my apologoies to Mr Littlefield (brad) also now the Savages cant say this is a fix or there is a relatiopn, here it is in the black and the white for them to read, if they bother to, before they sling the mud.
my apologoies to Mr Littlefield (brad) also now the Savages cant say this is a fix or there is a relatiopn, here it is in the black and the white for them to read, if they bother to, before they sling the mud.
I would have loved to see them sling the mud cause it would have ended up in their face! And even if Brad was related.....so what?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Action stalls auction of Van Dyck Parent company files for bankruptcy BY JAMES SCHLETT Gazette Reporter Gazette reporter Justin Mason contributed to this story. Reach Gazette reporter James Schlett at 395-3040 or jschlett@dailygazette.net.
Four months after a bankruptcy judge threw N. Peter Olsen out from behind a court shield, the Van Dyck Restaurant & Brewery owner has jumped back into the bankruptcy system in a lastditch effort to keep his landmark Schenectady business. Electric City Brew Pubs, Olsen’s company which owns the Van Dyck, filed Monday for Chapter 11 reorganization. The filing stayed an auction for the restaurant that was scheduled for Wednesday morning at Schenectady County Court. The filing will hinder the efforts of the Schenectady Metroplex Development Authority and Berkshire Bank to collect on two loans they made to Olsen totaling $525,000. Olsen said he filed for bankruptcy protection so that he could finish work on a new model aimed at making the business solvent and able to pay off the debts of the Van Dyk. He said he’s negotiating a new business model that fits within the goals of Metroplex. “I've been working to get loans in place,” he said Wednesday evening. “Basically, I got crunched for time with the auction." Olsen said he plans to use the equity remaining in the business to fund a new venture at the Van Dyk. Though declining to elaborate, he said the new model would focus on paying off his debts while keeping the business viable. “I want to get people paid up, get the place back on track, and get on with my life,” he said Monday’s bankruptcy filing threatens to rekindle the nearly yearlong legal battle creditors waged after Olsen personally filed for Chapter 11 protection in March 2007. It came two months after Metroplex foreclosed on the famous Union Street jazz club and eight days after Olsen closed the Van Dyck. Given that the restaurant has remained closed since then, Metroplex Chairman Ray Gillen questioned Electric City’s applicability under Chapter 11. Businesses usually use Chapter 11 to keep creditors at bay while operations are reorganized. “He doesn’t have a going concern. … It’s hard to see how a plan of reorganization for the business would make any sense,” Gillen said. U.S. Bankruptcy Court Judge Robert Littlefi eld in August refused to block Berkshire Bank’s attempt to foreclose on the Van Dyck. Olsen had defaulted on a $250,000 loan from the Pittsfield, Mass., bank, along with a $275,000 loan from Metroplex. In January, Littlefield rejected Olsen’s personal Chapter 11 disclosure statement, which outlined his plan for reorganization. Two months later, the judge in Albany tossed Olsen’s reorganization case, exposing him to creditors who were lining up to foreclose on his properties in Schenectady, Saratoga and Washington counties. Olsen last year attempted to use his personal Chapter 11 case to protect the Van Dyck from creditors. It was his attempts to keep the jazz club running that dragged him into deep financial problems. On Wednesday, both the Van Dyck and its parking lot would have been put to auction had Electric City not filed for Chapter 11. The jazz club is valued at more than $1 million and the parking lot is valued at $100,000. After the auction, Metroplex would have moved to auction off the building’s contents. Gillen said a Colorado man was very interested in the Van Dyck’s brewing equipment.
SCHENECTADY — The Van Dyck Restaurant & Brewery is going back on the auction block following a victory last week by creditors to remove the business from Chapter 11 bankruptcy protection.
Ray Gillen, chairman of the Metroplex Development Authority, one of the creditors, said today the auction will proceed as soon as possible.
“We hope to have a new auction date fairly quickly,” Gillen said.
Metroplex and Berkshire Bank, the other main creditor, filed motions in federal bankruptcy court against Van Dyck owner N. Peter Olsen.
Olsen filed for Chapter 11 reorganization on the day his business was scheduled to be auctioned. His motion stayed the auction at the time.
Olsen defaulted on a $250,000 loan from Berkshire and a $200,000 loan and $75,000 line of credit from the Metroplex Development Authority in early 2007.
Olsen did not return a phone call for comment today.
I know you well enough to know you probably are not that lucky 
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