NEW LONDON – The saga that is the foreclosure sale of the Waterford Speedbowl continued its tedious drag through the court system on Monday in New London.
Monday, Superior Court Judge Emmet Cosgrove denied a motion by creditor Ed DeMuzzio to reconsider the previous approval of the auction sale price of the Speedbowl.
Bruce Bemer was the high bidder – at $1.75 million – in the foreclosure auction of the Speedbowl on Oct. 18.. The Glastonbury businessman has said he intends to continue to run the property as a racing facility.
On Nov. 14 Cosgrove had denied two objections to the sale price filed by DeMuzzio and his company, CCI Inc., essentially approving the sale price at that time.
DeMuzzio had filed the motion for the judge to reconsider his approval on Dec. 3. DeMuzzio had been facing a deadline to file a formal appeal of the approval of the sale when he filed the motion to reconsider.
Monday’s ruling essentially puts the case back to where it was Nov. 14 when Cosgrove approved the sale price. DeMuzzio now has the right to file a formal appeal of the sale price. DeMuzzio’s lawyer, Michael Bonnano said that his client now has 20 days to file an appeal.
DeMuzzio was in court for the start of Monday’s hearing, but left the proceedings, seemingly angered by negotiations that had been taking place in private in an attempt to come to a settlement.
DeMuzzio was not in court when Cosgrove denied the motion to reconsider approval of the sale.
“I’ll review the court’s decision with him and he’ll make his decision accordingly,” Bonnano said of the possibility of the formal appeal being filed.
A formal appeal of the approval of sale could delay transfer of the property from owner Terry Eames to Bemer for more than a year and could put the 2015 racing season at the track in jeopardy.
DeMuzzio is at risk of losing $250,000, which includes about $110,000 invested in the property and about $140,000 in accrued interest, if the court approves the sale price.
Monday’s court proceeding’s began with Cosgrove giving attorneys and clients involved in the case the opportunity to attempt to work out a settlement with DeMuzzio.
On Nov. 17 DeMuzzio said: “Nobody is making any effort to try to help out here so I’ve got to what I’ve got to do. … It’s a lot of money. If it was fifty grand I would have said ‘That’s the way it goes’ but it’s not 50 grand and it’s just totally unfair. If we could get all the players that are involved to kick in a little bit, if I could just get half, some reasonable amount, I would be more than happy. I don’t need to get all my money back, I just want it to be fair.”
DeMuzzio was cheery at the beginning of the proceedings at 2:30 p.m., but left the court seemingly angry after sometime. Negotiations continued after DeMuzzio’s departure before Cosgrove brought the proceedings back to order after a settlement could not be reached by 4:15 p.m.
On Nov. 3 Cosgrove heard objections to the sale filed by DeMuzzio and CCI Inc. In his objection, DeMuzzio alleged that there was collusion between creditors Rocco Arbitell, Peter Borelli, Theodore Parker and Shawn Parker to keep the bidding price low for the auction. DeMuzzio also argued that the property should have been better marketed to attract a higher bid in favor of creditors to realize returns on their debts.
There was just over $2 million owed on the property by owner Terry Eames at the time of the auction. The property had recently been valued at about $3 million and was being advertised on the market for sale with an asking price of $3.3 million prior to the auction.
Bonnano told Cosgrove Monday that DeMuzzio now alleges that Arbitell promised before the auction to bid high enough to protect DeMuzzio’s debt and that Arbitell then reneged on that deal during the auction. Cosgrove told Bonnano that his previous arguments had not indicated that to be so.
Richard Paladino, attorney for creditors Theodore Parker and Shawn Parker, argued to Cosgrove that DeMuzzio was on a “fishing expedition” with his attempts to derail the approved sale, calling it an investment gone bad like any other.
“You want to sit on the porch with the big dogs, you might get bitten,” Paladino told the judge in arguing that DeMuzzio’s allegations had no merit.
In denying the motion Cosgrove said there was “nothing … that makes the court doubt the fairness of the sale price.”
In July 2007, Arbitell, a Southbury businessman and local racing supporter, along with his business associate Borrelli, stepped in to offer Eames and his ownership group, 1080 Hartford Road LLC, financing to avoid a foreclosure action being taken then by former mortgage holder Washington Mutual Bank. The deal with Arbitell was announced a day before the track’s auction date for a foreclosure in 2007.
