Lighthouse Lodge Fails To Pay $231,602 In Taxes

Hasn’t made a mortgage payment since March ’09?

Lighthouse Lodge

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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.

Lighthouse Lodge Fails To Pay $231,602 In Taxes

Talking Bankruptcy Again

City Hall Bk

Talk of municipal bankruptcy has been in the air since U.S. Bankruptcy Judge Michael McManus ruled last month that the city of Vallejo, which filed for Chapter 9 bankruptcy protection in May 2008, has the authority to void its existing union contracts.

The judge contended that Congress did not extend the same projection to public employees that it did to those working in the private sector under Chapter 11 bankruptcy rules.

Cities, McManus said, have broader authority to break existing union agreements than private companies.

Talking Bankruptcy Again