Settlement Agreement
January 22, 2020
Full Spectrum Management, LLC
United States Bankruptcy Court, Western District of Michigan
A document filed today in United States Bankruptcy Court for Western Michigan reveals Independent Bank has blocked Mark Noss's effort to discharge $766,925 owed by his Full Spectrum Management, LLC to the bank— striking an agreement with Full Spectrum's bankruptcy trustee to pursue collection of the amount from Noss, Noss-related entities and the Grand Traverse Academy, while simultaneously conducting an investigation to seeking discover whether payments made by Mark Noss to Steven Ingersoll were done with intent to hinder, delay, or defraud Full Spectrum's creditors.
Former Grand Traverse Academy management honcho Steven Ingersoll, newly-released from federal stir, masterminded the off-loading of his obligation to repay Traverse City State Bank (now Independent Bank) in early March 2014 from Smart Schools Management, Inc. to Mark Noss, then president of the Grand Traverse Academy’s board of directors.
A contemporaneous string of emails from early March 2014 among Steven Ingersoll, Mark Noss and TCSB's Dan Stahl revealed a deal was struck on March 16, 2014 for Noss to assume the obligation to repay Ingersoll's outstanding debt, days before the GTA board voted to sever ties with Ingersoll.
Noss wasn’t formally awarded a management contract for the GTA until March 19, 2014.
He then signed a promissory note on March 20, 2014 as a Managing Member of Full Spectrum Management, LLC, assuming the legal obligation to repay $925,000 left outstanding by Steven Ingersoll's Smart Schools Management, Inc.
On May 7, 2019, Noss was subpoenaed, and ordered to provide Independent Bank with a dirty laundry list of documents related to his 2014 assumption of nearly $1.0 million owed by convicted felon Steven Ingersoll to Traverse City State Bank.
Independent Bank inherited the mess when in it assumed control of TCSB in 2018.
Noss filed a Chapter 7 bankruptcy petition February 19, 2019 on behalf of Full Spectrum Management. Full Spectrum's “Summary of Liabilities” exceeded $1.0 million, with the lion's share ($766,925) owed to Independent Bank.
For an in-depth examination of Noss, Full Spectrum Management's bankruptcy, and the $925,00 bank loan, click on these links: Part 1, Part 2.
More on this story as it develops.