Hasn’t made a mortgage payment since March ’09?
According to bankruptcy documents filed Dec. 15, Lighthouse Lodge LLC, employed 35 workers and in the last fiscal year had $3.2 million in gross revenues. It owed about $8.7 million on a to Orix Capital Markets, had $291,000 in “priority” unsecured debt and $5.7 million in other debt, owed to more than 175 suppliers and other vendors. Court records show the property was valued at $18.5 million and the company had $213,000 in cash.
The owners apparently stopped making payments on the mortgage sometime before March 2009, when Orix declared the loan in default. U.S. Bankruptcy Judge Stephen Johnson ruled Dec. 28 the inn should be sold to pay off creditors.