Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, June 27, 1990 TAG: 9006270198
SECTION: BUSINESS PAGE: A5 EDITION: METRO
SOURCE: SANDRA BROWN KELLY and DAVID M. POOLE
DATELINE: LENGTH: Medium
John Meteney, an officer in Beacon Light, issued a press release that attributed the need for liquidation to "adverse media publicity and a downturn in the market."
Beacon Light Marina Yacht Club is one of several projects at the lake in which Meteney, developers David A. "Red" Dean, Dwight Dean, Roanoke real estate agent James A. Deyerle, and financial consultant J.W. Burton of Altavista are shareholders.
Combined with the Beacon Light bankruptcy was a lawsuit Burton filed against the company to collect a $125,000 loan he said he made to the partnership.
Since the Beacon Light Marina filing in February, David Dean has filed for Chapter 7 personal bankruptcy and First Community Bank of Princeton, W.Va., foreclosed on the Beacon Light Marina property. Also, several of the time-share boats were repossessed by lenders.
More than 130 people bought time-share rights for one and two weeks a year on boats from the Bedford County company at prices averaging $8,500.
Time-share owners have hired Roanoke lawyer Roy Creasy to determine what they can or should do, said Naomi Snider, a shareholder since 1987.
First Community Bank last week sold the marina to Kip Tolley Inc., for $615,000. Tolley, a Lynchburg native who has lived at the lake for several years, has renamed the marina K.I.P. Yacht Club/Marina.
Tolley also bought the assets of the marina, which included the accounts receivable.
Attorneys for Beacon Light, Tolley and Meteney have been arguing over who has the right to pick up mail in the name of the marina.
On June 19, a bankruptcy judge ordered that for 45 days, mail addressed to the marina is to be held by the Moneta postmaster for pickup by Michael Cleary, attorney for First Community and Dixie Financial Corp. Dixie Financial, a Floyd mortgage company, also was a lender on the property, which was held in the name of Tri-State Investors.
Under the June 19 order, mail is to be held by Cleary until it can be opened in the presence of Jeffrey A. Fleishhauer, attorney for Meteney.
Checks or payments for boat slip rentals are to be deposited by Fleishhauer in a collateral account at Crestar Bank.
by CNB