By GAIL OBER, LACONIA DAILY SUN
LACONIA — An auction of the Laconia Athletic and Swim Club scheduled for 11 a.m. Friday did not take place.
According to attorney Jeff Philpot, who represents Tom and Lori Oakley who own the now defunct swim club, no auctioneer came to the designated site at the designated time, meaning the entire process must begin from scratch.
There were a number of people there, most of whom are friends of the Oakleys. There were five people there but none of them identified themselves as either being an auctioneer or a representative of the three banks that hold first mortgages on the property.
According to Philpot, who referred to a "first bite rule," the people who hold first mortgages are entitled to bid first, with the financier who holds the largest mortgage going first. He said there are three of them, to the best of his knowledge.
The primary mortgage holder is ReadyCap Lending LLC, which purchased the note that was issued on May 7, 2010 to the Community South Bank of Parsens, Tenn. According to the Federal Deposit Insurance Company, or FDIC, Community South Bank failed on Aug. 23, 2013, and was closed by an order of the Tennessee Department of Financial Institutions.
The Daily Sun was unable to reach ReadyCap Lending LLC or the attorney representing them to see why no auctioneer appeared. ReadyCap Lending LLC describes itself as a Small Business Association or SBA preferred lender.
According to Oakley, who was at the attempted auction with Philpot, ReadyCap has employed a maintenance team that winterized the building and took care of some of the utilities.
At Friday's attempted auction, the building had no heat but it did have electricity. The pool had been drained and the parking lot had been plowed.
The Laconia Athletic and Swim Club closed abruptly on Nov. 27, 2015, after 24 years of being in business.
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