In May 2008 Arbitell brought his own foreclosure action against the ownership group after former track operator Jerry Robinson failed to pay the Speedbowl’s property taxes.
Facing another pending foreclosure auction, Eames and 1080 Hartford Road LLC filed for Chapter 11 bankruptcy protection in October 2009. A debt reorganization plan was accepted by bankruptcy court in January 2012 and the ownership cleared bankruptcy not long after that.
In March 2013, Arbitell and the rest of the creditors involved in the bankruptcy moved to have foreclosure action retaken against the Speedbowl ownership, which led to the Oct. 18 auction.
Shawn, who exactly owns the Speedbowl now? The court or Terry? Either way, the sliver of hope that is racing at the Bowl in 2015 continues to shrink.
Jason,
Terry Eames is still the owner of record.
Have you heard from Terry at all since October? What’s his take on all this?
Jason,
He was in court today. I think he wants to see resolutuon like most others.
If this drags out what is stopping terry from running races in the spring.
1080 Hartford Turnpike LLc owns the property the speed bowl is on .Terry is the manager and member of that group
I’m pretty sure, about 100% sure the court would never allow Terry to open it for 2015, correct me if I’m wrong, and from somebody who has knowledge of this, not a guess from a uninformed person. Thanks
Lots of people want to see restitution, it’s just for whom is the major question for those involved legally. Hard to know good from evil without an official scorecard. This is turning into a soap opera, and to me soap opera’s suck.
Anyone who is getting ready to run the speedbowl this year might as well forget it and find another sandbox to play in. This is not going to resolve itself any time soon. Something is just not right here.
How about the successful bidder, he has money in escrow for the legally approved sale (a fairly substantial amount) and what is he earning on that? Big fat goose egg. Maybe he should bring a legal action against those who are holding this up to recoup lost interest! As Mr. DeMuzzio was quoted saying (see above) “its just totally unfair” and “I just want it to be fair”. The sword cuts two ways here so lets be fair all the way around.
If the current owner opened and ran the track who in their right mind would support him? Paid into a banquet fund, no banquet, raced the last race of 2014, did not get paid. So where did the money go? Do you really think anything would change this season? As the saying goes “a leopard does not change its spots”.
The judge needs to make a ruling on this. If the creditors cannot decide between them as the judge sent them to do the judge will decide for them. There is no benefit to prolong the outcome and waste money in the system. The file an appeal would cost multiple thousands the risk of getting anything back would not be feasible. DeMuzzio should stop running out of the court room and take what he can get if he was smart, he will not win back anything more.
I have to agree with humpfry on this one . A wolf he changes his hair but he never changes his habit. I once lost a lot of money in my annuity . Totally my fault ,chalked it up to a learning experience and moved on . I wonder if mr. Demuzzio’s lawyer is working for free ? Everyone losses money in life you just happened to lose a little more . Let it go dude ! When the track reopens you can tell people look I funded those nice new bathrooms .
This is pizza mans last chance to file an appeal so by the end of this month he either files the appeal, or he goes away and Mr Bemer can take ownership. If he does file the appeal, then things will be tied up for awhile but I have a funny feeling Terry will open the place and run it this year if that happens Humpfry, the same old people will be back there supporting the place and taking a screwing you watch.
Pizza Man has already put his cards on the table, you either pay him or there will be no racing in 2015 nothing to lose now for him, also if track don’t run in 2015 the racing permits will not be renewed from Waterford who cant wait to get rid of the track. I would pay the guy like yesterday and open later in the season.
If the new owner pays the taxes on the place which he will the town of Waterford will love the place, Simple..
No banquet,no point fund money…sounds all to familiar. Like when Polar Beverage ran Thompson for a year,in the 90″s,as The NEW Thompson Speedway…still refuse to purchase their products! If there is no permiits renewed,wouldn”t this really play into the hands of the people who built houses behind the back stretch,who,since the late 80″s have complained about the dust & noise.
I agree with you we will know soon. But this I can tell you for certainty, not me. I would not come back, screw me once shame on you, screw me twice shame on me!
