MARQUETTE — A creditors meeting was held today in Marquette at U.S. District Bankruptcy Court for a land-holding company involving the founders of the largest construction companies in the Upper Peninsula.
At issue is one of 33 limited liability corporations formed by the founders of the Moyle Construction Company in Houghton involving 45 acres on which the entire construction complex sits off M-26. The Moyles filed for Chapter 11 reorganization last month. The hearing was held via closed circuit TV and was run by U.S. Bankruptcy Trustee Michael V. Maggio, who was sitting in Grand Rapids.
Thomas and Denise Moyle – and their son Andrew – are accusing the Associated Bank of Milwaukee of quote “attacking” them personally by foreclosing on a loan in which all payments were current, according to federal bankruptcy documents. The Moyles Marquette bankruptcy attorney Dane Bays said he’ll propose a reorganization plan by April 1st similar to their current fully–secured 10–year bank loan, paying back about $150,000 per year.
The Moyles claim that unless the bank stops “attacking” their finances it will quote “inevitably result in their inability to maintain the other debt obligations.” The LLC loan is guaranteed by the Moyles and an Iron Mountain hotel they own – Country Inn and Suites.
The couple face a personal state tax lean of $300,000 and the $54,000 balance will be paid off this spring, according to testimony during the hearing, according to sworn testimony sparked by a question from the bank’s local attorney Brian Sheridan of the Steward and Sheridan law firm in Ishpeming.