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BANK SEEKS TO FORECLOSE ON HIDDEN LAKE PROPERTY

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Anonymous:
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:
Is Buccellato's house of cards finally falling down?

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

Anonymous:
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.

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