The only way I would consider it if there was a court appointed accountant there every event to receive all the money, guarantee everyone gets paid each night then distribute what profit was left equally to the owner and any creditors who were owed money. Again “I just want it to be fair”.
Only my opinion!
Ya’ll will enjoy spending your Saturday nights at Seekonk. Its a good time.
Does anyone know if Bemer can withdraw his bid, collect his deposit and walk away?
Rafter,
It’s my understanding that he would have to petition the court at this point to get his $300K deposit back.
Come on folks, this will run through its course. it will be approved and the Speedbowl will run and be successful. don’t stop tuning up your rides..
If the judge was a race fan–everyone would be satisfied.
Thanks (again) for the good work, Shawn. Mr. DeMuzzio is demonstrating rather messily the reason one must either bid one’s interest at a foreclosure sale or just let it go. That he never bid is damning fact. That he’s claiming now that Mr. Arbitell broke an agreement regarding the bidding has nothing to do with the foreclosure sale and should be the subject of a contract suit. Hopefully, the Appellate Court makes short work of the DeMuzzio appeal.
I don’t know if Mr. DeMuzzio reads this forum but if you do please just file your appeal already. The racing community is tired of being held hostage. It is obvious the threats you have made have done nothing so far get you what you want. Save yourself some time and stress of waiting the full 20 days to do it. Either the parties involved are going to help you out or they aren’t. This way those who you are trying to squeeze money out of will know that you are serious and not just making another threat to delay/cancel the 2015 season at the Speedbowl. Should you file the appeal I suggest you stop slinging mud at some of the other parties in the picture and focus your appeal on the facts. The property was appraised at $3.0M and it only sold for $1.75M, that is the real issue, the other allegations have been proven to be unfounded by the court. It is my opinion that all your talk about collusion, promises and price fixing has done very little to make anyone want to help you out. My mother always said “you will catch more flies with honey than you will with vinegar” and from what I have seen in my life that is very very true. That saying goes hand in hand with the saying “don’t bite the hand that feeds you” or you just may get bitten back harder.
Good post lets move forward
I would not pay this guy one red cent. He made a bad business decision with the wrong guy and now he is trying to bully his way into getting his money back by holding good people hostage.
I also really don’t care what the property is appraised for, it is only worth what someone is willing to pay for it, that is why they call it a foreclosure sale.
I think this stall tactic has been the plan right from the get go if the property did not sell for the right price. However, I think there is more than one individual involved in the plan. Stall, the place re-opens while the appeal is in limbo, take the profits for another season and see what happens next.
The current successful bidder will get sick of waiting, petition to get his escrow money back and we will start the process again with hopes the economy gets better and it sells for more money next time to make everyone happy.
Unfortunately those of us that are trying to make plans for 2015 will just have to wait and watch the soap opera as it unfolds. Appropriate name for this one “as the world turns”!
As indicated above, the problem for those of us who’d like to see racing at the Speedbowl this summer is that DeMuzzio has nothing (or very little) to lose by dragging out the process. Unless the court system expedites an expected appeal (not likely??), or Arbitell and/or Bemer pay DeMuzzio, we all have to wait. The game changes if Bemer can, and does, petition the court to get his money back. Perhaps an attorney can inform us of Bemer’s options at this time.
I guess around 30000 from both parties wasn’t good enough for Demuzzio. Now you have other creditors crying fowl because they offered DeMuzzio something and not them. Now these other individuals whom are not going to named are going to free ride off of Arbitells efforts in getting his money back. He’s the one who hired the lawyers for the foreclosure preceding’s, and now these guys want to ride off his $$$. If nothing comes of this, and it fails. Make sure you go down the list and call every creditor and thank them personaly for killing the bowl.
Folks, there is a puppet master behind all this. The court needs to finalize this sale, then let them duke it out with lawsuits.
Take Mr. Bemer’s 1.75 million put it in escrow. Complete the sale so he can take ownership. Then let all the creditors fight for the money in court. The people who are getting hurt the most here are the racers and Mr. Bemer. Let the fools who lent Emes the money all take the hit. Hell every racer that has been there for the last 15 years are all owed money. Mr pizza man do you want us all claiming that we should be paid something too. Suck it up ad go away!!!!!
