Boreal’s value would have been significantly
increased by the purchase of Alpine Springs.
John Marren bought Boreal’s first right to
purchase Alpine Springs for $ 150,000 and
is now in a position to sell it for a profit.
Since the bottling plant has not been maintained,
and some equipment and copper piping/wiring
is missing, it may never be used again as
a bottling facility.
A buyer of Alpine Springs could build its own
new and modern Bottling Facility on the property.
Here is an excerpt from the Receiver’s Report
dated Feb 3, 2019:
“ 17. The Receiver continues to be held in a
stalemate position due to the first mortgage
foreclosure activity and the UCC-1 filings
by two creditors that attach all the assets
of the Company.
The 1st mortgage holder will likely seize
the assets by June of this year leaving the
estate with nothing to sell or leverage.
18. The Receiver has attempted to collect
amounts that could be deemed “Criminal Usury”
under New York Law, but those litigation
attempts have proven to be unfruitful since
the amounts issued under a merchant cash
advance (“MCA”) or toxic stock financings,
and the courts have not allowed claims in
similar circumstances. Despite this the
Receiver and litigation staff attempted via
demand letter with no results.
19. The Receiver continues to discuss the
situation with the creditors but until the property
foreclosure issues reach a resolution, the estate
is unable to propose a reorganization strategy
at this time. “
AI
