The Laconia Daily Sun, March 5, 2011

Page 1

Unemployment dips under 9%

E E R F Saturday, March 5, 2011

saturday

Internal review concludes fire truck driver was operating properly at time of crash

U.S. private sector created 220,000 new jobs in February — Page 2

VOL. 11 NO. 197

LacONIa, N.h.

527-9299

FrEE

Odds starting to tilt in favor of The Lodge By Michael Kitch THE LACONIA DAILY SUN

BELMONT —The fortunes of The Lodge at Belmont brightened somewhat this week when the two principal investors bought out the third to avoid a foreclosure and the House and Senate expressed support for legislation, chiefly repeal of the tax on gambling

winnings, promising increased earnings and employment. Last month, Tony Tarbell of Keystone Management Company, Inc., a property management firm headquartered in Concord, who held a $700,000 first mortgage on The Lodge gave notice of intent to foreclose on March 3. At the time Rick Newman, general manager of

The Lodge, said that the initiative arose from discussions among the investors about the weakened financial condition of the enterprise. Last November The Lodge suspended parimutuel wagering and laid off 22 employees as both its handle, or value of total wagers placed, and revenue shrank by half. Last week, on the eve of the

scheduled foreclosure, Craig K. Potts of Minneapolis, the founder and former chief executive officer of Cash Systems, Inc., and Marlin Torguson of the The Torguson Gaming Group of Biloxi, Mississippi, purchased Tarbell’s mortgage and retired the debt. Potts holds an $8,150,000 mortgage see LOdGE page 12

Now, here’s a hopeful sign

LACONIA — Laconia police announced on Thursday that no charges would be brought as a result of a recent traffic accident involving a city fire engine and a vehicle driven by a city resident. Fire Chief Ken Erickson added that firefighter Chris see CrasH page 12

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A robin rests, earlier this week, on the plant holder on the deck of the home of Gordon D. King on Massachusetts Avenue in Laconia.

State says level of care remains high as Arches reorganizes under Chapter 11 By Gail OBer

THE LACONIA DAILY SUN

NORTHFIELD — The Arches, an Alzhiemers Care Facility located at 9 Summer Street, filed for Chapter 11 reorganization bankruptcy protection last month. According to pleadings filed in U.S. Federal Bankruptcy Court, the facility owes South-

west Guaranty Partners LLC of California a principal sum of $2,575,000 secured by both the facility, an assignment of leases and rents, and the personal guaranties of Betty Ann and Peter Salchli — the owners. Southwest says it renegotiated some of the terms of the note in 2009 but states the Salchlis paid only $47,000 of the $332,756

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