New Hope for West Mountain
SAM Magazine--Queensbury, N.Y., November 22, 2013--After filing for bankruptcy protection last June, West Mountain's future was uncertain. However, as of yesterday, its future looks brighter thanks to the purchase of its first mortgage by the investment group that has been running the area—Apex Capital. As we reported in late October, Zions National Bank in Utah was attempting to auction off the $390,000 loan it had on West Mountain. The first attempt failed to attract any interest, but the second attempt yesterday was successful, with Apex Capital purchasing the loan.
According to the Albany Times-Union, Zions had opposed the reorganization plans, but Apex Capital spent $400,000 this summer anyway to prep the area for opening. Now, the only thing standing in the way is a December 18 hearing with a federal bankruptcy judge to approve the bankruptcy plan.