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Saturday, March 16, 2019

MARK NOSS, FORMER HEAD OF GRAND TRAVERSE ACADEMY'S MANAGEMENT COMPANY, FULL SPECTRUM MANAGMENT, FILES CHAPTER 7 BANKRUPTCY FOR BUSINESS; Petition Reveals Full Spectrum Management Grossed A Staggering $4,152,755 From The Grand Traverse Academy During 2017

Grand Traverse Academy Named In FSM/Independent Bank Civil Case As “Third Party Defendant” Mark Noss, the managing director of Full Spectrum Management, LLC, threw in the financial towel and filed a Chapter 7 bankruptcy petition for his charter school management business on February 19, 2019. 

A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. 

Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.

In the filing's Summary of Assets, Noss listed $106.00.

However, the Summary of Liabilities exceeds $1.0 million.

Independent Bank, which acquired Traverse City State Bank in late 2018, is the biggest loser: $766,925.

A hangover of the Grand Traverse Academy's Steven Ingersoll regime, the massive debt reflects the deal Noss made in 2014 with Ingersoll (and Traverse City State Bank's Dan Stahl) to personally assume repayment of Ingersoll's delinquent $989,825 line of credit debt.
Independent Bank filed a civil suit on September 13, 2018 against Full Spectrum in Grand Traverse County's 13th Circuit Court, seeking repayment of the outstanding debt. The Grand Traverse Academy was named a third party defendant by Noss/Full Spectrum, asserting that the Traverse City charter school is responsible for causing his liability.

Although court records show a non-jury trial was scheduled to begin June 11, 2019, the Full Spectrum Management Chapter 7 bankruptcy filing on February 19, 2019 triggered an automatic stay. 

An injunction that halts actions by creditors to collect debts from a debtor who has declared bankruptcy, a stay lasts as long as the bankruptcy case.

Surprised?

I'm not. In fact, I called it back in 2017.









More on this as it develops.


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