Freedom Stop ConocoPhillips

By omalleyll

  • Met with Star Fuel Centers, Inc. regarding building store

  • Period: to

    Freedom Stop ConocoPhillips

  • Contracted with David Greer, archtect

  • Obtained City of Raymore approval to construct store

  • Site study was completed by Steve Terrill

  • Contacted Gary Fruits with CBT

  • Delivered all loan documents to CBT c/o Gary Fruits

  • Contracted with John Willis as contractor

  • Received 1st commitment letter from CBT

  • Bids were returned in excess of $2.2 million, began revising project

  • Gary Fruits refused revisions, insisted on Fagan and Associates to build for $1.8 mil

  • Contracted with Fagan and Associates as contractor at the request of CBT

  • Received 2nd commitment letter from CBT for $1.8 million construction loan and 2-yr mini perm

  • Closed construction loan/ Commenced construction

  • Fagan projected he was $400k under budget

  • Fagan advised bank he was $525k over budget

  • CBT approved overages to date

  • Freedom Stop opened for business

  • Received invoices for additional $500+k in overages

  • CBT Board met with FS and reneged on miniperm financing

  • CBT closed on unrelated c-store construction loan with Fagan as contractor

  • CBT filed foreclosure while payments were current

  • FS pledged $500k additional collateral to halt foreclosure

  • CB extended Note, did not fund overages

  • CBT funded overages

  • CBT filed foreclosure, $22k mo. payment was 30 days past due

  • FS filed suit against CBT in Cass County, Missouri

  • FS filed Chapter 11 Bankruptcy

  • Lawsuit was removed from circuit court and became an adversary filing in the bankruptcy

  • CBT seized by Kansas Banking Commissioner, Thomas Thull