Remember when Hunter Craig sold Biscuit Run to the state for $9.8M and the hope of tax credits, in order to get rid of that albatross in a terrible economy? And then The Hook figured out that it was turning into a boondoggle, with Craig trying to get state tax credits (which is as good as cash) on an $87.7M appraisal for land that he bought at the height of the bubble for $46.2M? Well, it gets boondogglier. Craig and his associates are suing the state for another $19.48M, Hawes Spencer reports, since they’re not happy with the $21.48M that they’ve already gotten for the land. Why? Because they’re still $25M in the hole, with a lot of that probably owed in the form of monthly loan payments. If that’s a thirty-year note at 5% interest, then Hunter Craig and partner (and father-in-law) Wick McNeely have to come up with $134k/month. (Just this year, McNeely has sold Burning Daylight Farm, his Nova Scotia mansion, put his Garth Road home on the market, and ended his Farmington membership.)
I’m something like $100k underwater on my mortgage. Here I was thinking that it was my duty to suck it up and live with, because it’s nobody’s fault but my own. Maybe that attitude is what’s keeping me from being a successful businessman.
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