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Township Officials: Fulton Documents a Start, More May Be Needed

The bank turned over 130 pages of documents related to the RiverWinds loan Wednesday.

Just days after related to the project, Fulton Bank turned over 130 pages of documents, delivering them to the township's attorneys Wednesday morning.

But despite the sizable sheaf of paper, township redevelopment counsel Mark Cimino said his initial look at the information indicates more may be necessary.

“Unfortunately, the documents raise more questions than they answer,” he said. “There’s a few areas of concern.”

The big one is still exactly where the money went from the $9.945 million loan. Cimino said his initial look into what Fulton Bank turned over doesn’t tell him everything he needs to know about the disbursements, and where ended up.

“We don’t have a complete picture at this point,” he said.

It seems possible the township will need to get more information related to the loan, but Cimino said he’s waiting to finish a full review of what he has now before making a determination on how to proceed.

“I was hoping for more, but it’s something I’m going to have to address with counsel for the bank,” he said.

Bank officials said Fulton’s legal team had been working on the request for the past several weeks, researching a decade's worth of documents to pull together what West Deptford had requested related to the RiverWinds loan.

“We hope that they find this information’s helpful,” said JoBeth Mauriello, Fulton Bank’s director of marketing in New Jersey.

The bank has also requested the township withdraw the court complaint, which Cimino said may happen after a thorough look at what the bank has turned over thus far—but not before then.

“We’ve waited months now,” Cimino said. “We need the opportunity to review these documents.”

The package of papers also came with a sign-off dated July 31 by Arret Dobson, one of the two brothers who developed the course and tennis center under now-bankrupt master developer NamWest, Cimino noted. Dobson had declined to comment previously on the matter, citing his own need to review the documentation.

What will come next will depend on a more in-depth look at what Fulton Bank has turned over so far, Cimino said, but he didn’t have an exact timeline for how long that might take.

“We’re going to approach this methodically,” he said.

Occupant August 02, 2012 at 12:02 PM
Why doesn't the previous administration speak out? Why don't they step up and say where the money went and end this. They could provide an exact accounting of where the money went and throw water on the Republicans quest to find the missing money. Oh wait, that's right, they don't even have a General Ledger. Well they could have written it all down on paper bags for gods sake. How come Donna Szymborski doesn't speak up? Has the mayor approached her about this? She was involved all along with these deals. Are they hiding something while the bank drags it's feet providing all the documents. Agghhhh I can't stand the Drama.
Bryan Littel (Editor) August 02, 2012 at 02:11 PM
Given the money was spent by private developers and overseen by another developer that's now bankrupt, that may be a faulty assumption. Also, the loan was made well before Szymborski came on to the township committee - she was on the school board when RiverWinds opened.
WDNeedsHelp August 02, 2012 at 02:42 PM
Yes Bryan, but the WD Taxpayers are on the hook for that money. The Officials in power should have been watching that cash flow like a mother hawk watches it's babies. As I recall Shields received generous and lavish health and pension benefits for his time in office and he was in power during this whole mess. Let's get Shields in court and demand he start answering questions about this.
redneckwillie3 August 02, 2012 at 04:49 PM
what about G WHITE he was the administartor at the time. dlete this too bryan like my first comment which in no shape or form out of line.all this took place way before you and your patch writers knew what was goin on. whether the money is missing or not things just keep on popping up about wrong doings that took place the past 20 years. by the way the guv will be here on the 22nd
Occupant August 02, 2012 at 07:44 PM
Bryan, Szymborski is part and parcel of the Demcratic Party who was in power all those years. Jerry White was the administrator and knows where the money went as well as all the other former committee people. Szmborski is the sole leftover from that era and the mayor should have a sit down with her and ask her where the money went. Donna is not stupid, she knows but wont say. If you think for one minute that the former committee people didn't monitor the flow of the loan money then they were derelict in their duties for not doing so. The fact that they lost the election is proof of that.

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