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Date Posted: Friday, July17, 05:08:pm
Author: Just Venting
Subject: Re: Property disposition discussed at council work session
In reply to: HEADS, again... 's message, "Re: Property disposition discussed at council work session" on Friday, July17, 04:05:pm

TH-R Article by D Murphy http://www.recordonline.com/apps/pbcs.dll/article?AID=/20090619/NEWS/906190376

Posted: June 19, 2009 - 2:00 AM
CITY OF NEWBURGH — When developer Robert Carchietta bulldozed a city block four years ago in the heart of Newburgh, he did it with plans for something better.
Now, weeds and scrub brush grow chest-tall there. The back taxes total nearly $10,800. And Carchietta is a justice's signature away from losing the land to the city.
Newburgh's corporation counsel is expected to file papers within days in state Supreme Court to reclaim the 16 parcels along Broadway between Lander and Johnston streets. The parcels are among claims for about 50 city properties whose owners haven't paid taxes in two years, according to property records...

(So, am I thinking straight, if) "In May, his wife began Chapter 11 proceedings. The bankruptcy papers list debts of nearly $2 million, including $450,000 owed to the IRS. The filing lists $1.5 million in mortgage debt on the couple's Goshen home, which is valued at less than $1 million....
The bankruptcy case is ongoing. A state Supreme Court justice could rule on the city's claim within the next few months….." (HAVE THEY RULED? Or WHAT WAS THE RULING?)

So, Carchietta goes belly up, if his chapter 11 has not been ruled on, did M&T Bank bail just to cut their losses and why didn't the Mortgagor go after the co-signer? Why is the IDA still in the picture? Is it because McGrane dictated that they shall become a integral part Newburgh's city government? Did Mr. “C” make a deposit to the bank a down payment and escrow any tax money? Why did the City again take unfair advantage of the IDA?

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