Luminati Aerospace facing eviction by EPCAL landlord and lawsuit by investor over alleged default on $10 million loan
Luminati Aerospace, an owner of the company in contract to buy 1,643 acres of vacant land at the Calverton Enterprise Park, is facing eviction from the manufacturing building it leased at the enterprise park and is being sued by a principal investor for alleged default on a $10 million promissory note and mortgage in its real property and equipment at the industrial park.
Triple Five's director of business development Stuart Bienenstock provided a forged mortgage satisfaction document at a real estate closing, according to a N.J. court, which entered a $1.3 million judgment lodged against him in 2016. The trial court's decision was upheld last month by a New Jersey appellate court panel.
The buyer's obligation to close on the $40 million deal isn't firm until its 'due diligence' opportunity is ended.
The town board has not had a chance to sit down and review the response together because it arrived late in the day on Friday, Supervisor Laura Jens-Smith. “We need to determine if what they say they’ll provide will be satisfactory.”
The town had set a deadline of 4 p.m. Wednesday for a response to its demand for financial statements from Triple Five. The town board is now considering a request to extend the deadline by a week.
Should buyer in $40 million Calverton land deal be required to submit financials? Board members disagree
A fundamental split dividing the Riverhead Town Board along party lines broke wide open in full public view this morning: How much financial disclosure should be required of the company that wants to buy and develop the Calverton Enterprise Park?
Triple Five's seat at the table is based on sleight of hand and their behavior raises real questions about their integrity. Opinion column by John McAuliff
Column: Councilwoman Jodi Giglio's 'poor choice' to conduct a private meeting with developers in a proposed massive land deal can't be undone and warrants her recusal from further deliberations and vote.
After coming under fire for meeting privately in New York City with representatives of the company seeking to buy the rest of the town’s vacant land at the Calverton Enterprise Park, Councilwoman Jodi Giglio gave an account of the meeting to the rest of the town board during Thursday’s work session.
Launcher founder says the company will submit permit and site plan applications within 30 days as directed by the town, but disagrees that its facilities at the Luminati site require the town approvals.