November 16, 2016
At a hearing on November 15, the U.S. Bankruptcy Court gave preliminary approval to the sale of the USA Springs, Inc. property to Kevin Delaney for a sale price of $1.2 million. A final court order is expected within the next couple of weeks, pending the outcome of negotiations among the Town, creditor Roswell Commercial Mortgage, and the bankruptcy trustee. At the hearing, in response to the objections filed by the Town and by the State of New Hampshire, the Court confirmed that it is making no findings or orders on the validity of any of the permits previously issued for the USA Springs project, and the buyer is obtaining only those rights as currently held by the bankruptcy estate.
A second offer for the property from Francesco Rotundo was withdrawn before the hearing.
Negotiations are still ongoing on a number of points raised in the hearing, including: a mechanic’s lien claim of Aho Construction; Roswell’s contesting of the Town’s Land Use Change Tax; and the handling of proceeds from the future sale of an easement for the cell tower on the property. Following today’s hearing we are optimistic and continue to work to maximize our recovery of the taxes owed to the Town, and to ensure that the court’s sale order does not revive any of the expired permits..
The court has asked that a final settlement be presented within a week, and a sale order would presumably follow shortly thereafter.
Nottingham Select Board