I am not defending the pizza guy but what he is doing is defending his investment, most likey to happen is a appeal and a new auction a year later, Beamer might retract his bid if this keeps dragging out. It has the most benefit for everybody to pay Dimazzio off, Beamers and Aribitells legal fees for a case in court for a year would equal more than a check today of 90 grand and go away, right now I am sure bills are adding up with no way of generating revenue. People dont want to say it but Dimazzio has the future of the track in his hands, I for one would hate to see a appeal happen, its bad news for everybody.
Doug Dipisa you are barking up the wrong tree when calling out the creditors as the ones killing our beloved Speedbowl. Everyone of them helped keep the place alive for years. If it was not for everyone of them at one time or another the place would have gone to auction years ago. We should be thanking them for keeping our playground open instead of putting them down.
What is so wrong with the creditors wanting to get all of their money back? As for the one holding up the sale, it is not his fault the laws are written the way they are. While I do not agree one bit the way he is going about trying to recoup his money. The laws are written by lawyers who are coincidentally the only ones benefiting the most from this delay. Yes DeMuzzio made a bad business decision and he is just doing what the laws allow him to do. I just wish he would not e alienating himself from the rest of the other creditors by making up stories of why the auction brought such a low number. The bottom line is as mentioned above, anything is only worth what someone else is willing to pay for it providing it is marketed properly which this property was.
Until the laws are rewritten things like this will happen again and again. Also look at the parties involved, do you really think Arbitell is the only one with legal expenses? The newspapers always say who was in attendance and if you figure at least 2-3 hours of legal time per Atty plus time to prepare for every hearing you can figure a cost of about $1000 +/- per Atty, per creditor/buyer.
If you want to blame anyone it should be the one that convinced all the creditors to lend them the money in the first place. The same one that year after year does not pay the us racers at the end of the year. The same ones that post on Facebook their world travels in the off season at the our expense. Maybe the motorsports community is also to blame as well as we continue to support this one year after year. I for one will not be giving the Speedbowl one more dime EVER if this same one that has caused all the problems is still involved in any way at the Speedbowl. Seekonk is really not that far away for Saturday night entertainment.
I just hope some type of solution can be found soon as if there is not one found. I do not think the 2015 season will happen at all. An Atty has been quoted saying an appeal can take up to a year for it to run its course and I really doubt the courts will allow the place to open as an appeal can be terminated at anytime allowing the sale to be closed. Just think what a messy situation this would cause.
First of all Really. Why don’t you use your real name when posting ? Is it you’re one of the creditors owed ? I really would love to know whats in the water up there !! As for barking, you haven’t heard that yet. A little advice. If your going to invest without research, then don’t cry foul when when you lose your $$$. There are no do-overs. The sooner people realize this, the sooner it will be over.
Also, in which creditor literally had to sell the farm ?? Do you even know ?
Doug, everyone who has been really paying attention to the “As the Speedbowl Turns” soap opera for the last few years knows who lost a farm. Mr. Arbitell stated this fact on Gary Danko’s Speedway Line Report a long ago. Not sure where you are going even mentioning the farm issue?
