BREAKING NEWS: U. S. Bankruptcy Judge James W. Boyd granted a subpoena request yesterday submitted January 13, 2021 by Full Spectrum Management's bankruptcy trustee, compelling document production by the Grand Traverse Academy.
According to the trustee's motion, multiple requests for documents made by the trustee to the Grand Traverse Academy's attorney, Miller Canfield's Danielle Mason Anderson, have provided only incomplete documentation relating to Noss, Full Spectrum and "all board resolutions, notes, memos, and emails relating to the renewal or modification of the Educational Provider Agreement entered into between" Full Spectrum and the GTA on October 1, 2015.
In lieu of a personal guaranty, Traverse City State Bank (now Independent Bank) accepted Mark Noss's Full Spectrum Management agreement with the GTA as collateral for Steven Ingersoll's $925,000 indebtedness Noss was assuming. In its March 20, 2014 Commercial Security Agreement with the Bank, Full Spectrum secured the debt by "all business assets of Full Spectrum Management previously held by SSM, Inc." Full Spectrum also pledged to the Bank, through an Assignment of Agreement as Collateral, a security interest in its rights to the Educational Provider Agreement inked by Noss on behalf of Full Spectrum Management on March 19, 2014.
But there was a problem with that contract: it was scheduled to expire on June 30, 2016.
During its September 18, 2015 board meeting, without any prior public disclosures or explanation, the GTA board handed the Bank an extraordinary gift: its members voted unanimously to extend the term of Full Spectrum's management agreement from June 30, 2016 to June 30, 2021.
The new agreement was delivered to the bank by Mark Noss on October 1, 2015.
The Grand Traverse Academy was ordered to provide requested documents in electronic form to the the bankruptcy trustee's Rochester Hills, Michigan, office no later than 5:00p.m. on February 5, 2021.
