Posted by Dennis Herrick [pool-70-109-136-6.cncdnh.east.verizon.net at 70.109.136.6] on July 13, 2008 at 10:32:30:
Below is a letter-to-the-editor of the Fosters Daily Democrat.
Too Bad We Couldn't Do This To The Testa Property In The Center Of Plaistow. Or How About We Just Drive Testa Realty LLC Into Bankruptcy. Perhaps The Property Will Revert Back To Chart Industries And We Can Start Ragging On Chart And Ken Paul Again. Wouldn't That Be Fun? This Is How Real Americans Take Care Of Un-American Companies. Remember, Businesses Are Not People. They Don't Care About Us These Days, So Why Should We Care About Them?
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Take bottling site by eminent domain
To the editor: I want to compliment Foster's on their recent editorial (Chapter 11 is another chapter for USA Springs) and for their comprehensive coverage during this seven-year debacle. With USA Springs being forced into Chapter 11-bankruptcy protection. It certainly does add a whole new chapter to this ill-conceived project.
According to court papers filed by the company 17 of the unsecured claims (creditors) are owed in total more than $2.5 million. On July 29 they will finally have their day in court to begin the process of trying to recoup at least a portion of what they are owed. The court has set a deadline of July 14 for USA Springs to file financial disclosure statements and various other schedules. Once independently verified, these public documents should shed some light on whether the company can survive or be liquidated.
Moreover, the bankruptcy judge may appoint a custodian to oversee the company until a Chapter 11 plan can be established. The company could be facing years of lawsuits by creditors trying to recoup hundreds of thousands of dollars. This is separate from the primary mortgage (secured claim) of $8.4 million which the bank has now rescheduled for foreclosure auction on September 29.
I can remember reading a Dun & Bradstreet report several years ago where USA Springs purported to have sales of about $160 million in one year. Since they were just starting up as a bottling company and did not have a plant to produce revenues I thought it was odd. However, once they file their financial statements to the court this should be clarified. Some companies have been known to inflate their sales and revenues in an effort to make them appear more profitable than it was.
Four years have already expired on their state 10-year large groundwater withdrawal permit. By the time the lawsuits are completed, it maybe June 30, 2014. Rather than go through the whole approval process again, maybe the town should take over the property by eminent domain and ask the governor to call in the National Guard to have that monstrosity dismantled and shipped overseas (without our water).
Jim Hadley
Northwood