Defunct Burlington College still owes bank $730,000, says judge
BURLINGTON — A judge granted a “deficiency judgment” order against Burlington College this month, saying the school still owes People’s United Bank almost $730,000 on a loan for a controversial land purchase.
The order by Chittenden Superior Court Judge Robert Mello entitles People’s to $728,944.01 along with 12 percent annual interest until the debt is paid in full, plus any collection costs and attorney fees.
The problem is that Burlington College no longer exists, according to the former chair of its board of trustees, and the school has no assets after auctions of its furniture, fixtures and, most recently, its remaining property.
“You got me,” said Yves Bradley, the former chair, when asked why People’s might seek such an order.
Read more: https://vtdigger.org/2017/08/24/defunct-burlington-college-still-owes-bank-730000-says-judge/#.Wak3z8aQzRY