This article by Bob Audette originally appeared May 17 in the Brattleboro Reformer.
NEWFANE — Though there is a slim-to-none chance the town of Brattleboro will recoup its $70,000 loan to Cultural Intrigue, the town’s attorney filed for a default judgment Monday in Windham Superior Court, Civil Division.
“My understanding is Cultural Intrigue has left the state,” said Bob Fisher, of Fisher & Fisher in Brattleboro.
According to Fisher Cultural Intrigue, which was founded by Adam Gebb, owes the town’s small business revolving loan fund $69,432.84.
Gebb, now living in Ecuador, opened his Frost Street warehouse in January of 2011. In addition to the loan from Brattleboro, Gebb also received $140,000 in grant money from the Windham County Economic Development Program, which is funded from a $10 million grant from Entergy after it shuttered its Vermont Yankee nuclear power plant in Vernon.
People’s United Bank filed a foreclosure notice on the property in October, saying in court documents filed in Windham Superior Court that Cultural Intrigue and Gebb owed the bank more than $1.55 million in principal, interest and late charges on two notes he secured in 2014 and 2015.
Assistant Town Manager Patrick Moreland told the Reformer in March, that the foreclosure initiated by People’s United Bank “eliminated the ability of the town to be repaid as part of the sale of the property.” As a result, the town filed a civil suit Feb. 16.
Read full story at the Brattleboro Reformer.
(Fair use with written permission from the New England Newspapers Inc.)