}

Tuesday, June 27, 2017

EXCLUSIVE! Traverse City State Bank/Smart Schools Management Line Of Credit Analysis Reveals Key Details; According To Sr. VP Dan Stahl, Line Of Credit Balance Paid Down By Ingersoll To $0 March 2011. By February 2012, It Was $989,825! Under Oath, Ingersoll Asserted Between May-June 2011 He Drew $756,000 For Bay City Academy Renovation! (Will Someone Please Tell Me Why A Personal Obligation Should Be Shouldered By Taxpayers?)

“This line of credit has been utilized to also support cash flow. The line has been used as agreed, was at $0 balance for 2 months in March-May 2011. Retirement of the majority of this line will occur from a $900,000 purchase of brownfield redevelopment tax credits, currently expected to be funding mid March. The purchase was expected to close in January, hence the extension of the line maturity in November 2011. However, the purchase was held up by the state. Upon paydown, the line need will be reduced to $500K, as mutually agreed between borrower and bank going forward, as enrollment stabilizes for GTA and interim cash flow needs level off. GTA will also be requesting the July 2012 state aid anticipation note of about $1.4 million from TCSB. This would be the 5th facility of this type provided to the school by us over the years.”

Traverse City State Bank Line of Credit Renewal Analysis
Smart Schools Management, Inc.
February 27, 2012

WILL MARK NOSS PULL A TAKATA, AND FILE FOR BANKRUPTCY?

Why would Mark Noss agree to personally assume the obligation to repay Steven Ingersoll's nearly $1,000,000 Traverse City State Bank/Smart Schools Management business line of credit debt before he was selected to manage the Grand Traverse Academy...and before Full Spectrum Management legally existed? 

What did Steven Ingersoll know...that he knew Noss would never reveal?
In a Glistening, Quivering Underbelly exclusive, the untold story of Steven Ingersoll's line of credit, in his own words: 

“During the construction of Grand Traverse Academy – or of Bay City – of the Madison Arts project, I needed to put money into that project in order to get reimbursement from the bank. I needed sources for that money. I used my line of credit at Traverse City State Bank. If you look at the bank statement at Traverse City State Bank the – I had a million dollars available. I drew $756,000 from that line of credit from March of ’11 to June of ’11. I sent $752,000 of that to Roy Bradley and the bank finally blessed the work that was done.…I drew money off that line of credit and moved it from Smart Schools to me, to other LLCs that were involved in the effort to get Bay City done.”


SUCCESSION PLAN: Mark Noss Assumes $925,000...While Still President of Grand Traverse Academy Board!

During the Grand Traverse Academy's April 27, 2017 board meeting, its president read a statement, prepared by an attorney, regarding the board's escalating dispute with Mark Noss, head of Full Spectrum Management:

Noss contended that part of his management fee had been used to cover loan payments for a Traverse City State Bank line of credit loan Steven Ingersoll obtained in 2011 for Smart Schools Management, Inc. (Mark Noss' insistence that the GTA assume responsibility for repayment of Steven Ingersoll's Traverse City State Bank line of credit was firmly knocked down in my three-part series, available at these links: Part 1, Part 2 and Part 3.) 

Although Noss denied a continuing business relationship with Steven Ingersoll for two years after assuming control of the Grand Traverse Academy in March 2014, it was later revealed that he'd put Ingersoll on Full Spectrum's payroll shortly after inking his March 19, 2014 management contract.

Here is that statement: 

“Grand Traverse Academy (GTA) has learned that in 2007, Dr. Steven Ingersoll obtained a loan from Traverse City State Bank for approximately one million dollars. What Dr. Ingersoll did with those moneys is unknown. According to GTA’s records the Ingersoll loan was never deposited in GTA’s account. GTA did not sign any loan documents nor was the Ingersoll loan reflected as a liability on GTA’s financial statements. Likewise, the Bank has not asserted that GTA is liable on the Ingersoll loan. 

After the termination of Ingersoll’s contract, Dr. Mark Noss and/or Full Spectrum Management (FSM) voluntarily assumed the obligation to repay the Ingersoll loan. GTA does not know and was not advised of the private understanding between Ingersoll and Noss concerning this loan. Thus, Noss became liable on the Ingersoll loan to the Bank. GTA’s records do not reflect Noss’s assumption of the Ingersoll loan. Nor did GTA sign any loan documents when Noss assumed the Ingersoll loan. 