State Foreclosure Laws ComparisonAlabama Foreclosure LawsAlaska Foreclosure LawsArizona Foreclosure LawsArkansas Foreclosure LawsCalifornia Foreclosure LawsColorado Foreclosure LawsConnecticut Foreclosure LawsDelaware Foreclosure LawsFlorida Foreclosure LawsGeorgia Foreclosure LawsHawaii Foreclosure LawsIdaho Foreclosure LawsIllinois Foreclosure LawsIndiana Foreclosure LawsIowa Foreclosure LawsKansas Foreclosure LawsKentucky Foreclosure LawsLouisiana Foreclosure LawsMaine Foreclosure LawsMaryland Foreclosure LawsMassachusetts Foreclosure LawsMichigan Foreclosure LawsMinnesota Foreclosure LawsMississippi Foreclosure LawsMissouri Foreclosure LawsMontana Foreclosure LawsNebraska Foreclosure LawsNevada Foreclosure LawsNew Hampshire Foreclosure LawsNew Jersey Foreclosure LawsNew Mexico Foreclosure LawsNew York Foreclosure LawsNorth Carolina Foreclosure LawsNorth Dakota Foreclosure LawsOhio Foreclosure LawsOklahoma Foreclosure LawsOregon Foreclosure LawsPennsylvania Foreclosure LawsRhode Island Foreclosure LawsSouth Carolina Foreclosure LawsSouth Dakota Foreclosure LawsTennessee Foreclosure LawsTexas Foreclosure LawsUtah Foreclosure LawsVermont Foreclosure LawsVirginia Foreclosure LawsWashington Foreclosure LawsWashington D.C. Foreclosure LawsWest Virginia Foreclosure LawsWisconsin Foreclosure LawsWyoming Foreclosure LawsConnecticut Foreclosure Laws
Foreclosure Process Overview
Connecticut is strictly a judicial foreclosure state. Depending on the circumstances of a particular case, the judge presiding over the foreclosure proceeding has the option to grant either a “strict foreclosure” or a “foreclosure by sale.”
A new law now requires a 60-day demand letter be sent prior to the filing of the foreclosure action, after which time the foreclosure proceeding can commence, typically running 3-4 months through completion. Connecticut does not allow for non-judicial foreclosures.
Judicial Non Judicial Comment Process Period Publish Sale Redemption Period Sale/NTS
• Judicial only 62 days N/A Court decides Court
Process Begins With a Civil Suit
The judicial foreclosure process in Connecticut is commenced by filing a civil action with the Superior Court known as a Lis Pendens (LIS). At the end of the action, the Lender will file a motion for a judgment of foreclosure and the Judge will either grant a “strict foreclosure” or a “foreclosure by sale”.
The court determines that there is enough equity in the property, the judge will order a foreclosure by sale. The court establishes the time and manner of the sale and assigns a “committee attorney” to handle all aspects of the foreclosure sale. This is not the same attorney who commenced the foreclosure action.The borrower may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale. After the sale is conducted, the committee attorney must petition the court to “approve” the sale so that title may vest in the successful bidder.Despite the sale of the property, Connecticut does allow the lender to sue the borrower to obtain a deficiency judgment. Above is the CT LawThe Judge already approved and recommeded the sale. The judge needs to complete this proceding and allow and set a close date for the sale. The will support the economy and is a no brainer for anyone with some common sence. Let the group of nuckle heads fight over the money and sue each other. The Judge will at the end of all this determine the destributions. It clear just study the state laws.
Mr. Demuzzio has the opportunity to be seen as a hero or villain in this situation. His actions (be they right or wrong) are alienating some of his own customers and the racing community at large. Continue the appeal and be seen as an enemy to devout fans and local racers, let it go and be seen as one of the key players who helped save the place. The money he lent Eames is lost, but maybe there is a new opportunity to be found here. Appeal to Mr Bemers sensibilities, he can’t give you cold hard cash but perhaps there is something else of value he can offer. Someone needs to run the food concessions, maybe the track sublets that out to someone already in the food business? If they are selling ‘Demuzzio’ pizzas at the track you can bet there will be plenty of attention paid to him thru signage, ads in the weekly program and ‘plugs’ over the PA system. He won’t make back the half mil he’s looking for, but it’s moving in the right direction. If life hands you lemons, it’s time to make lemonade.
Sounds good but not sure deficiency judgment means the creditors will have to fight amongst themselves for the cash. From the info I have read online (see below) the creditor out of the money (pizzaman) can fight to get a deficiency judgment against the borrower(s) (Terry and/or whatever entity borrowed the money in the first place). Good luck collecting on that one, they can’t/won’t even pay us for racing at the Finale. At least this option would allow the sale to be closed soon and some racing to happen in 2015.
Info below is found at: http://www.nolo.com/legal-encyclopedia/what-happens-liens-second-mortgages-foreclosure.html
Frequently, homeowners have more than one mortgage on their property, as well as judgment liens in some cases. For example, you took out a second mortgage along with the first mortgage to cover the purchase price of your home, you got a home equity loan to cover home repairs or remodeling, or a credit card company sued you and obtained a judgment lien. Read on to learn what happens to second mortgages and judgment liens in a foreclosure.
