Author Topic: BANK SEEKS TO FORECLOSE ON HIDDEN LAKE PROPERTY (Read 6157 times)

Anonymous · « **on:** February 05, 2009, 10:48:37 PM »

FROM THE DAHLONEGA NUGGET FEBRUARY 4, 2009

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Bank seeks to foreclose on Hidden Lake property
By Sharon Hall
Published: Wednesday, February 4, 2009 10:36 AM EST
Branch Banking and Trust Company (BB&T) put Hidden Lake Academy on notice last week that it is starting foreclosure on part of the local private school's property. Just over 190 acres of HLA's 196.31 acres are scheduled to be sold on the courthouse steps March 3.

Much of the school's financial troubles stem from a September 2006 lawsuit accusing the school's founder, Len Buccellato of multiple ethics oversights, including the employment of unqualified instructors, knowingly accepting dangerous students and misuse of school funds. The suit was blamed for a significant drop in enrollment in the ensuing months. Between the time the suit was filed and the following August the boarding school lost about 100 students, reported HLA headmaster Joe Sapp last year.

In August 2007 Federal Judge William C. O'Kelley denied a potential class action suit against the academy based on the fact the school agreed to settle out of court for a reported $400,000. This settlement was to be paid by December 31, 2008.

On Jan. 8, 2009, the attorney for those to be paid in the settlement filed a motion for the court to force HLA to pay up,

On Jan. 19, HLA's attorney filed a response to the Motion to Enforce Settlement and Judgment, citing a “drastic decrease in the student body of Hidden Lake Academy subsequent to, and in my opinion, caused by the filing” of the complaint against the school, “and a continuing barrage of negative emails to educational consultants who in the past referred prospective students” to the school, an affidavit attached to the motion states.

The affidavit also states that Buccellato and the school have attempted to obtain a new loan to pay off both its lien holder (BB&T) and the $400,000 owed to plaintiffs from the original judgment.

HLA is also in arrears on both its 2007 and 2008 property taxes due Lumpkin County. A total of nearly $87,500 in current and back taxes and interest are due.

Attempts to reach Buccellato for comment were unsuccessful.

Ursus · « **Reply #1 on:** February 05, 2009, 10:58:38 PM »

Is Buccellato's house of cards finally falling down?

Anonymous · « **Reply #2 on:** February 06, 2009, 12:03:30 AM »

Buccellato's Answer to Motion
http://www.fornits.com/hla/buccellatto_ ... sponse.pdf

BB&T' s Answer to Buccellato's Gamesmanship
Branch Banking and Trust Company (BB&T) put Hidden Lake Academy on notice last week that it is starting foreclosure on part of the local private school's property. Just over 190 acres of HLA's 196.31 acres are scheduled to be sold on the courthouse steps March 3.

Anonymous · « **Reply #3 on:** February 06, 2009, 12:08:21 AM »

If the bank sells off this property, will these people in the lawsuit finally get paid?

Anonymous · « **Reply #4 on:** February 06, 2009, 12:18:57 AM »

Berger and Montague could have just called up the Nugget reporter to ascertain HLA's financial standing....they really did their homework on this one, or was this held back from the plaintiffs....? This is good. Love it.

Anonymous · « **Reply #5 on:** February 06, 2009, 12:36:51 AM »

Quote from: "Guest"

If the bank sells off this property, will these people in the lawsuit finally get paid?

It is pitance, about 306,000. dollars divided by 247 plaintiffs before Berger and Montague had to file new motions. It really doesn't matter. It was the exposure of the corruption that was important and the safety of the children. The perfect ending would be for the IRS to come in and cart the garbage
away.

Anonymous · « **Reply #6 on:** February 06, 2009, 01:01:47 AM »

...did Len Buccellato just enter a letter from a Fornits member, loaded with ed-con email addresses, into a court record as evidence?
'
Erm... oops?

Or is this his way of taking them all down with him?

Anonymous · « **Reply #7 on:** February 06, 2009, 01:06:06 AM »

...just love it.... what a script!

Anonymous · « **Reply #8 on:** February 06, 2009, 01:13:08 AM »

If one notices Buccellato's affidavit to the court, Buccellato states that he is the "owner and headmaster"...oops. Does Joe Stapp agree with this, not that we care, he sold his soul a long time ago...but I think the court should seek clarification or Berger and Montague. Will the 'actual' headmaster of HLA, please stand up?

Anonymous · « **Reply #9 on:** February 06, 2009, 01:23:36 AM »

Also, Buccellato is shrewd and so are his henchmen....he is manipulative and calculating. It would be naive to think he has nothing up his sleeve..He may look like a fool with short legs, but let us hold the champagne. It is a 50-60 million dollar industry and Buccellato sniffs the money to be made. If he walks away, he will open another cesspool. It is his nature.

psy · « **Reply #10 on:** February 06, 2009, 01:32:06 AM »

Quote from: "Guest"

...did Len Buccellato just enter a letter from a Fornits member into evidence

From an "unidentifiable source", if I remember correctly. :roflmao:

It's important the Bucci pays up, though. The lawyers need to get paid to further encourage other attorneys to take similar cases. Bleed Bucci dry and put him in the poor house if at all possible. Throw him in jail if he can't pay.

firstresponder · « **Reply #11 on:** February 06, 2009, 02:31:18 AM »

Quote from: "Guest"

If the bank sells off this property, will these people in the lawsuit finally get paid?

no. the bank takes the property and sells it off to the highest bidder and keeps the money. than the previous owner usually files for bankruptcy.

