Yes, Miss Fortune has another exclusive: the loan solicitation emails sent between Brad Habermehl, his "friend and colleague" Steven Ingersoll and a business associate of Habermehl's regarding a "private school" venture the two were launching -- emails sent after Ingersoll's April 2014 federal fraud indictment and while Habermehl was the president (and public face) of the Grand Traverse Academy board of directors. Additional emails revealed Habermehl's solicitation effort continued even after Ingersoll's March 10, 2015 conviction.
The emails, released publicly yesterday, confirm Habermehl was acting on behalf of Ingersoll, even referring to him as his "friend and colleague".
However, the funding effort was initiated by Ingersoll himself earlier that day, with an early morning email to Habermehl outlining the bare bones of his "loan" proposal.
Habermehl's December 8, 2015 testimony during Ingersoll's sentencing hearing revealed that former Lake Superior State University Charter Office head Bruce Harger was one of the project's five investors. Harger headed the office that chartered and oversaw the Grand Traverse Academy.
At 12:24pm on November 24, 2014, Habermehl reported back to Ingersoll, telling him "I have made the initial contact. I told John that you would like to have the funds no later than 6 to 8 weeks. I will let you know when I know more. Brad"
Later that afternoon, Ingersoll sweetened the collateral pot, telling Habermehl in an email sent at 2:06pm that he has "two other high value houses and three school buildings as possible collateral if necessary."
During his December 8, 2015 testimony, Habermehl revealed that Reigle passed on the proposed "investment".
However, Miss Fortune can exclusively reveal that on Sunday, March 15, 2015, less than one week after Ingersoll was convicted in federal court, Reigle reached out to Habermehl, sending him an email.
Raising the issue of the "deal" he'd previously passed on, Reigle stated: "I'm sure glad that I didn't loan money to Steve Ingersoll. Looks like his ass is going away to the Gray Bar Hotel and facing some pretty hefty fines! Did you know that he was in that much trouble when you asked to borrow $300,000 from me? I hope not."
Less than 30 minutes later, Habermehl responded and made a shocking revelation about one of the proposed project's partners, which he later revealed in court was former Lake Superior State University's Bruce Harger:
"There are currently five investors that are perusing the school project.
I and Steve are 2 of the five. One of the investors just retired from Lake Superior State University.
You are correct that we have been friends for over 40 years. I approached you as an investor with more than $300,000 in collateral. I have not and would not bring you an investment deal that was not secured with like collateral.
This is still a very good investment with a good return.
Steve's problem with the IRS is with his personal income taxes and not related to any of the schools.
I did not know the extent of his problems, but it has no effect on this school project. Brad"
Is there anyone out there who doesn't think this whole thing stinks on dry ice? It's a shame no one is covering Ingersoll's sentencing hearing, which resumed this morning. I'd be there, if I didn't have to risk my personal safety to do it!