I am in
a serious jam. I am going to lay it all
out on the table and I need any and all help I can get.
Many of
you know that I invested in a restaurant in Prairieburg 3 years ago. That turned out to be a tremendous
mistake. Unfortunately I had to use
Legacy Lanes as collateral to secure my portion of the loan. I never imagined I would fail and lose the
bowling center. Don't get me wrong, I
understood I was risking losing it, but I never thought it would come to
this. I was a silent, minority (49%)
owner and the loan would only be a second mortgage on Legacy. Even if Prairieburg failed, I would still
have Legacy, because the bank that had the Prairieburg loan would have to wait
until the first mortgage was satisfied before they could collect. This is more information than you should
really know, but you wouldn't be getting this letter if you weren't important
to me.
When it
became apparent that Prairieburg was not going to make it, my partner and I
decided to try to sell it. We had it
listed for over 2 of the 3 years we owned it.
We had several meetings with the bank to figure a way out of the
shipwreck I saw coming. Their best
advice was to keep the restaurant open until it sold, because operational
businesses sell better than closed businesses.
We agreed, so we continued to borrow more and more money, selling as
many personal items as we could, praying all along we could find a buyer. Well, that buyer never showed up and last
June, I could no longer borrow enough money to keep Legacy Lanes running and
prop up Prairieburg waiting for a buyer.
I
pulled the life support and closed the restaurant. Bills piled up, as you can imagine. We have since paid every vender their
balances. I just couldn't pay the
bank. I knew what was coming,
foreclosure. While I was crushed to be a
part of a failure, I still had Legacy and my job at Nelson Electric. I hoped I could pay back the bank by
extending the loan and "working something out".
After all, they only had a second mortgage and I was only 49%. My partner had 51%.
I had kept the primary mortgage bank up to
speed on what was happening, and they were very supportive. That was until they started looking into the
paperwork at the courthouse. Apparently
when I refinanced Legacy Lanes to buy into Prairieburg with the second bank,
Legacy's bank didn't turn in their paperwork to the county recorder until after
the second bank turned in their paperwork.
This delay in processing gave Bank #2 the FIRST mortgage, rather than
the second they were supposed to get.
Which all of a sudden puts me in big trouble. Now instead of waiting their turn to get
paid, they can force a sale.
This is October 2011. I still think I can cover the shortage
because I'm only 49%. Well, then my
partner files Chapter 7 bankruptcy. Now
I am 49% owner with 100% of the debt.
Now I'm screwed.
Bank #2 forecloses on Prairieburg,
as they should. However, they also
foreclosed on Legacy Lanes. That part
was a shocker. I am current with all my
debts, vendors, insurance, taxes, you name it, it's paid for Legacy. I retained an attorney, and the process
begins.
The wheels turned slowly all
through fall and winter. Not knowing my
future, I decided to keep Legacy running as if I would own it forever, passing
it down to Jace as had always been planned.
If I quit working and planning
for the future in October, I would certainly go under by Christmas. That was unacceptable. So I put my head down and pushed on.
Working 10 hour days for Nelson
provided me an income, health care and nights and weekends off to work at
Legacy. Monday through Thursday from 5
am to 5 pm belonged to Nelson Electric.
5:30 pm to 10:30 pm I could commit to my dream of running a bowling
center. Serving the people I had been
serving for the last 10 years. Plus I
could work all day Friday, Saturday and Sunday.
I thank God for the staff working
with me. I'll be honest, there have been
days when I wonder if this is truly what I want to do. Every time I think I may quit, I remember why
I do it and how much I love Legacy Lanes.
I can't imagine not being a part of this community.
March 27th, 2012 Bank #2
held a sheriff sale for the Prairieburg property. I owe them $183,000+. They received something around $69,000 for
the property. Leaving me a deficiency of
$114,000. I have 60 days to satisfy that
debt, or they sell Legacy Lanes at a sheriff sale as well! They WILL get their money!
I don't blame them. I made a deal and didn't hold up my end. That's how it works. I understand.
So, here is my offer to you. I need $114,000 right? I will offer 1,140 people unlimited bowling
for the remainder of the year for $100 plus tax. There is a risk to you: if
1,140 people do not participate in this offer, Legacy Lanes will close and your
money will not be refunded. There will be stipulations regarding when bowling
can occur as I currently have league bowling to consider. I will provide
further details as soon as I can but sending this out immediately is on the top
of my agenda as 60 days will pass by rather quickly.
There are two ways you can purchase
an unlimited bowling pass: Stop in to Legacy Lanes or send the money to P. O.
Box 415, Monticello, Iowa 52310. Make sure you include your return address.
I am on the edge of losing Legacy
Lanes. It won't be the end of the
world. It's just the end of an era. I am not asking for a handout, merely an
exchange of money for services.
If you can help, I will be
eternally grateful. If you can't help, I
understand and am still eternally grateful for everything you've already
brought to my life.