Coming Monday, an exclusive report revealing what Steven Ingersoll really did with all that money—in his own words.
Now, about that line of credit documentation: the Record-Eagle reported today that Mark Noss declined comment after Thursday's Grand Traverse Academy board meeting, but sent an email with a two-line response to a statement read by board president Lesley Werth during the meeting regarding Noss's demand that the school assume responsibility for repayment of approximately $800,000 Noss owes on a Traverse City State Bank line of credit initiated in 2007 by Steven J. Ingersoll:
“I consider this statement is a bit premature since it was only a few days ago the Board requested documentation that the ($1 million) line of credit was used for GTA’s benefit. I am currently working with the bank to provide that documentation.”
Correct me if I'm wrong, but if Noss only took over ownership of the account and responsibility for repayment of Ingersoll's line of credit after he assumed control of the Grand Traverse Academy on March 19, 2014, wouldn't Noss then legally only have access to account information generated during the time he actually owned it?
I mean, even Jon Byslma, the Grand Rapids attorney representing Noss, stated
(and I'm quoting here) “Importantly, FSM has never drawn on that line of credit and, instead has only paid down on behalf of the Academy.”
So if FSM never drew down on the line of credit since March 2014, why then should the Grand Traverse Academy be required to pay Mark Noss anything?
Looks like somebody has an $800,000 albatross around his neck.