Corps' bankruptcy hearing delayed
A hearing in the Spartans Drum & Bugle Corps bankruptcy case will be held today, after Wednesday’s snowfall delayed the scheduled hearing.
The Nashua institution filed for Chapter 11 protection last month. Judge Michael Deasy is scheduled to hear a request today by the Bank of New England to foreclose on the Spartans’ headquarters at 73 E. Hollis St.
The Spartans owe more than $815,000 on the mortgage for the property. Though assessed for property taxes at $936,500, the property is currently estimated to be worth around $800,000 or less.
The Spartans hope to forestall foreclosure by arranging a private sale on their own and selling off other assets such as uniforms and band equipment to cover any shortfall, the group’s lawyer, Eleanor Dahar of Manchester, said at a hearing last week.
Spartans Director Peter LaFlamme blames the weak economy for the group’s downfall, but several members of the group’s board of directors accuse LaFlamme of mismanagement and have said he hasn’t provided information about the group’s finances.
In addition to the drum and bugle corps, the Spartans used to run a charter bus company and a bingo game but both have been shut down.
– ANDREW WOLFE