Anonymous · « **Reply #12 on:** February 06, 2009, 11:56:51 AM »

NOTICE OF POWER OF SALE
Published: Wednesday, February 4, 2009 12:13 PM EST
CONTAINED IN GEORGIA SECURITY DEED AND SECURITY AGREEMENT

STATE OF GEORGIA COUNTY OF LUMPKIN

Under and by virtue of the power of sale contained in that certain Georgia Security Deed and Security Agreement from HIDDEN LAKE ACADEMY, INC., a Georgia corporation (hereinafter referred to as “Grantor”) to BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (hereinafter referred to as “Grantee”), dated September 19, 2006 and recorded in Deed Book 1005, Page 652, et. seq., Lumpkin County, Georgia Records (the “Security Deed”), the undersigned, as Attorney-in-Fact for Grantor, will sell at public outcry to the highest and best bidder for cash, between the legal hours of sale before the Courthouse door of Lumpkin County, Georgia, on the first Tuesday in March, 2009 (March 3, 2009) the following described property, to wit:

PARCEL A: ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002 and 1001, 11th District, 1st Section, Lumpkin County, Georgia, being 16.636 acres and shown as Parcel “A” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows: TO FIND THE TRUE POINT OF BEGINNING, begin at an iron pin found at the corner common to Land Lots 1002, 1001, 1015 and 1016; thence along the southern boundary line of Land Lot 1002 North 86?04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence North 86?04'02” West 41.22 feet to a point on the western right-of-way of Hidden Lake Road and the TRUE POINT OF BEGINNING; thence continuing along the southern boundary line of Land Lot 1002 North 86?04'03” West 536.81 feet to an iron pin found; thence leaving said Land Lot line North 13?01'46” East 47.26 feet to a point; thence North 13?53'51” East 71.19 feet to a point; thence North 30?57'19” East 45.05 feet to a point; thence North 38?55'11” East 42.55 feet to a point; thence North 30?10'19” East 21.40 feet to a point; thence North 28?56'46” East 47.32 feet to a point; thence North 15?52'20” East 39.14 feet to a point; thence North 01?13'35” West 67.19 feet to a point; thence North 03?22'07” West 72.67 feet to a point; thence North 05?41'49” West 32.65 feet to a point; thence North 05?58'55” East 48.33 feet to a point; thence North 16?02'45” East 87.18 feet to a point; thence North 21?29'13” East 53.58 feet to a point; thence North 28?03'21” East 14.25 feet to a point; thence North 31?19'24” East 92.80 feet to a point; thence North 31?40'00” East 71.80 feet to a point; thence North 21?32'15” East 35.01 feet to a point; thence North 11?08'06” East 77.90 feet to a point; thence North 15?21'54” East 67.70 feet to a point; thence North 16?04'32” East 110.87 feet to a point; thence North 23?10'49” East 54.61 feet to a point; thence North 21?40'14” East 66.51 feet to a point; thence North 26?25'52” East 88.41 feet to a point; thence North 12?08'23” East 98.58 feet to a point on the southern boundary line of Land Lot 943; running thence along said Land Lot line South 86?26'43” East 673.25 feet to a point on the western right-of-way of Hidden Lake Road; thence along said right-of-way the following chord bearings and distances: South 59?44'46” West 70.53 feet; South 49?35'15” West 108.28 feet; South 45?14'19” West 77.80 feet; South 35?44'10” West 77.29 feet; South 24?18'30” West 59.92 feet; South 19?29'20” West 113.58 feet; South 22?18'53” West 53.29 feet; South 29?14'49” West 76.46 feet; South 13?41'21” West 853.06 feet; thence South 17?53'48” West 22.17 feet to the TRUE POINT OF BEGINNING. PARCEL B: ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002, 1001, 944, 945, 946, and 1016, 11th District, 1st Section, Lumpkin County, Georgia, being 173.689 acres and shown as Parcel “B” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows: BEGINNING at the corner common to Land Lots 1001, 1002, 1015 and 1016; running thence along the southern boundary line of Land Lot 1002 North 86?04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence along said right-of-way the following chord bearings and distances: North 17?53'46” East 13.69 feet; North 13?41'21” East 857.05 feet; North 29?14'53” East 73.42 feet; North 22?19'00” East 56.66 feet; North 19?29'18” East 112.92 feet; North 24?18'28” East 54.24 feet; North 35?44'03” East 69.94 feet; North 45?14'24” East 72.99 feet; North 49?35'17” East 103.19 feet; North 59?44'39” East 74.92 feet; North 58?16'40” East 100.40 feet; North 50?00'46” East 86.69 feet; North 43?14'11” East 63.46 feet; North 31?50'58” East 74.27 feet; North 32?52'01” East 38.01 feet; North 50?07'43” East 20.31 feet; North 68?03'05” East 5.97 feet; North 72?31'35” East 250.12 feet to a point; thence leaving the eastern right-of-way of Hidden Lake Road North 17?28'28” West 40.00 feet to a point on the western right-of-way of Hidden Lake Road; thence along the western right-of-way of Hidden Lake Road South 72?31'37” West 137.05 feet to a point; thence leaving the western right-of-way of Hidden Lake Road North 21?17'14” East 251.54 feet to a point; thence North 34?34'32” East 198.44 feet to a point; thence South 55?18'02” East 159.88 feet to a point; thence North 58?04'14” East 75.33 feet to a point; thence North 46?48'10” East 59.14 feet to a point; thence North 73?47'55” East 56.12 feet to a point; thence North 62?35'21” East 51.50 feet to a point; thence North 43?56'38” East 62.23 feet to a point; thence North 03?40'13” West 41.27 feet to a point; thence North 11?10'19” West 34.82 feet to a point; thence North 28?36'05” East 80.69 feet to a point; thence North 24?57'02” East 130.51 feet to a point; thence North 09?22'46” East 165.57 feet to a point; thence North 21?31'54” East 121.26 feet to a square pipe; thence South 84?07'17” East 335.01 feet to a point; thence South 84?13'14” East 2476.74 feet to an iron pin found; thence South 03?09'46” West 1293.38 feet to an iron pin found; thence North 87?22'01” West 1339.51 feet to an iron pin found; thence North 86?45'40” West 1299.58 feet to an iron pin found; thence South 03?42'34” West 1318.92 feet to a point; thence North 87?44'20” West 76.73 feet to a point; thence South 38?59'24” West 191.55 feet to a point; thence South 47?39'23” West 332.13 feet to a point; thence South 51?21'25” West 202.58 feet to a point; thence South 25?33'54” West 246.97 feet to a point; thence South 02?31'16” West 558.20 feet to an iron pin found; thence North 86?45'41” West 667.18 feet to an iron pin found; thence North 02?14'28” East 540.70 feet to an iron pin found; thence North 03?38'00” East 756.36 feet to an iron pin found and the POINT OF BEGINNING. The above-described PARCEL A and PARCEL B are hereinafter referred to as the “Property”.

