}

Monday, August 28, 2017

FOR THE LOVE OF MONEY: Mark Noss Agreed To Personally Assume Charter Cheater Steven Ingersoll's Obligation To Repay $900,000+ Traverse City State Bank Line of Credit Debt--BEFORE Noss Was Awarded The Grand Traverse Academy's Lucrative Management Contract!



BREAKING NEWS: GRAND TRAVERSE ACADEMY BOARD HIRES FINANCIAL ADVISOR TO CRAFT MUNICIPAL BOND OFFERING TO REFINANCE $2.4 MILLION TRAVERSE CITY STATE BANK LOAN AND FUND STATE AID ANTICIPATION LOAN!

“We’ve lost a lot of money because of Ingersoll.”
Lesley Werth, Grand Traverse Academy board member
August 27, 2017
Traverse City Record-Eagle

“We now know it is likely Steve is going to jail. 
They are getting him for tax evasion for the pre-pay 
that has sat on GTA’s books they are claiming as income.” 
Mark Noss 
March 18, 2014 email to Grand Traverse Academy board members


“I voluntary contributed $211,000 of my fee in fiscal year 2017 to keep them out of deficit in 2015-16,” Noss wrote in an email to a Record-Eagle reporter earlier this month.

If you only read a recent Traverse City Record-Eagle article titled “Outlook improves at GTA”, you might assume that the Michigan Finance Authority is helping the Grand Traverse Academy arrange state aid note loan financing to pave the school's path out of debt.

But you'd be wrong.

Sure, the Record-Eagle article quoted GTA board president Lesley Werth, who claimed “the MFA is working so hard with us is because they see the strength in the school and see what we’re doing to try to fix things.”

And Werth told the Record-Eagle reporter PNC Bank was working “in conjunction with the MFA”, intimating a joint effort between the Michigan Treasury and PNC Bank.

But that's not true, and Werth should have known it.

Here's the truth: the Grand Traverse Academy is working with PNC Bank, part of PNC Financial Services Group Inc., to issue a short-term municipal bond.

Although the deal has not closed, PNC Bank is underwriting the bond offering, which will likely bundle payment of the Grand Traverse Academy's now-delinquent $2,330,000 Traverse City State Bank loan with a multi-million dollar state aid note anticipation loan, and the Michigan Treasury is not directly involved with the transaction.

In fact, the Treasury Department's spokesperson exclusively confirmed the following to me in an email this afternoon:

“Grand Traverse Academy hired a financial advisor who worked with the academy and PNC Bank to develop a customized solution for their School Aid Note. 

To date, no money has been provided to Grand Traverse Academy. We expect final credit approval, paperwork and processing in two to three weeks.” 

So why the big mystery and the conflicting statements?

It's not the first time the GTA has refinanced its outstanding state aid note loans.

During the fiscal year ending June 30, 2010, the school refinanced two state aid note loans with Robert W. Baird & Co. Incorporated totaling $3,400,000.


And in the next fiscal year, ending June 30, 2011, those notes were repaid.


More on this tomorrow.

3 comments:

  1. Doss volunteer Lee gave 211000 out of his fee okay so he put that back into the bank right? Of course not I don't believe it for one second he better hope he did I'm sure it can be validated very easily or he pulled a Ingersoll and planned on next year

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  2. Just doing away with the eye VL the school would have more than enough money standard curriculum should be good enough.
    I personally seen Ingersoll hire one person to stay with a troubled child all school day one on one that's how they improve some. of them of course the more one-on-one with a kid the better it is.
    Noss should have never took the money before he earned it anyways, there is no way he deposited $211 back in their account and if he did he drew it out, he knows them bank records are private sounds like another Ingersoll move he needs to just be quiet and slip away while he can or keep going I would love to see what happens

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  3. Giving GTA MORE money is like giving heroin to a drug addict. They need to shut down- they are wasting taxpayers money. They are fiscally irresponsible and corrupt. Shut em down.

    ReplyDelete