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Maranatha Faces Potential Foreclosure, Loss of Physical Assets

Written By Editor on 11/21/13 | 11/21/13

Following months of public concern and speculation over Maranatha's financial situation, of which there was a general consensus that they were in dire straits, the Schoharie News has learned through researching a tip provided to us earlier in the week that owner Stella McKenna is close to losing control of her $5 million project because of millions in outstanding debts.
According to legal documentation posted on the Schoharie County Clerk's database, Ms. McKenna was served with not only a verified complaint by NBT Bank that seeks the collection of Maranatha's equipment and inventory due to their defaulting on a $50,000 note, but she also received a verified foreclosure complaint from the New York Business Development Corporation.
The latter complaint was filed on November 13th - last Wednesday - and stated Maranatha defaulted on the "conditions of the Note and Mortgage by omitting and failing to pay installments for principal and interest which were due on August 1, 2013, and each and ever month thereafter." The total sum of the project's debts to NYBDC are over $1.5 million, with it consisting of $1,482,062.57 in principal owed and the remainder being interest.

The day after on Thursday, November 14th, NBT Bank's complaint was filed and its contents show that the project defaulted on a roughly $50,000 note with the balance being 99% principal to interest owed. As part of the note's agreement in February, 2013, that provided NBT with collateral in case of Maranatha's failure to pay its bills - the local lender is seeking to legally acquire all equipment, records and inventory as a result of late September's default.

It is not known whether this will impact investor Da-Lai Wu's efforts to acquire the failed project or how its other interested parties might react to this substantial development, but one thing is for sure - Ms. McKenna's time to salvage what remains of her project, which she spent years putting together, has apparently run out.

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