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HONESTY FROM JOHN CHICKNESS SR.
My mantra has always been honesty: I will only express myself when I am willing to post my name.
I have never, nor will I ever be called dishonest, or have lack of honor or self-respect. Therefore read below the TRUTH to the RUMORS regarding fear of Bankruptcy regarding the east Golf Course.
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There is a lot of misinformation on the issue with the developers bonds. The developer paid the interest due on 11/1 but is delinquent on his principal payment that was due on the Series 2005B bonds. The Series 2005B bonds cover the remaining lots that the developer owns in Lake Ashton I. They have nothing to do with the golf course and to my knowledge no one has filed for bankruptcy as some have been saying. The developer is in the process of trying to renegotiate the terms of the 2005B bonds to extend the maturity in exchange for a higher interest rate, etc. In the absence of a forbearance agreement or restructuring of the terms of the debt, the only recourse that the CDD and bondholders have to enforce collection on the 2005B debt is to foreclose on the lots subject to the debt. Let me make it clear that there is no impact on or recourse to any other landowner in the District, i.e., you and other homeowners will not be asked or forced to come up with the money.
Finally, I was ALWAYS HONEST while on the CDD board of Supervisors and continue to be. If anyone wants whatever the TRUTH is, NOT GARBAGE, you can always either email me or call me. I will be happy to meet with you and share the FACTS.
Sincerely,
John L Chickness Sr
Former CDD Board Member
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