Last Friday, November 13th, FLTF and Boyce Hydro reached a settlement in connection with the condemnation litigation. In accordance with the settlement agreement, the counties on behalf of the Four Lakes Special Assessment District, will obtain ownership of the Boyce properties. This will come in the form of a consent to be filed and approved by the circuit courts in Midland and Gladwin counties.
FTLF has agreed to pay $1,576,000 that will be distributed as follows:
- $270,000 to Boyce Michigan
- $152,000 to local suppliers that had liens on Boyce properties
- The remaining $1,154,000 will be up to the Bankruptcy Court to sort out between Byline Bank, lawyers and the bankruptcy trustee
The settlement is not about the value of the property, or fairness, but it is the best deal we could get to allow the community to extract itself from the legacy of Boyce’s ownership and move forward. Regarding the class action lawsuits, three of the five lawsuits against FLTF have been dropped. FLTF, as part of the Boyce Bankruptcy proceeding, has also been included in an insurance settlement trust that would release FLTF from all future claims.