Court appoints trustee to run Peek'n Peak Resort and Spa
FINDLEY LAKE - Because of a lack in confidence in Paul Kiebler, owner of Peek'n Peak Resort and Spa, a court-appointed trustee will now run the tourist center.
On Tuesday, Judge Randolph Baxter in Northern District (Cleveland) of Ohio ordered the Chapter 11 trustee. The request for the trustee was made by several groups involved in the bankruptcy case. The primary creditor Huntington National Bank, the Unsecured Creditors Committee and the United States Trustee, Daniel M. McDermott, who oversees bankruptcy cases for the Justice Department, all requested the court-appointed trustee.
McDermott said in court documents the Chapter 11 trustee is necessary because of serious and general loss of confidence in Kiebler.
''The debtor's (Kiebler) continued inability to move forward with the sale process will jeopardize whatever chance exists to realize the potential values of the debtor's estate as a going concern,'' McDermott stated. ''This has caused a crisis of creditor confidence in Mr. Kiebler as the debtor's current management.''
Along with a lack of confidence, other factors have made the process of selling the resort through bankruptcy court more difficult. Kiebler's bankruptcy lawyers from the Cleveland firm of Thompson Hine have requested to withdrawn from the case. Also, allegedly Kiebler, owner of Kiebler Recreation LLC, of Chardon, Ohio, has not followed the agreement to sell the resort through bankruptcy court.
Richard Dixon, Industrial Development Agency chief financial officer and chair for the Unsecured Creditors Committee, said the trustee will take over the day-to-day operations until the resort is sold.
''The judge had some names presented to him by the creditors. He will select someone now to be the Chapter 11 trustee,'' Dixon said. ''(It) could be by the end of the day (Tuesday) or (today). I think it will happen quickly.''
Dixon said this is a step in the right direction for the continued operation of the Findley Lake business.
''We look at this as a positive step for the Peek so it can come out of bankruptcy, after the sale, so it can be all it can be for Chautauqua County,'' he said.
Dixon said he believes the lawyers for Kiebler will be able to withdraw from the case once the trustee is appointed.
On May 26, 2010, Kiebler filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code to reorganize its business and try to become profitable again. However, since it filed for bankruptcy, Kiebler has failed to come up with a plan to reorganize its debts. Last month, the court accepted an agreement between Huntington National Bank and Kiebler to sell the Peek in bankruptcy court by Sept. 1.
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On Tuesday, Judge Randolph Baxter in Northern District (Cleveland) of Ohio ordered the Chapter 11 trustee. The request for the trustee was made by several groups involved in the bankruptcy case. The primary creditor Huntington National Bank,
In 1950 he began working as a teller at First Citizens National Bank until he was transferred to the lending department. He was promoted to assistant cashier in 1956; assistant vice-president in 1958; vice-president and cashier 1960; appointed to
Also, selling the resort through the court allows Huntington National Bank, the resort's largest creditor, to market the property and have more control over who buys the resort and over how much is paid for the resort. Baxter had ordered in April for
The Kilgore National Bank Scholarship was presented to Dylan Sanders. The Paula Martin Jones Memorial Scholarship was presented to Allison Farste and Ashley Ray. The American Legion Robert Lee Crim Post #280 Scholarship was presented to Amanda Robbins.
The school currently uses Metropolitan National Bank and received bids from it, Southern Missouri Bank of Marshfield and Empire Bank. The bid is for a four-year contract with the ability to renew yearly. Southern Missouri Bank of Marshfield submitted a
Continuity Control's Bankers Assistant Helps Randolph National Bank
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