Dear Messrs. Wallace & Bajjali:
As you are are aware, Article VIII, Events of Default and Remedies, Section 8.3 (a) (i) and (iv) of the Master Predevelopment Agreement dated July 2, 2012, and pursuant to Article XIII, Section 11.1 (a) and (d) of the Land Assemblage, Disposition, and Management Services Agreement, permits the City and JRC to terminate the respective agreements for insolvency and for the gross negligence, fraud, or willful misconduct in the performance or observance of the obligations to duties provided for under the terms of the agreements.
The City has learned and obtained verified facts to lead it to the conclusion that Wallace Bajjali Development Partners, L.P. has become insolvent. These facts include, but are not limited to, Wallace Bajjali's default under the terms of its promissory note held by New Prime, Inc., in the amount of $5 million, Wallace Bajjali's default under the Settlement Agreement in the BizRadio litigation and its failure to pay the sum of one million, five hundred thousand dollars ($1,500,000), Wallace Bajjali and its related entity Newco, LLC, and its anticipatory breach of the real estate contracts that are set to close on February, 6, 2015, in an amount of $2,142,988.42; Wallace Bajjali's continuing insolvency and inability to meet any ongoing contractual and payroll obligations as outlined in the verified petition in Jasper County Case No. 15AO-CC00035, styled Christine Bryant vs. Wallace Bajjali Development Partners, L. P.; Wallace Bajjali's anticipatory breach of the remaining real estate contracts with the Joplin Redevelopment Corporation, and the departure of both Wallace Bajjali principals and all of its employees.
Additionally, based on the foregoing and other investigation by the City of Joplin and the Joplin Redevelopment Corporation, Wallace Bajjali has committed acts of gross negligence, fraud and willful misconduct in the performance and observance of its obligation under the terms of the Master Predevelopment Agreement and the Land Assemblage, Disposition, and Management Services Agreement, and this amounts to an Event of Default under both agreements.
Under the terms of both agreements, this written notice of the Events of Default effectively terminates both agreements as of the date first written above.
Very truly yours,
Samuel L. Anselm
City Manager
8 comments:
��
Here's s cookie! ��
Dear Music Man: You have failed to deliver the trumpets and tubas we (the hicks) paid for. You apparently were in love with the local librarian but she left (Rohr) so we didn't get the original fictional ending to the movie. We got the reality that anyone idiot (or anyone who had seen "The Music Man") could have predicted. Accordingly we are mad at you and need to break up. Oh yeah, could we please have our money back? :)
Signed,
The Nine Dwarfs (a/k/a, the Joplin City Council)
PS: We are still stupid and are going ahead with your really cool library and theater project because ..... we can.
the city isn't doing a theater
If anyone is interested in contacting the FBI, I suggest you contact Kendall Hopper. She's looked at these guys for some time, but hasn't yet indicted them. Maybe if enough people complain she'll proceed. She's very professional and a good agent.
kendall.hopper@ic.fbi.gov
"In April, city councilman Benjamin Rosenberg publicly criticized Rohr for not disclosing more information about the five other applicants. At that meeting, according to a Joplin Globe report, ROHR TOLD COUNCIL MEMBERS THAT HE WOULD STAKE HIS REPUTATION ON WALLACES COMPANY." A quote from The 794 Million Dollar Man a term used to describe David Wallace in a story on stry.us. Google it if you want to read how Joplin hired Wallace Bajjali.
If accurate, the termination letter clearly states WB got away with 5 million loan proceeds and with their local Newco, LLC partner Charlie Kuehn, another 2.143 million from inflated land sale to the City. Add that to the 1.5 m paid under the contract without turning a shovel, I may need WB to negotiate my next contract!
While I appreciate 5:30's suggestion, I would say after you read that, wait for my new book. It offers even more information of how Wallace-Bajjali and Joplin got together.
I still would like to hear from Gary Box.
Post a Comment