In short, the Ingersoll loan is just that—a loan to Ingersoll and not GTA. So Noss’s assumption of that loan is a private financial arrangement between Ingersoll, Noss and the Bank, and not a GTA recognized obligation. 

We trust this clarifies any confusion on the matter.” 

Not so fast, baby! It appears the GTA board was informed, and may have neglected to check its files before trotting out a legal statement.

If it had, it would have discovered a March 18, 2014 email from then-president Noss, with a “Succession Plan” subject, informing the board (and Lake Superior State University) of the deal Steven Ingersoll had struck with Traverse City State Bank for Noss to assume repayment of Ingersoll's line of credit debt—while Noss was still president of the GTA board!

From the information presented to the GTA board in this March 18, 2014 email, it appears Mark Noss assumed the debt that day as a personal obligation, as Full Spectrum Management, LLC did not legally exist until March 20, 2014.


TRAVERSE CITY STATE BANK: Confidential Loan Analysis Reveals “Working Capital” Expansion, Loan Increase

Having successfully renegotiated the repayment terms of his $989,825 line of credit debt with Daniel J. Stahl, TCSB’s Senior Vice President of Commercial Lending, in late February 2012, Steven Ingersoll masterminded the remarkably swift off-loading of that obligation from his Smart Schools Management, Inc. to Mark Noss, then president of the Grand Traverse Academy’s board of directors. 

A contemporaneous string of emails from early March 2014 between Steven Ingersoll, Mark Noss and Dan Stahl revealed a deal was struck on March 16, 2014 for Noss to assume the obligation to repay Ingersoll's outstanding debt, days before the GTA board voted to sever ties with Ingersoll. Noss wasn’t formally awarded a management contract until March 19, 2014. 

However, in his January 24, 2017 motion to set aside his tax fraud and conspiracy convictions, Steven Ingersoll included a previously confidential bank document, thereby making it public: Dan Stahl's analysis of Ingersoll's line of credit loan.

Here is the entire document:



Coming tomorrow, Steven Ingersoll's exclusive sentencing hearing testimony, in the final installment of this story!

28 comments:

  1. "Dr. Ingersoll is an internationally recognized expert in the field of childhood brain development and its effects on visual learning and behavior." Wow...what a joke! Looks like Ingersoll learned to be a real crook, or more so, his true inner self just manifested itself with his arrogance and financial manipulations.
    The GTA - Grand Theft Academy! The BCA - Bullcrap Course Academics!

    ReplyDelete
    Replies
    1. Ingersoll has a brain all right - for deception and fraud.

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    2. Wonder what Ingersoll's 'brain' is scheming up while in federal prison? He'll have plenty of things to scheme about with Noss no longer the management company in Traverse City. Probably try to sell his IVL snake oil to some other charter schools nationwide.

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    3. He's an expert at deception, manipulation and fraud. Noss should give him an IVL (I Value Loot) certificate for that.

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  2. Could it be that since there is finally some State Bd of Ed and Michigan Attorney General investigation that the bank and GTA board are finally doing some home work?

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  3. One would hope that the MDE, the feds,the state, GTA's board members(the honest ones) and the bank would all help to eliminate this kind of corruption. And if we could get the Record Eagle to print honest investigated news to inform the public about this so it won't happen again, we might just have a progressive town built on good vs evil.

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  4. I can't wait to see how the Record Eagle newspaper spins this story. Yuck

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  5. Good Lord this kind of deal needs to stop. Put them all in jail, clean-up the charter fraud. Get the money to the children and teachers where it belongs.

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  6. Whoa well that was a stupid thing to do Mark. I bet your partners in crime aren't going to bail you out this time. Oh right one of them is in jail.

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  7. I wonder when Noss is going to scream bankruptcy.

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  8. Probably after he threatens the hell out of everyone there. Restraining order time. He doesn't have a leg to stand on. Time to clear out of town buddy cause your dirty dealings is exposed.

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  9. Just love your picture of Noss as "Count deMoney" companion of Ingersoll. Hopefully, Noss will be counting sheep or something other than money in prison and joining Emperor Ingersoll in some new orange-colored IVL clothes.

