Big Tupper Update

lotsoskiing

joshua_segal Agreed. Sadly I don’t see BT running again. A place like Oak is a success story but b/c small size and dedicated family operation. Close enough to relatively large population and well-maintained main roads (not highways, but close), and savvy business moves by the family to make it prosper. BT is just too far afield, I am afraid.

joshua_segal

lotsoskiing Agreed. Sadly I don’t see BT running again. A place like Oak is a success story but b/c small size and dedicated family operation. Close enough to relatively large population and well-maintained main roads (not highways, but close), and savvy business moves by the family to make it prosper. BT is just too far afield, I am afraid.

That being said, I think the same family ran the nearby area, “Silver Bells”, which is on the “NY lost list”.

ski_it

Need one of you finance guys to clarify but my take is the same gentleman got complete control of the 5800 acres of surrounding land for only his original $5.2 mil 2019 investment that I assumed is now assessed at close to the $9.9 mil ? Plus or minus the $1 mil for the back taxes. I assumed $9.9 value since the referee determined he was owed $10.58 mil so it probably made sense to offer close to the valuation or get outbid. And he loses the $680k paper difference. Is that how it works? Did it really almost double in valuation in 7 years?
Also all approvals are transferred with the deed. Of course subject to more challenges

z1000307470

Stanley Rumbough bought the mortgage on the land in 2017 when the previous mortgage holders failed to make the payments. They amount of the mortgage in 2017 might not have reflected the value of the land at the time.
“Preserve Associates group bought the land from the Oval Wood Dish Liquidating Trust in 2017 for $5.2 million. When Preserve Associates didn’t make mortgage payments, Rumbough purchased the debt from the liquidating trust which had been holding the mortgage.”
https://www.adirondackexplorer.org/communities/land-use/auction-set-for-5800-acress-tupper-lake-development-site/

ski_it

The link inside that link says
One of the most assertive voices among those creditors, the Albany law firm Whiteman Osterman and Hanna (WOH), which won an $8.2 million judgment against Preserve Associates in 2019, complained in court papers that Rumbough was spending a few million dollars to take control of a project with a value many times greater.

Who paid / pays them off?

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