BREAKING NEWS: BAY CITY ACADEMY FORMALLY NOTIFIED OF PENDING CHEMICAL BANK FORECLOSURE AT LEAST TWO MONTHS BEFORE FALL 2016 FIRST DAY OF SCHOOL! OFFICIAL BAY COUNTY SHERIFF'S NOTICE POSTED ON CHARTER SCHOOL'S FRONT DOOR JULY 12, 2016!
Miss Fortune has discovered that Steven Ingersoll, his wife Deborah, and the Bay City Academy's management provider, former superintendent Brian Lynch's Mitten Educational Management, were formally notified by Chemical Bank on July 12, 2016 of a pending “mortgage sale” of 400 N. Madison Avenue — the Bay City Academy's Madison Arts building.
While Brian Lynch's November 16, 2016 “consolidation”/collapse of the Bay City Academy announcement was cynically crafted to leave you with the impression that the Madison Arts building seizure just snuck up on them, official Bay County Register of Deed documents reveal that's clearly not true.
The official “Affidavit of Posting”, shown below, reveals the notice of a pending mortgage sale was “posted on the main entrance door located on 9th St. reference 400 N. Madison Ave” by Daniel Gillman of the Bay County Sheriff's department.
Originally scheduled for August 5, 2016, the mortgage foreclosure sale finally occurred on August 26, 2016. (In Bay County, mortgage foreclosure sales are scheduled with and held by the Bay County Sheriff's Office. Sales are held Monday through Friday at either 10:00 a.m. or 11:00 a.m. at the southern, front entrance to the court facility housing Circuit Court.)
There were no bidders, with the Sheriff's deed reverting to mortgage holder Chemical Bank.
In fact, the September 1, 2016 “Affidavit Regarding Redemption” reveals that as of August 26, the delinquent balance was $435,662.00.
While a disturbing number of crucial questions remain unanswered — including exactly when (or if) Bay City Academy officials notified the Michigan Department of Education regarding this material financial event, their fiduciary duty under the terms of the charter school's approved Deficit Elimination Plan — I'd like to know why the Bay City Academy bragged in its FYE June 2016 financial statement that “budgeted expenses had decreased over original budget by $340,346 because of not making lease payments”.