A few odds and ends, as we wait for the wheels of justice to
slowly turn...
1. I now have been approved for access to the Trial Court Information Center so can see any new filings that are made in the case. I will check this every 2 or 3 weeks but it will be slow...
2. you may know, Hanney “demanded” a jury trial on all the items in the Complaint. I asked about this and the Town Manager emailed me 4/23 informing me that the remedies the Town is seeking are not subject to a jury trial.
2. you may know, Hanney “demanded” a jury trial on all the items in the Complaint. I asked about this and the Town Manager emailed me 4/23 informing me that the remedies the Town is seeking are not subject to a jury trial.
3. Mr. Hanney is up to date in paying his taxes on the
property, according to the Treasurer’s Office.
4. There is an agreement between Hanney and Northern Bank
& Trust regarding the Old Town Hall (along with two other properties) which Hanney
has apparently used to secure the loan to buy the North Shore Music Theater. This may
be problematic to the Bank’s finances. This is because the value of the Old
Town Hall property is eroding, promised preservation work has not been done, and
the property is unlikely to be worth what the Bank thinks it is worth. Additionally
the Bank would have difficulty liquidating this asset at any price; in it’s
eroding condition this neglected property would require an estimated minimum of
$2,000,000 to become usable space, and the math for recouping on that
investment with retail shops and entertainment usage does not add up to a very
attractive project.
5. By the way, Hanney’s agreement with Northern Bank & Trust
includes an item 5.15 JURY WAIVER that waves Hanney's right to a jury trial on any matters related to those agreements.
6. Personally, having seen the space in the building and was surprised to learn from
the Property Card on file at the Assessor’s Office that it is about 13,500
square feet on the first and second floor, and an additional 4000 square
feet in the squat dirt basement. (The area does not appear to be that large, to
my untrained eye.) In any event, again, Northern Bank & Trust will likely get
stuck. I wonder if the Bank is paying attention?
7. Some reference information for those who are interested
(also posted elsewhere on this BLOG):
The local designation for the property at 30 South Main
Street Ipswich MA is Map & Parcel 42A 112.
Deed is at Essex County Registrar of Deeds 9/1/06 Book 26050
Page 36.
One Municipal Lien Certificate 2/9/10 is Book 29346 Page 508,
shows about $3K electric bills overdue.
Commercial Mortgage Security Agreement and term note is at
2/10/10 (filed 2/11/10) Book 29275 Page 271.
Superior Court docket #
ESCV 2013 00189 B.
