Indian Ridge bond

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Indian Ridge bond

Postby Mack » Sat Feb 03, 2018 11:50 am

Since CH didn't get to see any Christmas lights, I figured it was time to see who's still alive. Anyone following the saga of Indian Ridge in the Gazette? I always thought the bond was to be used for land reclamation, not infrastructure. There's lots of folks with their hands out right now. The million bucks isn't going to go very far. I'm not sure it was ever enough just to pay for grass seed to try and hide the mess.
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Re: Indian Ridge bond

Postby skeeter » Sun Feb 04, 2018 12:34 pm

Wow, not a word from the very few left that come here since forever ? I was wondering the same thing.

"Indian Ridge" ? A cluster F&#* if ever there was one. The land will regenerate itself....eventually if left undisturbed.

I want them to dredge the siltation out of the backs of the spawning Coves on Table Rock that they ruined when they raped all the vegetation off the hills above them.

At least they took the sign down..finally.... and ought to be made to remove all traces of those homes they stuck in that canyon. No, I don't read the Gazette anymore.
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Re: Indian Ridge bond

Postby Mack » Sun Feb 04, 2018 9:31 pm

The Gazette is not well written and pretty worthless. The News Leader is right behind it. Why isn't the COE in there demanding the areas that were destroyed be restored? Didn't the developer get fined from the EPA or something?
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Re: Indian Ridge bond

Postby PapaJohn » Mon Feb 05, 2018 4:43 am

I don’t read the Gazette so I don’t know what they put out there. I know the roughly 800 acres is owned by 2 separate parties. The 25 acres where the houses went up is owned by the dirt escavator from Ark. The remaining acres was bought by an investment group to speculate on. The guys that bought the 25 went to jail, bank fraud and Jim S did get the EPA fine, but I don’t know if he had any money to pay it. I’ve done many land development deals the past 40 years, worked with lenders, municipalities, COE, utility companies and dozens of general/sub contractors. In my lifetime I’ve never seen a project like this where so many people had no idea how the world really works Total incompetence, all the way down the chain.
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Re: Indian Ridge bond

Postby skeeter » Mon Feb 05, 2018 8:14 am

Mack wrote:The Gazette is not well written and pretty worthless. The News Leader is right behind it.


:lol: Very true, but at least I haven't noticed in them the overwhelming, biased, unending "editorializing" that you get in every non-copyrighted article in a rag like the St. Louis Post-Dispatch or the disgusting Washington Post. Both of them, like the News Leader, are available on-line.

By the way, Springfield just got named the most dangerous City in Missouri by this outfit. http://247wallst.com/special-report/201 ... america/2/ which is pretty funny when you consider St. Louis City set some kind of record for homicides last year.
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Re: Indian Ridge bond

Postby Mack » Mon Feb 05, 2018 12:34 pm

PapaJohn wrote:I don’t read the Gazette so I don’t know what they put out there. I know the roughly 800 acres is owned by 2 separate parties. The 25 acres where the houses went up is owned by the dirt escavator from Ark. The remaining acres was bought by an investment group to speculate on. The guys that bought the 25 went to jail, bank fraud and Jim S did get the EPA fine, but I don’t know if he had any money to pay it. I’ve done many land development deals the past 40 years, worked with lenders, municipalities, COE, utility companies and dozens of general/sub contractors. In my lifetime I’ve never seen a project like this where so many people had no idea how the world really works Total incompetence, all the way down the chain.


All the aggrieved parties showed up with a team of lawyers, so you know who's getting the bulk of the money if there's actually a pay out.
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Re: Indian Ridge bond

Postby PapaJohn » Mon Feb 05, 2018 5:18 pm

I’m playing catch up here, so fill me in. What was published in the Gaz? Tell me about this “bond” that’s in play now. I know about the bank letters of credit that were used in place of performance bonds, etc. They died when the bank died. So the bond must be something outside of that.
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Re: Indian Ridge bond

Postby Mack » Mon Feb 05, 2018 9:26 pm

PapaJohn wrote:I’m playing catch up here, so fill me in. What was published in the Gaz? Tell me about this “bond” that’s in play now. I know about the bank letters of credit that were used in place of performance bonds, etc. They died when the bank died. So the bond must be something outside of that.


The developer took out a $1.1m bond from Lexon. It's a performance bond to cover infrastructure should the project go down the toilet. It's a wordy 2 part article, but the contractor from AR apparently filed a law suit to get the bond money released. Now it seems multiple parties have their hands out looking for a payout. Never fear, Dennis Wood was there representing Stone Co. It reads like a soap opera. Once the bonding company pays the $$, they're absolved from any further liability. And there was no mention of the actual value of the bond, just that via mediation they settled at $1.1m
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Re: Indian Ridge bond

Postby PapaJohn » Tue Feb 06, 2018 10:29 am

Well assuming the developer was Jim S (master developer) and not the crooks from Colorado, who went to jail (sub or contract developers) the bonding company may have to pay up at some point. Those bonds have all kinds of “outs” in them and fraud, like bank fraud is common. Plus the bond could have been written due to the bank letters of credit backing up the project, only the folks at Lexon know. Now Jim S committed no bank fraud so he’s ok on that single issue.
There are so many parties taken in by this RE scam, big players, little players, mortgage lenders, individual home (lot buyers), contractors and on and on. The FDIC owned the RE for years and their legal team looked at every possible opportunity to gather in money to reduce the loss to the bank insurance fund. They walked away. Plus, and this is my last plus, if the bond money Is tied to infrastructure completion, who the heck wants the damn money? It’s just too little money to do any good bringing the project back to life. I would not take on that project if the current owners handed me the RE for free and a $1,000,000 check that I had to plow into infrastructure.
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Re: Indian Ridge bond

Postby PapaJohn » Tue Feb 06, 2018 10:41 am

Reading a little closer I see the bonding company has been to mediation so they are obligated to write the check, so, as others have stated, it’s now just becomes a matter of yet another court action to settle how the money gets divided. Can’t blame the FDIC for not wanting to chase that money trail. And I sure agree only the attorneys will profit from this mess.
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Re: Indian Ridge bond

Postby Mack » Tue Feb 06, 2018 11:18 am

There's a group from Colorado involved in the settlement. Must be the one you referred to.
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