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  10. for years and years way before Ingress oil there are far more intelligent people that know about child development,oh here come Ingersoll just out of the blue he's a fucking genius!

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  11. So Ingersoll's debt was used to construct Bay City Academy? There was so much money laundering going on glad you are dissecting it.

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    Replies
    1. Amen! Leave it to our gal, Miss Fortune! She can definitely do the dissection of Count DeMoney, Mr. Ingersoll and IVL Academy.

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    2. Yeah...let Miss Fortune do the autopsy of Noss, Ingersoll and their crooked colleagues!

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    3. Hope you can create a cartoon image of an IVL carcass and Miss Fortune doing the autopsy with the Feds and State Dept of Education. We can picture all those doing the autopsy pulling out all kinds of money from that carcass along with tears and pangs of agony over how much money could be stopped from pouring into the Grand Theft Academy and its sinister step daughter, the Bay City Academy.

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  12. So if that money was for BCA then Mark Noss's son-in-law owes him the money. With the 350,000 management fee sin-in-law receives a year managing Bay City Academy and the 90,000 he gets for being the superintendent he could pay his father-in-law off in a few years. Wait a minute company managing the school and also superintendent that seems like conflict of interest or illegal. Why isn't the MDE looking into that or do they just always look over every illegal act Ingersoll, Noss and Lynch commits?
    Board member's of GTA you owe this man nothing, sever ties immediately. And if you do pay him something? then I am going to scream at the top of my lungs. The new company that is going to take over GTA better look seriously at the board and what steps they take next. Stop funding these crooks.

    ReplyDelete
    Replies
    1. You wonder with Lynch (Noss's son-in-law),Lynch's business partner in Metro Detroit, and Harger, now retired from LSSU...maybe they'll concoct some new scheme (oops, I mean management company) and pocket a hefty management fee from the GTA (Grand Theft Academy) following the IVL (I Value Loot) curriculum?

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    2. The word is definitely 'con' coct some scheme!

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  13. Noss doesn't have a leg to stand on. Board members and teachers ignore his threats!
    He can't blackmail you, because if he tries to he, will expose everything illegal he has been doing for many many years with Ingersoll. Walk away Mark if you know what is good for you. Stop taking advise from ingersoll he doesn't give a damn about you.

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  14. Ingersoll met with Gov.Snyder?
    I bet he's full of stories in the federal penitentiary LOL
    just another convict,ok convict cannot be around public schools what about charters?
    Ingersoll will NOT change,watch he will write a book,from the capitol to the pen!!!
    I bet Ingersoll has a whole new outlook on visual learning,visualize that fence buddy.

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    Replies
    1. Ingersoll is probably trying to tell the criminals in jail with him, they have a vision problem and using his IVL HOCUS POCUS TESTING on them. I bet he is even using icon learning and teaching them the presidents or the civil war. Hahaha Governor....Banon or McConnell. I bet he is trying to sell that shit to the prison systems. He is probably working a deal right now with all his buddies to buy up prisons. Let's skip the charter business, damn kids. Once they privatize the prison system, I will have everyone convinced I am a genius and I can get the laws to be stronger, so I can fill more prisons and sell my IVL TO the World!! (rubbing his hands together with a sinister laugh)
      Mastermind in the prison cell! He will have a rash of new llc's so he can move his money around and not get caught laundering money and not paying taxes like he does now(smart prison vision, smart prison IVL, smart prison icons to name a few) Come on guys we are guaranteed millions. Going to prison was the best ideas yet. Put me anywhere, I can work a deal that will scam millions no make that billions from anyone!

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    2. WOW! now that is funny that is the perfect script!I needed a good laugh thanks!

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    3. Maybe Ingersoll should start reading law books in prison. Then, he could represent himself more when future charges are brought against him.

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    4. You wonder what type of business relationship and/or friendship (that went back to college at Big Rapids) exists between the IVL duo - Ingersoll and Noss. Maybe they're now just trying to protect each other's behinds from further investigation and/or prosecution.

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    5. Ingersoll and Noss were most likely drinking buddies in college. Now they're trying to make everyone drink their "IVL koolaide" and smart people aren't swallowing it.

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