The Security Deed was given to secure Grantor's guarantee of a Promissory Note dated September 19, 2006, in the original principal amount of SEVEN MILLION TWO HUNDRED THOUSAND AND NO/HUNDREDTHS DOLLARS ($7,200,000.00) (the “Promissory Note”), pursuant to a Guaranty Agreement dated September 19, 2006 (the “Guaranty”), with interest thereon as provided in the Promissory Note and the Guaranty until paid.

On account of defaults in the terms of the Promissory Note, the Guaranty, the Security Deed and other loan documents, including Grantor's failure to pay the indebtedness in full at its accelerated maturity, Grantee, the present holder of the Security Deed, the Promissory Note and the Guaranty, has declared the entire unpaid principal balance of all obligations secured by the Security Deed, including interest to date of sale, to be due and payable immediately. The debt remaining in default and unpaid, this sale will be for the purpose of satisfying the principal and interest due, amounts, if any, expended by Grantee to protect its interest in the Property, and all expenses of this sale, including, without limitation, attorneys' fees.

The Property will be sold subject to outstanding ad valorem taxes and/or assessments, and superior easements, restrictions and rights-of-way and other superior matters of record, if any. The undersigned will execute a deed to the purchaser at the sale as provided in the Security Deed. To the best knowledge and belief of Grantee, the equitable title to the Property is vested in Grantor, and the party in possession of the Property is HLA, Inc., pursuant to a Commercial Lease Agreement referenced in Memorandum of Lease recorded in Deed Book X21, Page 118, Lumpkin County, Georgia Records.

Branch Banking and Trust Company, as Attorney-in-Fact for Hidden Lake Academy, Inc.

R. Russell Berry, Esq. Womble, Carlyle, Sandridge & Rice, PLLC Attorneys at Law One Atlantic Center, Suite 3500 1201 West Peachtree Street Atlanta, Georgia 30309 (404) 888-7468

(2/4, 2/11, 2/18, 2/25) 1484

Anonymous · « **Reply #13 on:** February 06, 2009, 12:16:24 PM »

Now who in their right mind would entertain the thought of buying the place with Buccellato and Spooner living in their home on the premises...Have the reported "call boys" at 1,000. a pop in 2005 stopped? Actually, it would have been less expensive to stay with the male prostitutes as the young male counselors
probably cost much of "The Chapel FUnd".

Anonymous · « **Reply #14 on:** February 06, 2009, 12:45:18 PM »

I would like to know how Berger and Montague is going to position THIS, to the plaintiffs..."Sleepless in Philly"? or just comatose.

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