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Old 01-14-18, 06:00 PM
jackson03 jackson03 is offline
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Update on the Hoover Project:

http://www.cantonrep.com/news/201801...hoover-complex

IRG will have 60 days to secure a loan to pay back part of the $36 million that was borrowed but never used on the Hoover project. Once the loan is secured, IRG will have an additional 90 days to close the loan and make the payment. If IRG fails to do so, the lawsuit will proceed, which would almost certainly mean the Hoover building being seized by IRG's creditors, as well as any other assets Maple Street Commerce might have (likely $0). The creditor that issued the original loan and brought the fraud lawsuit is CMB Regional Centers. They have expressed interest in finishing the Hoover Project themselves if IRG/Maple/Lichter can't, but it's far from clear that they'd be legally obligated to do so.

This sounds like a lose-lose proposition for North Canton. If IRG obtains another loan, they still have to pay the original creditor. They'll still be just as deep in the red, with little or no money to complete the project. If CMB seizes the Hoover complex, then it's totally up in the air what happens next. They say they want it in receivership so it can be finished, but how long it would take (or if it would happen at all) is not certain.
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