HIDDEN LAKE ACADEMY,INC. FILES BANKRUPTCY

[RobertBruce]

Eventually, the parents are going to find out. Either from the few respondsible ed cons, or from their own homework. Buchi already signed the affidavit saying he's going to pay the 400k. Declaring bankruptcy won't get him out of it, because he knows even if he does come up with some back handed deal to turn the school over to Spoonie or someone else close to him, the court will just take the money from him personally. Further Buchi has proven time and time again, he will not allow anyone else to control or influence his domain. Having a straw man to buy the school off the auction block means someone else would own it, something he's probably loathe to allow. So unless someone is about to make a very cheritable gift to him, my guess is he's working another angle. Maybe he's trying to move everything into Moutain Brook and claim it as a seperate entity?

[Anonymous]

But then he still has the problem of foreclosure. Mountain Brook sits on the 190 acres BB&T is foreclosing on, as do all his other "schools", so all he's gonna have is the name and nothing else. I'm sure he's working on something, though. The little bastard has slithered out of so much shit in the last several years he must be morphing into a pudgy worm. Or snake.

[Anonymous]

"Eventually, the parents are going to find out. Either from the few respondsible ed cons, or from their own homework." Robert Bruce.

The parents most likely already know and have known since that email went out on May 3 from Bucchi telling staff to look for another job, because their kids told them. The kids always seem to get wind of things before most of the staff. This email was the hot topic at HLA, as you might imagine. The assistant counselors and other lower level staff interact with the kids constantly, and tell them what's going on administratively. Most all of the kids knew this two weeks ago, and have told their parents. Now, it's just a case of how well Hollowhead, Kathleen, Joe The Sap, and others can lie to parents, and they are pretty damn good at it. They get lots of practice.

[Anonymous]

HLA Bankruptcy Lawyer asked for an expedited hearing, yet the filing was deficient with regard to the financials.  Now HLA is required to do what they are asking of Nancy Pelosi.   This may be good for Berger and Montague as they cannot seem to acquire financial documents, post discovery from Buccellato.  Although even though the documents are being submitted to court, I wouldn't place much weight on them.  Afterall, a sworn affidavit to the Federal court by Buccellato meant nothing.

To be Filed Within Fifteen (15) Days From the Date of Filing of the Petition
Statement of Financial Affairs (Form 7)
Schedule A
Schedule B
Schedule D
Schedule E
Schedule G
Schedule H
Summary of Schedules, Page 1 (Form 6?Summary)
Statistical Summary (Form 6?Summary)
Declaration Concerning Debtor's Schedules (Form 6)
Attorney Disclosure of Compensation Form 203
Dated:

[RobertBruce]

I just still dont ever see Buch turning over control to anyone else. He's far too egotistical, and believes himself to above the rule of law. I'm sure he's still refusing to acknowledge there's a problem.

[Anonymous]

I am a current parent and I know.  It doesn't take much to figure out what is happening when you get a letter that asks you to pay the last month's tuition far in advance of when your child is to complete the program.
Bucca has to be a narcisisst to send out the letters he does and expects everyone to beieve him?   HLA claims they have another location to continue operations and they have laid off staff and continue to take in new students.  They have taken advantage of parents desperate to get help for their child and are charging an incredible amount of money to do so.

[TheWho]

HLA Bankruptcy Lawyer asked for an expedited hearing, yet the filing was deficient with regard to the financials.  Now HLA is required to do what they are asking of Nancy Pelosi.   This may be good for Berger and Montague as they cannot seem to acquire financial documents, post discovery from Buccellato.  Although even though the documents are being submitted to court, I wouldn't place much weight on them.  Afterall, a sworn affidavit to the Federal court by Buccellato meant nothing.

