WILMINGTON, Vt. (AP) - A Connecticut court is deciding whether to approve a settlement agreement between Hermitage Club founder Jim Barnes and club members who invested in a chairlift at the private ski resort in Vermont.
The agreement calls for the removal of Hermitage Inn Real Estate Holding Company LLC as manager of Barnstormer Summit Lift LLC within 60 days from Jan. 16. The Brattleboro Reformer reports the company is made up of members who collectively loaned $7.8 million for the purchase of the chairlift.
Not a party to the agreement is Berkshire Bank, which foreclosed the ski resort and other Hermitage properties in February after the company defaulted on more than $17 million in loans.
The agreement also calls for attorney fees and lawsuit costs to be repaid to the plaintiffs.
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Information from: Brattleboro Reformer, http://www.reformer.com/
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