Richmond Christian Center again facing sale
8/4/2017, 9:31 a.m.
According to Ms. Tinkler, since May 2015 when the first three tenants moved to the campus, “Ujima Properties has successfully filled 90 percent of the tenant vacancies. RCC can now boast that 15 tenants will occupy the space by September of this year, and that currently there is a waiting list for future openings.”
In addition, she stated “the Royal Manchester Event Center (the renamed church banquet and fellowship space) is in demand, with clients booking events well into 2018.”
Mr. Matson stated the most serious issue has been RCC’s inability to restructure the FCR debt to reduce monthly payments, a centerpiece of the reorganization plan.
Instead of bearing fruit, negotiations between FCR and RCC stalled, and none of the required documents, including a deed of trust on all of the RCC’s property in favor of FCR, have been recorded as the plan required, Mr. Matson stated.
So despite reporting nearly $168,000 in the bank as of June 30, RCC has stopped making payments to FCR and has not made required payments to other creditors, including unsecured creditors, Mr. Matson stated.
In his view, the plan of reorganization that the court approved “is unworkable,” Mr. Matson stated.
In 2014, Judge Phillips ordered the sale of the property, but halted its transfer to another church that was ready to buy after Mr. Matson was appointed and created the reorganization plan.
Mr. Matson stated that a sale is now the best prospect to raise the most money. He stated that interest in the RCC property should be high because of its location in the part of Manchester undergoing revival, ensuring “a robust sale” that could raise enough money to pay off FCR and other creditors.
He promised to move swiftly to hold a new auction of the property if the court approves the sale of the property.
FCR, for its part, wants Judge Phillips to order RCC to carry out its deal to file a deed of trust in favor of the lender on all of its property to enable foreclosure.
Among other things, the lender states that RCC stopped paying on the FCR loan in April, which is confirmed by RCC’s latest financial report. FCR states it needs to be allowed to foreclose on the property to protect its interest, but the company cannot foreclose because RCC has not filed the necessary legal documents.