FINDLEY LAKE - How much creditors will get from the $11.3 million sale of Peek'n Peak is still uncertain.
David O. Simon, the court-appointed trustee who has been overseeing the Peek's operations since June, said it is still unknown how much the primary creditor, Huntington National Bank, and anyone else who is owed money will receive from the sale.
''The number is not fixed. I'm not going to put a number out there,'' he said. ''They (Huntington) are owed $16.8 million. Clearly they are not going to get that amount.''
There is good news, though, for Chautauqua County. According to Simon, the more than $1.2 million owed in unpaid real property taxes will be paid.
''Real estate taxes come first,'' he said. ''There is a priority scheme of who will get paid. That is something we cannot deviate from. The bank is a secured creditor. Taxes are a lien. They come before the bank.''
How the rest of the money will be split from the sale to creditors will be decided by Sept. 27, which is the closing date.
''Sometime between now and then, issues will resolve themselves,'' he said.
Richard Dixon, Industrial Development Agency chief financial officer and chair for the Unsecured Creditors Committee in the bankruptcy case, said the county's Industrial Development Agency is still owed more than $100,000 from two separate loans given to Paul Kiebler, the Peek's previous owner. Dixon said the IDA did have collateral with Kiebler on the loans and is in the process of proceeding with the agency's attorney to recoup the money still owed.
''We try to collect every penny we can,'' he said. ''We will exhaust all possibilities.''
Dixon said for other unsecured creditors in the bankruptcy case, the deal they had with Kiebler will determine how much, if anything, they will receive from the sale.
''I don't know what the deals were for other people,'' he said. ''Some people will proceed and get what they can and other people will be left out in the cold.''
Dixon said the best news about the bankruptcy case is that the tourist destination will be run by a reputable organization in Scott Enterprises, which likely means future earnings for vendors who are owed money by Kiebler.
''The Scott family has a strong tradition of running hospitality businesses. As they take over the Peek, certainly there is opportunity for vendors to benefit from the new owner,'' he said.
The Peek was sold during a closed-door auction on Aug. 24. Scott Enterprises of Erie, Pa., bought the company with the highest bid.
Simon said there were four ''top bidders'' who participated in the auction. He said there was a confidentiality agreement during the auction, so he cannot release information on who the other bidders were in the auction. Altogether, he said there were more than 30 parties who showed interest in purchasing the resort through a due diligence website.