litgtr

New York, NY

#374 Feb 16, 2013
If rent is being paid to SPM it has to be reported to bankruptcy trustee. If he's paying cash into someone's pocket it could come back to bite him.
Sherlock Holmes

Lowell, MA

#375 Feb 16, 2013
Does anyone find this weird considering.....

A former president of the Concord Northeast Baseball and Softball League was arrested today for allegedly stealing money for purposes not related to the league during his tenure.

Robert Lachapelle, 54, of Concord, faces three charges of theft by unauthorized taking or transfer, related to $4,300 he withdrew from the league account in three separate transactions in 2010. He served as league president from 2007-2011. Lachapelle turned himself in yesterday afternoon and was released on $15,000 personal recognizance bail.

League officials first approached the Concord Police Department with suspicions in April 2012, after they conducted a review of finances during Lachapelleís tenure and found inconsistencies.

Lachapelle will be arraigned in Concordís district court on March 18.
snowjob

Waterville Valley, NH

#376 Feb 18, 2013
Ret Litgtr wrote:
If rent is being paid to SPM it has to be reported to bankruptcy trustee. If he's paying cash into someone's pocket it could come back to bite him.
Who knows what's being paid and to whom. I'm surprised any association would have anything to do with someone associated with this mess. Fool me once... Fool me twice....

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