A decade after buying the property to redevelop it into a new generation of vacation cabins, the owner of Presidential Mountain Resort LLC (PMR) in Bethlehem has filed for bankruptcy protection in New York’s federal court, claiming more than $13 million in liabilities owed.
The fate of PMR, whether it will remain in current hands, and whether the nearly $140,000 in liens and property taxes owed to the Town of Bethlehem across all of the owner’s six properties will be paid off any time soon, was undetermined as of Thursday, July 2.
The request seeking Chapter 11 bankruptcy, a reorganization of the company, was filed on June 24 in the Eastern District of New York State by Yizchok Rudich, of Brooklyn, who incorporated Presidential Mountain Resort LLC in New Hampshire in February 2015.
The PMR property at 1108 Main St./Route 302 was once the site of the Baker Brook motel, cabins and Barefoot Boy restaurant, which experienced a visitor boom soon after it was built in the late 1940s before guests tapered off and it fell into vacancy and disrepair in the 1980s.
Not long after purchasing the property in 2015, Rudich proposed a $20 million Hilton hotel.
A few years later, the proposed hotel was scrapped in favor of adding more cabins, which now number in the dozens on both sides of the highway.
Soon after his purchase, plans to tear down and replace the deteriorating restaurant building, which still remains standing, as (Courtesy well as to complete traffic safety improvements after concerns were voiced by town officials and residents — many of whom advocated for a crosswalk, yellow caution lights and a reduced speed limit from the current 40 mph — likewise fizzled out.
Presidential Mountain Resort in Bethlehem has filed for federal bankruptcy, claiming more than $13 million owed to dozens of creditors. (Courtesy photo)
The resort features year-round cabin rentals, picnic and recreation areas, and a private pond.
According to the bankruptcy filing, the total PMR property is valued at just north of $15 million.
After totaling the claims from dozens of creditors, Rudich has $13.405 million in liabilities.
Among the banks and private lenders with claims and mortgage liens are the Bank of New Hampshire, JPMorgan Chase, Chanoch Nelken, FinWise Bank, Community National Bank in Vermont, Shay Smith, Ready Capital and Rapid Finance.
Bank of New Hampshire has filed a $10.4 million mortgage lien.
Chanoch Nelken of Ontario, Canada, has filed a lien for $800,000, and Shay Smith of Chicago has filed a lien for $400,000.
FinWise seeks $330,000; Ready Capital, $460,000; Rapid Finance, $200,000.
According to town records, the more than $139,000 owed to Bethlehem as of Wednesday includes liens and back property taxes as well as current taxes, which were due by July 6.
That total encompasses back taxes and claims on five other Bethlehem properties owned by Rudich — Main Street Motel LLC, Memory Suites LLC, PMR Residence LLC, and Sherman’s Motel LLC — all of which are also the subject of new federal bankruptcy filings.
According to the PMR filing, a meeting of the creditors is scheduled for July 20.
This article is being shared by partners in the Granite State News Collaborative. For more information, visit collaborativenh.org.
A decade after buying the property to redevelop it into a new generation of vacation cabins, the owner of Presidential Mountain Resort LLC (PMR) in Bethlehem has filed for bankruptcy protection in New York’s federal court, claiming more than $13 million in liabilities owed.
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