Select Board Update to Residents October 25, 2016

October 25, 2016

On October 24, 2016, the Town of Nottingham filed a response to the proposed sale of the property held in the USA Springs, Inc., bankruptcy. 

Generally speaking, the Town objected to the terms of the sale on the grounds that the distribution of sale proceeds amongst creditors is not addressed in the proposal, and that expired permits should not be included as assets in the sale.   The permit issue was also raised in an objection filed by the State of New Hampshire Department of Environmental Services, which objected on the grounds that it includes permits which, “for the most part, no longer exist.”

In another filing, creditor Roswell Commercial Mortgage, Inc., has objected based upon its assertion that the Land Use Change Tax portion of the Town’s claim should be considered ‘unsecured’ debt.  Unsecured debts in bankruptcy are paid after all secured debts are paid, and in this case it is unlikely that unsecured creditors will receive any proceeds.  The Town will respond to the Roswell objection through a separate filing, prior to the hearing scheduled for November 15, 2016.