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Helicopter Technology Foreclosure Proceedings Move Forward; Hearing Scheduled
May 4, 2009
The Town of Century’s foreclosure proceedings against Helicopter Technology is continuing, and the town’s lawyer says that proving that the defunct company owes a default interest rate could mean another $235,000 for the town.
The town started mortgage foreclosure proceedings against Helicopter Technology, Inc. in Escambia County Circuit Court on August 26, 2008 after the company defaulted on payment arrangements with the town. Company owner Georges Van Nevel apparently left the country at that time.
At the time the mortgage foreclosure proceedings were filed, the town was aware of two other liens against the property. One from Williams, Cox, Weidner & Cox. P.A. from 2005 was for $8,000. Another judgment from 2008 by Anthony Urella and Demetri Urella had a $27,000 balance. After the lawsuit was filed, the town learned that there was an additional lien for $90,000 for a judgment in favor of Landmark National II Corp.
The town’s foreclosure motions in Escambia County Circuit Court sought to have the other liens dismissed. Only one party, the accounting firm, filed an answer supporting their claim. A motion of default was entered against the other defendants, including Helicopter Technology, in October.
One of the biggest points that the town will be required to prove in court is the amount of interest owed, Town Attorney Matt Dannheiser said in a recent letter obtained by NorthEscambia.com. According to the letter to Mayor Freddie McCall, Dannheiser said the interest rate could mean a $235,000 difference in the amount of money the town receives.
The promissory note provides for a seven-percent interest rate, making the total amount owed by Helicopter Technology $471,000. But one provision of the note provides for an 18-percent default rate, which would make the total amount the town could claim $706,000 if the rate is applied back to March 1, 2004 — the first day of default.
If the building is sold at auction for less than $471,000, the interest rate is unimportant, Dannheisser’s letter says. But if it sells for more than $471,000, the excess would go to the other lienholder before the town. If the court agrees the interest rate should be the 18 percent back to 2004, the town would receive the full auction selling price up to the $706,000 before a lien is paid.
“Of course, that effort would be for naught if the amount bid at the foreclosure sale would be less than $471,000,” Dannheisser said in his letter to the mayor.
The latest motion in the Helicopter Technology foreclosure case will be heard on July 20.
Pictured above: Helicopter Technologies owner Georges Van Nevel addresses the Century Town Council in early June 2008. NorthEscambia.com file photo, click to enlarge.
Comments
3 Responses to “Helicopter Technology Foreclosure Proceedings Move Forward; Hearing Scheduled”
I was making a funny that clearly, went over your head. Sorry
I believe the tpwn has a good attorney. Why would they want to spend another $10,000 for an opiinion? Everyone has one of those and most of the time you can get opinions free! I say stay with the attorney who knows all of our town business and so far has carried us through rough times before.
Attention Town of Century: If your interested in a good attorney to do this , hire me. For ten thousand dollars I’ll give you an estimate of what it’ll cost ya.