Wednesday, October 3, 2018

Ft. Howard Development LLC Is In Receivership

About a month ago, I had a phone conversation about Fort Howard with Eric Pierce of the Department of Veterans Affairs' asset management office. The situation is so bad that I haven't been able to deal with it. The Ft Howard lease holder - Tim Munshell - owes a lot of money for other peoples' work done towards the development project, and they are trying to force Munshell into bankruptcy. Mr. Pierce informed me that the State threw out the bankruptcy case and sent it to the County. 

Munshell's Ft Howard Development LLC is now in receivership, which means that some person - the receiver - acts as custodian of a company's assets. Very unfortunately, for all, Fort Howard Development LLC's only asset is their lease with the VA. The receiver is the one who decides whether to sell the lease; then the government must approve that purchaser.

So, someone who may not know much about Ft. Howard currently has the say.

Munshell is holding onto the lease to try and bum-squeeze money out of anyone. 

There have been buildings on the former Fort Howard VA Hospital grounds destroyed by eight arsons, other vandalism damage is everywhere, buildings are rotting by nature, and Munshell is legally bound to restore everything. The grounds are grossly overgrown, which must be taken care of. County fines are owed. Creditors are owed.

What actual property developer will buy into that?

If no new lessee signs on, the property will be taken from veterans use and given to the General Services Administration. The GSA will do what it wants with it.

Eric said he has read a lot of what I have online about the Ft. Howard fiasco, as have other VA employees, but they do nothing about it. They do not act on the factual info, nor say it ain't so.

Now you see why I haven't been able to deal with this for a month.

No comments: