Here’s a big one from the great state of New Hampshire:
I'm associated with a friend named Frank Rotondo who has his three spring water wells permitted to withdraw 309,000 gallons per day in place, his Building 50 % complete ( all steel) and a certified appraisal as is for 22 plus million dollars. The Insurance binder put a value of 300 million dollars for the wells. He has a ten year contract for 700 million dollar and a LOI for a distributor Frank Coraza to supply all the spring water for all hotels in Las Vegas. They will supply up dated documents when needed. Frank because of the down ride of the economy was forced to file chapter 7 in New Hampshire. The Attorney for the bankruptcy Trustee sent an email to Frank that 6 million dollars would remove him from the chapter 7 for the 60 million NH bankruptcy judgement and all the creditors. He only want's to buy out all the creditors for 3 million dollars and additional 17 million dollar loan to complete his building ready to service his contracts. It will also complete the sale of additional spring water wells permitted to withdraw 1 million gallons per day for the vast amount of water needed. He would also like to have a Lender owner for our future expansion.
Ralph Faiella Jr. The 90% LTV did not include the permitted spring water wells
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