Category Archives: Medius L3C

12 July 2018: Final Sale Motion Hearing Scheduled

The Judge in the Paul A. Kelley Jr. Bankruptcy case has issued an Order and Schedule for oral arguments on the a Final Sale Motion on July 27th, 2018 at 10:00 AM. The hearing will be at the U.S. Bankruptcy Court, 537 Congress Street in Portland Maine. The Order is only 4 pages long and is remarkably easy reading as Court Orders go, and I highly recommend everyone read it through so you’ll have an idea of the issues the court is grappling with. The Order both summarizes the actions taken to date starting with the May 22nd filing of the Motion to Sell up to last week’s July 5th evidentiary hearing, and then lays out 8 questions that the Judge wants the parties to address in their oral arguments before the court. Continue reading

06 July 2018: Sale Motion and Evidentiary Hearing Audio [UPDATED]

President Malcolm Burson and my wife Margaret and I attended yesterday’s Sale Motion hearing. Other parties in attendance were Butch Duncan, Richard Smith and Paul Kelley, counsel for the Clary Lake Association Randy Creswell, Bankruptcy Trustee Jeffrey T. Piampiano represented by Kaitlyn M. Husar, Esq., Assistant Attorney Generals Scott Boak and Kevin Crosman representing the Maine DEP, and attorney Dennis Carrillo representing Richard Smith and AQF. Regrettably, Paul Kelley’s bankruptcy attorney J. Scott Logan was not in attendance. Continue reading

05 December 2017: Medius L3C has been Administratively Dissolved

From the For What It’s Worth department: Medius L3C, the low-profit, limited liability company named after your middle finger which currently owns the mortgage on the Clary Lake dam is in administrative dissolution for failure to file it’s 2017 Annual Report. All Maine corporations are required to file annual reports by June 1st every year, in order to maintain their good standing. According to documents available on the Maine Secretary of State’s website, the company was notified of its failure to file its annual report by letter dated June 23rd. The corporation was administratively dissolved on August 28th as per letter from the Secretary of State. A company that has been administratively dissolved continues its corporate existence but may not transact any business in this State except as necessary to wind up and liquidate its business and affairs. Corporations that have been administratively dissolved can reinstate their companies by late-filing the annual report along with the $85 filing fee and a $150 reinstatement fee. Corporations can exist in this administrative limbo for up to 6 years. Continue reading

10 May 2017 Lincoln County News: Despite Bankruptcy, Clary Lake Dam Situation ‘Status Quo’

Lincoln County News staff writer Abigail Adams attended the May 1st bankruptcy meeting of creditors and has written an article about it appearing in this week’s Lincoln County News. It’s a good, factual article but like the recent article in the Central Maine Papers, it incorrectly states that “Medius L3C foreclosed on the dam and held an auction for it in January 2016.” It would be more accurate to say that Medius L3C tried to foreclose on the dam, but failed. Had the foreclosure been successful, someone other than Pleasant Pond Mill would own the property now.

This confusion over foreclosure does nothing to detract from an otherwise accurate and well written article, and I am grateful that the Lincoln County News and the Central Maine Papers are helping keep this slow-motion train wreck in the news:

Despite Bankruptcy, Clary Lake Dam Situation ‘Status Quo’

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10 April 2017 Central Maine Papers: Whitefield Dam Owner Files For Bankruptcy Protection

A new Central Maine Papers article by KJ staff writer Jessica Lowell appeared on-line last night and will be in today’s print edition. It is about Pleasant Pond Mill LLC’s [PPM] mind-boggling decision to file for bankruptcy, it also contains the necessary background to acquaint the reader with the basic facts of the story if they’re coming into this mess cold. The article contains a few mistakes (alternative facts?) which however do nothing to detract from it’s otherwise accurate and fair reporting. You have to admit, after 5+ years, our story has gotten pretty hard to follow. This is the first newspaper article about Clary Lake in over a year, and in my opinion it is overdue (shift-click to open link in a new tab):

http://www.centralmaine.com/2017/04/09/whitefield-dam-owner-files-for-bankruptcy-protection/

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25 March 2017: Update on Pleasant Pond Mill Bankruptcy Filing

I have learned some details of the Pleasant Pond Mill LLC bankruptcy filing. First, it is a Chapter 7 bankruptcy which means the company and its assets will be liquidated by the Bankruptcy Court. Pleasant Pond Mill LLC [PPM] is being represented by a Portland attorney that specializes in bankruptcies. PPM will not emerge from this bankruptcy as a reorganized company; this is the beginning of the end of Pleasant Pond Mill LLC. Rest assured that while this action will wipe out PPM’s debt and dispose of its property, the bankruptcy will have no effect on the Clary Lake Water Level Order [WLO] which is and will remain in force, if not actually enforced, until the pending appeal in Superior Court is finished. Likewise, that litigation will not be affected by this bankruptcy because PPM and Paul Kelley are no longer parties to that appeal. Remember: the WLO runs with the land, not the owner; the new owner of the Clary Lake dam, whomever that is, will be subject to the WLO.  Continue reading