Lien Priority:
Generally, the priority of a lien is determined by its recording date (though some liens, such as property tax liens, have automatic superiority over essentially all prior liens). First mortgages are, as the name suggests, typically recorded first and are in first lien position. Second mortgages, which are often recorded next, are usually in second position. Judgment liens are frequently junior to a first mortgage and possibly a second mortgage, as well as perhaps other judgment liens previously filed by other creditors.
Priority Determines How Foreclosure Funds Are Distributed:
The priority of liens establishes who gets paid first following a foreclosure. “Senior” liens are paid before “junior” liens (those with lower priority). After the first mortgage lender forecloses, any surplus funds from the foreclosure sale after the foreclosing lender’s debt has been paid off will be distributed to creditors holding junior liens, such as a second mortgage lender or judgment creditor
Foreclosure Eliminates Liens, Not Debt:
When a first mortgage lender forecloses, people often mistakenly think this means the second mortgage and any judgment liens have been satisfied as well, even if there were not sufficient funds to pay off the debts. They are then surprised when the second mortgage holder or judgment creditor seeks to have the outstanding balance on their debt paid.
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished and the liens are removed from the property title. However, the second mortgage debt and creditor’s judgment remain, even though they are no longer attached to the foreclosed property. While the security for the debt has been eliminated, the obligations remain in place.
The Second Mortgage Lender May Sue You:
If the second mortgage lender does not receive enough money from the first mortgage lender’s foreclosure to satisfy the debt, it can sue you in court for the difference (as long as state law does not prohibit this action). Remember the promissory note that you signed when you took out the second mortgage? That was your promise to pay. The second mortgage lender can sue you on that promissory note. Since second mortgage lenders frequently receive little or nothing from a foreclosure sale, it is not surprising that they often take this route to attempt to get paid.
Judgment Liens Can Attach to Other Property:
The judgment creditor also loses its security interest in the property following the first mortgage lender’s foreclosure. However, while the judgment creditor’s lien may have been eliminated from that particular piece of real estate, it will still attach to any other real estate that you own now or in the future. Plus, the judgment creditor can try to collect the debt in other ways, such as by freezing your bank accounts or garnishing your wages.
The courts could very easily end this and finalize the sale of the property, The creditors knowingly took a gamble when they made their investments and that gamble turned out to be a bad one. As a result the actions of one individual, (needless to say who) has caused many lives to be effected. Don’t let the racing fans nor the ones that depend on it so as to supplement their livelihood be the ones that suffer., do the right thing,,, let the vast majority by way of their constitutional right to freedom of speech petition the court to finalize this sale and then let the creditors as honorable men( who took a gamble) divide what monies available to them on a percentage basic so that all would an receive an equal percentage of their initial investments. The bowl is and has been a source of tradition within our state for many years and it has served to benefit many in numerous ways,, now, in my opinion, it’s time we the people, its fans, seek an ending to this ordeal and let Mr. Bemer’s get on with the making of the bowl the track it once was and can be again. Voice your opinion,, be heard .
Just happened to catch up on all this and come to the conclusion DeMuzzio is out of luck. Unless he’s got a free lawyer, my guess is he won’t pursue the formal appeal as it would be very expensive, probably not be heard, and even if heard has a near zero chance of winning. Also sounds like sour grapes when he accuses Arbitell, Borelli, and the Parkers, the people who actually saved the Speedbowl, of Bid Rigging at the auction. Bid Rigging is a federal felony I believe. Section 1 of the Sherman Act spells it out. Unless he has proof of this, which then could be legitimate grounds for an appeal, he leaves himself open for a libel or slander suit as well as possibly an abuse of process suit if he proceeds in an attempt to use the court system to shake down the senior lienholders and or the buyer. Just seems like he, DeMuzzio is getting in to deep with this. Time to fold up his tent and move on. All the best to Bemer and company. In 15 or so days all this drama should be behind us, and Bemer et al can get down to business.
Nice to see folks taking time to understandings Law, as indicated above the Judge has already recommended the sale of the track, that is done. The Judge needs to do the “right thing” and officially approve the sale and let it close, after that per the CT law let these guy’s sue each other. No need to prolong this, then the judge would have done his Job.
