Atlantic National Capital (ANC)

Keith Allison Letter to the Community, 2 April 2021

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Foreclosure and Auction

The Auction of WLCCC assets took place as scheduled on 25 Feb at 10AM "on the steps" of the Moore County courthouse.  WLCCC assets purchased by Atlantic National Capital LLC for the price of $3,567,173.55.  There is by law an automatic 10 day period permitting the bid to be overriden.  There most likely will be an article in the Pilot on Sunday 28 Feb.  More details will be posted on this site once the bid grace period is complete.  Simply, WLCCC will now have a single owner.

 

Channel 11 Video 25 Feb 2021

 

https://abc11.com/realestate/new-owner-gives-hope-to-residents-near-troubled-woodlake-dam/10370759/

 

On 1 Feb 2021, the below notice of foreclosure was provided to the "lead plaintiffs" of the Woodlake Class Action suit.  It is the responsibility of the substitute trustee foreclosing on WLCCC to notify the lead plaintiffs providing the opportunity to bid at the subject 25 Feb 2021 auction should they desire.  The reason for the foreclosure is the failure of WLCCC to make payments IAW their April 24 2017 Deed of Trust (DOT) and the subject participation agreement between WLCCC and the beneficiary of the DOT.

 

So, if you read the May 2020 letter to the community from Keith Allison, you will realize that this auction is a result of what he stated he needed to do to deal with the judgments (a total of five) to have someone or entity have clear and free title to WLCCC.  Due to negotiations with the DOT beneficiary and legal requirements, the resulting auction is the product a lengthy and frustrating process.  The lack of information provided to the community was subject to the nature of the legal negotiations.  This matter will continue to work through the legal system and the end result will be provided to the community.

 

As a member of the “class” you do not need to do anything unless the “class” wishes to bid at the subject auction.  Any bidder will have to be ready to post premiums for the first judgment (Geosyntec) at approximately $380K+, the value of the DOT (~$4M), and pay the back taxes for WLCCC (approximately $400K).

 

Allison leases for 15 major WLCCC parcels remain binding.  Remember, Allison Holdings X has a five-year lease on the subject parcels with three additional five-year extensions (a total of 20 years).

 

For new readers, please remember Keith Allison is a long time Woodlake owner / resident.