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Home > Archive > Chess politics > January 2007 > the USCF land scandle, the current sitation explained in FULL
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the USCF land scandle, the current sitation explained in FULL
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| Ambassador 2007-01-30, 8:26 pm |
| USCF Financial Statement ending May 30, 2006 contains a CRITICAL
OMISSION
The USCF national headquarters has legal zoning restrictions governed
called a "Waiver and Restatement of Declaration for Conditions,
Covenants, Restrictions and reservations upon Crossville industrial
park property." This document is recorded in the Official Records of
Cumberland County, Tennessee (Book 500, pages 19-25) which apparently
encompasses the City of Crossville. Executive Board member Sam Sloan
got a copy of it and I have printed it out. Section IV reads as follows
Section IV - RIGHT TO APPROVE
The Crossville City Council shall have the right to approve or refuse
to approve any such ... proposed used of the premises for any reason
which the City Council, in it sole discretion, may deem in the best
interest o the Park..."
ALL FUTURE USCF financial statements should, at a minimum, contain a
disclaimer that if the USCF should decide to move the national
headquarters against the wishes of the Crossville, Tennessee City
Council, we could have a WORTHLESS BUILDING. The USCF has just made
moving the national headquarters dependant on City of Crossville. This
is a horrible strategic blunder. This fact directly affects the net
worth of the company; because of this unusual deed resections can
dramatically affect market value. Should the City of Crossville become
hostile to the USCF, there is a potential to have to force the company
into Chapter 11 bankruptcy to move the national headquarters if a
future Board of Delegates decides to move. We are forever stuck in
Crossville unless the City lets us out!
The culture of secrecy within the USCF is at fault here. Had the
financial statements been written in good faith, this would be made
clear.
How did we acquire the land and for how much? If this land was a gift,
then I accept these restrictions. If we paid for this lot, then I am in
disbelief.
Sincerely,
Marcus Roberts
Chairman
Betts Land Company, Inc.
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| Chess Freak 2007-01-30, 8:26 pm |
| Idiot, the land was donated to the USCF for $1. This has been
well-known for a year now. Earth to Marcus, can't you read?
"Ambassador" <marcuswroberts@direcway.com> wrote in message
news:1169864668.152357.147580@s48g2000cws.googlegroups.com...
quote:
> USCF Financial Statement ending May 30, 2006 contains a CRITICAL
> OMISSION
>
> The USCF national headquarters has legal zoning restrictions governed
> called a "Waiver and Restatement of Declaration for Conditions,
> Covenants, Restrictions and reservations upon Crossville industrial
> park property." This document is recorded in the Official Records of
> Cumberland County, Tennessee (Book 500, pages 19-25) which apparently
> encompasses the City of Crossville. Executive Board member Sam Sloan
> got a copy of it and I have printed it out. Section IV reads as follows
>
> Section IV - RIGHT TO APPROVE
>
> The Crossville City Council shall have the right to approve or refuse
> to approve any such ... proposed used of the premises for any reason
> which the City Council, in it sole discretion, may deem in the best
> interest o the Park..."
>
> ALL FUTURE USCF financial statements should, at a minimum, contain a
> disclaimer that if the USCF should decide to move the national
> headquarters against the wishes of the Crossville, Tennessee City
> Council, we could have a WORTHLESS BUILDING. The USCF has just made
> moving the national headquarters dependant on City of Crossville. This
> is a horrible strategic blunder. This fact directly affects the net
> worth of the company; because of this unusual deed resections can
> dramatically affect market value. Should the City of Crossville become
> hostile to the USCF, there is a potential to have to force the company
> into Chapter 11 bankruptcy to move the national headquarters if a
> future Board of Delegates decides to move. We are forever stuck in
> Crossville unless the City lets us out!
>
> The culture of secrecy within the USCF is at fault here. Had the
> financial statements been written in good faith, this would be made
> clear.
>
> How did we acquire the land and for how much? If this land was a gift,
> then I accept these restrictions. If we paid for this lot, then I am in
> disbelief.
>
> Sincerely,
>
> Marcus Roberts
> Chairman
> Betts Land Company, Inc.
>
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