Would be a shame if the place didn’t open this season. I believe I’ve heard that the speedbowl is the longest continuously run sports facility in the state or something like that. Buckler has mentioned that over the years.
Can’t see why is should not open, the Judge just needs to do his job.
The judge has already done his job and approved a sale. The only formality now is for the 20 day appeal period to pass and Mr. Bemer to close within 21-30 days of the Jan 5th hearing. All this info is spelled out in the State of CT Foreclosure Standing Orders found below and at: http://www.jud.ct.gov/webforms/forms/cv079.pdf
20. The high bidder/purchaser must close no sooner than 21 days but no later than 30 days from the date of notice of the Court’s approval of the committee sale. The deposit may be forfeited if the purchaser does not close within 30 days of the notice of approval of the committee sale. At the closing, the successful bidder shall provide the Committee with a certified or bank check payable to the Clerk of the Superior Court, for the balance of the purchase price. The successful bidder must record the committee deed within 30 days of the closing.
The only possible delay would be DeMuzzio or any of the other creditor(s) filing a formal appeal in the 20 day appeal period or Mr. Bemer not closing the sale in the time specified.
And look for another puppet / creditors to file the appeal. Even with no proof for anything, just for the delay to forfeit the sale so it will open with no management / owner changes.
No way will the judge let it run under the old previous owner; they are out unless they pay back all the leans per CT Law shown above in the comments. I stand corrected the Judge did do his Job and already approved the sale per the above CT Laws as stated. The Judge just needs to finish this so the new owner can close on time as indicated above also in the comment train. An appeal would not be successful and just waste time and money. The Judge can serve his community and finish, do the “right thing” and get some money back in the community which will create jobs and have taxes paid.
I believe a different judge will hear the appeal (if filed)?? Not sure how quickly the appeal process can/will move. That may be the key to ultimate resolution.
Cosgrove has taken care of everything so far and I can only assume as he is familiar with the case, they will continue to have him appointed to this case I would think.
That aside, DeMuzzio’s email address is public record. Without slandering him and berating him like children, I say everyone search for his email (took me 5 minutes on google to locate it if you know the name of his two businesses) and send him a professional email showing your support for the bowl and suggest ideas. It certainly can not do much more damage than is already done if we show this guy how much this place means to us all. We are at his mercy right now. It’s better than sitting here being unproductive where he likely won’t see what we say.
It would be a new Judge that would be the one to hear any appeals should one happen as Judge Cosgrove is not listed as an Appeal Court Judge. This makes sense as Judge Cosgrove has already reconfirmed his decision to confirm the sale and most likely would not change his mind at this point. There are only nine judges so this explains the 1 year appeal process mentioned previously. The link below shows the list and photos of appeal judges. http://www.jud.ct.gov/external/supapp/appjudge.html
In this case since the Judge approved the sale an appeal would need to be resolved in 64 days as stated above CT Law.
This case WAS an appeal of the approval of the sale, was it not?
Dingus
The most recent hearing was to hear a motion to reconsider approval. Not a formal appeal of the approval as of yet.
10-4 The word appeal has been thrown around so many times now with this whole deal it’s ridiculous.
The 20 Days are up this Sunday, the 25th does anyone know if there is court date on the 26th?
I don’t think any further court dates are scheduled as of now. The sale has already been confirmed and reconfirmed by the judge. Now it just a matter of the appeal period to pass without an appeal being filed and Mr. Bemer closing the sale within 30 days of the last hearing on Jan 5th. At this point its all up to the creditors paying off DeMuzzio so he does not appeal. However DeMuzzio is not the only one that holds the appeal card. Anyone who feels they are not getting what they think they deserve can appeal. Keep your fingers crossed that everything works out and there are no surprises in the works.
That’s not the way the CT law is defined, look at the above laws. (Final call is in the Judges hand on who gets what not the creditors, the Judge already gave them the opportunity to work it out on Dec 5). If some doesn’t like it they can sue each other after the property is transfer to the new owner per CT laws.
Anything new?
Who is paying the phone bill at Waterford ? It is still recording the message.