By GAIL OBER, LACONIA DAILY SUN
LACONIA — Thomas and Lori Oakley took out a loan from the New Hampshire Community Development Finance Authority to cover the costs of making the pool area of the Lakes Regional Athletic and Swim Club more energy efficient. Now, with the club shut down, the authority is suing to get that money back.
The authority has filed suit against against the Oakleys, the Lakes Regional Athletic and Swim Club, and Main Street Investments that operates out of 827 N. Main St., seeking to attach up to a total of $500,000 all of the property owned by those parties.
According to the pleading filed in the Belknap County Superior Court, on April 18, 2012, the Lakes Regional Athletic and Swim Club entered into a loan and security agreement with the finance authority for $457,842. The Oakleys, said the pleading, entered into personal guarantees for the loan.
The finance authority says the Lakes Regional Athletic and Swim Club stopped making payments on the loan in June of 2015. The authority called or requested payment in full, including interest and penalties, for the $403,395.64 left to pay under the terms of the loan. They claim interest, fees, penalties and legal fees continue to mount, and the Oakleys have "failed or otherwise refused" to pay.
The Lakes Regional Athletic and Swim Club closed abruptly on Nov. 27. About 50 full-time and part-time employees lost their jobs. The Oakleys had a $50,000 surety bond for the protection of the members but an attorney for the New Hampshire State Attorney's Office said the money will be a fraction of what is owed to members and will be pro-rated for disbursement.
The suit claims that the Oakleys took out the loan to fund some pool renovations that were to make it more energy efficient. The authority claims it is "unconscionable" for the defendants to retain this "benefit."
State officials say they are confident that there are enough assets between the Oakleys individually, the swim club and Main Street Properties to attach $500,000 for complete recovery.
As of Tuesday, no reply from the Oakleys or their attorneys had been filed.
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