B-Sens not affected by B.S. Quarries foreclosure
5/1/2014 (Updated 5/2/2014 10:12:49 AM)SUSQUEHANNA COUNTY, PA -- A Writ of Execution and Money Judgment has been issued against B.S. Quarries, Inc. after defaulting on a $16 million loan. B.S. Quarries, Inc. is owned by Tom Bolles and Tim Smith who are also co-owners of the Binghamton Senators. According to Scott P. Schectman, Esquire, the Attorney for the plaintiff WM Capital, WM Captial purchased the loan from M&T Bank and is now seeking to acquire personal property and business assets to pay the judgement.
Tom Mitchell, Vice-President of Operations for the Binghamton Senators and minority owner, wished not to comment on camera, but tells Fox 40 that this judgement will not affect the team. Mitchell says according to the Constitution of the American Hockey League, a team cannot be used as collateral for other businesses and assets. In regards to the foreclosure of the quarries affecting funding to the team, Mitchel assures that the Binghamton Senators franchise was "bought and paid for a long time ago," and is self-sustaining at this point.
Mitchell said he was aware of financial problems, but not the extent and would not comment further. He added that he has not heard any concern over anyone wishing to sell their share of the team. Mitchell assures Fox 40 and the Binghamton Senators fan base that the B-Sens will be around for a long time to come.
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