To be Filed Within Fifteen (15) Days From the Date of Filing of the Petition
Statement of Financial Affairs (Form 7)
Schedule A
Schedule B
Schedule D
Schedule E
Schedule G
Schedule H
Summary of Schedules, Page 1 (Form 6?Summary)
Statistical Summary (Form 6?Summary)
Declaration Concerning Debtor's Schedules (Form 6)
Attorney Disclosure of Compensation Form 203
Dated:

This is boilerplate stuff to show the court that HLA cannot continue to stay afloat with its existing debt.  Does anyone know what they are filing for?

Chapter 11 is just a formality of reorganization and will relieve HLA of their debt and allow them to continue even stronger. (Like what GM is trying to do).  This would allow them to expand and increase their profits almost immediately.

Chapter 7 would force them to liquidate or sell their assets to satisfy what they owe and essentially close the place down.

[Anonymous]

To the above poster, go back to the first page of this topic.  It is all there.

[Anonymous]

Will the Chapter 11 bankruptcy protect HLA from foreclosure and the settlement( although he signed an affidavit of personal guaranteet to the court), which pre-dated the bankruptcy filing?  If his attorneys think it will, I gather that is why they all wanted the Chapter 11 hearing expedited before the sale. One would think if the morons were in that much of a hurry, they would have attached the financials..

[Anonymous]

Management fees taken out of just HLA for the last three yearsappears to be over 3,000,000. Where do you think that went?  I think Buccellato should have enough in his personal kitty to flip the settlement bill.  Perhaps B&M through subpoena, should check 'all'  the traffic through 'all' the Merrill Lynch accounts, even if they are no longer active...   I don't think Blackmon wants any more trouble coming his way after all the press he got.  Maybe he is gone with the BofA
change over, but records stick around unless one shreds them or has a bonfire.  Wasn't there a movie "Bonfire of the Vanities"...

[Anonymous]

Chapter 7 would have been far better than 11, but so would be a Federal Pen.

[Anonymous]

Chapter 7 would have been far better than 11, but so would be a Federal Pen.

Yes. And when the Tax Man Cometh, that's where Bucchi shall goeth. Bye Bye Bucchi.

[Anonymous]

If the "Tax Man" won't cometh, then goeth to the "IRS oversight board" and "IRS oversight committee".  Either way, one should seriously think of going abroad.

[Anonymous]

No idea on this one whether the foreclosure or lawsuit settlement would preclude what he is trying to accomplish by filing bankruptcy.   Buccellato may face a problem created by not filing personal bankruptcy. Didn't  Buccellato sign an affidavit, personally guaranteeing the 400,000.
dollar settlement ? That would seem to take it out of the HLA, Inc. bankruptcy filing .

Called this one...Court papers filed by Berger and Montague today 05-20-09 to paraphrase, stated basically the same thing, that since Buccellato did not file personal bankruptcy, and he personally guarantted the loan, he is personally responsible to pay it.  Also, he has not turned over an financials to either court.
Will post when converted.

[Anonymous]

I am a current parent and I know.  It doesn't take much to figure out what is happening when you get a letter that asks you to pay the last month's tuition far in advance of when your child is to complete the program.
Bucca has to be a narcisisst to send out the letters he does and expects everyone to beieve him?   HLA claims they have another location to continue operations and they have laid off staff and continue to take in new students.  They have taken advantage of parents desperate to get help for their child and are charging an incredible amount of money to do so.

He would have to have the new facilities reviewed and licensed by the ORS.  Mad Mom, you need to contact as many families as you possibly can regarding the tuition.  The new families must be told what he has done, if the families pre-paid all tuition monies up front, 5 families, go figure, then he files Chapter 11.  Buccellato authorized 5 children to move into HLA this month, knowing good and well what he was doing.  Contact the ORS State of Georgia and Federal Attorney for the Northern District of Georgia in Gainesville, just google them.   I was told HLA has less than 20 students and 5 of them according to court papers are new , the crook enrolled. This simply has to stop. If any of you have contacted attorneys, it would be worth your while to find me.  Buccellato has set this up for a long time and with the expedited hearing tomorrow and what they filed today, he is trying to get out of the BB&T foreclosure, the settlement and tuition.  He did not ask for the tuition to return.