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4.2
COMMONWEALTH OF MASSACHUSETTS
THE TRIAL COURT
HAMPSHIRE, SS SUPERIOR COURT DEPARTMENT
CIVIL ACTION NO. 1780CV0050
9-5-2
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BETH A. WILLARD; WILLIAM T. ) Aton bid eee pretes.
WILLARD, JR.; RICHARD J. WILLARD; ) pre RGN PR 4 he }
CRYSTAL L. WILLARD, SABRINA M. ) the Receive Ship 4) /f ¢lajGo
WILLARD; BILLY JEAN WILLARD; ) > for minGhtO, With fhe Recaiuer
NANCY T. McGRATH; MARGARET T. ) AY : / :
TACY; AND JO ANN MORIN ) perng osthes&@ af Kis Onde, AYN
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Plaintiff ) fe 8% agherment Paresh urith ,
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BILL WILLARD, INCORPORATED, )
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Defendant )
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RECEIVER'S FINAL REPORT/ACCOUNTING AND
MOTION FOR DISCHARGE
{ASSENTED TO)
Now comes JONATHAN R. GOLDSMITH, ESQ., the court-appointed receiver (the
“Receiver”) of Bill Willard, Incorporated (“Corporation” or “Willard’’) and pursuant to this
Court’s Order of April 13, 2017, appointing the Receiver and pursuant to Mass. R. Civ. P. 66 and
Superior Court Rule 51 hereby files his final accounting and seeks a discharge of his fiduciary
responsibilities. In support of this Final Report/Motion, the Receiver states as follows:
1. On or about March 28, 2017, the above-captioned Plaintiffs, who are certain
shareholders of the Corporation filed their Complaint with this Court seeking Judicial
Dissolution of the Corporation pursuant to Part 14 of M.G.L. 156D, et seq. ANNPSHIRE SUPERIOR COURT
AUG 5 2024
HARRY JEKANOWSK), JR.
CLERK/MAGISTRATE2. In conjunction thereto, the Plaintiffs and Willard filed their Joint Motion for
Appointment of a Receiver, for the presumptive purpose of liquidating the assets of Willard and
to otherwise windup the business and affairs of the Corporation.
3. By Order of this Court dated April 13, 2017, the Receiver was appointed.
4. Since his appointment, the Receiver gathered, liquidated and coordinated the
windup of the business and distributed proceeds from the liquidation of the assets of the
Corporation. In summary, the Receiver’s services included the following:
a Immediately upon his appointment, secured and inventoried the various
assets of the Corporation;
Gi) Oversaw the negotiations and sale of the Corporation’s real estate
holdings, which comprised over 200 acres of property through six separate
real estate transactions resulting in gross proceeds of approximately
$4,000,000.00;
(iii) Coordinated the liquidation of the Corporation’s equipment and inventory,
resulting in gross proceed of approximately $399,000.00;
(iv) Pursued the collection of the Corporation’s accounts receivable and the
turnover of certain refunds owed to the Corporation;
(vy) Oversaw the defense and subsequent negotiation and resolution of a
certain civil action brought in the United States District Court for the
District of Massachusetts, styled Conservation Law Foundation, Inc. v.
Bill Willard, Inc., Case No. 1:17-cv-10141-MPK;
(vi) | Coordinated the payment of all claims of the Corporation;
(vii) | Oversaw the various aspects of the windup of the business, including
filing the necessary tax returns, securing the business records, and
coordinating the necessary insurance coverage during the liquidation
process;
(viii) Dealt with local and state agencies regarding various issues surrounding
the Corporation’s prior operations and the closure of its business;(ix) Coordinated four separate distributions to shareholders totaling in excess
of $4.5 million; and
(x) In addition to the above-enumerated tasks, oversaw other responsibilities
of the Receiver to ensure the orderly, timely, and efficient windup of the
Corporation’s business.
5. Asummary of the Receiver’s final accounting is attached hereto as Exhibit “A”.
6. The Receiver submits that the business of the Receivership is now completed, and
all known creditors have been paid in full, and distributions to shareholders have been made,
except for the Fourth and Final distribution, which will be made upon approval by this Court on
the Receiver’s Assented to Motion for Authority to Make a Fourth and Final Distribution to the
Shareholders of Bill Willard, Inc.
7 As noted in the Certificate of Service filed herewith, all parties in interest, namely
all the shareholders of Corporation, have been sent a copy of this Motion and as noted below,
counsel for the Plaintiffs have assented to this Motion.
WHEREFORE, the Receiver moves that this Receivership be closed and terminated, and
that the Receiver be discharged, effective forthwith.
The Receiver,
Dated: |Yy | Loa]
ip
JON. KV AN R. GO
(BBONo. 548285)
GOLDSMITH, KATZ & ARGENIO, P.C.
1350 Main Street, Suite 1505
Springfield, MA 01103
Tel. (413) 747-0700
Fax. (413) 781-3780
Email: JGoldsmith@gkalawfirm.comASSENTED TO:
The Plaintiffs,
BETH A. WILLARD; WILLIAM T. WILLARD, JR;
RICHARD J. WILLARD; CRYSTAL L. WILLARD,
SABRINA M. WILLARD; and BILLY JEAN WILLARD;
Jerry B. Plumb, Esq. PX per miss ro.
(BBO No, 548429)
O’Connell & Plumb, P.C.
75 Market Place
Springfield, MA 01103
DATED: 4 [202
The Plaintiffs,
NANCY T. McGRATH; MARGARET T. TACY; and
JO ANN MORIN
By
Patrick J. M Inik, Esq.
(BBO No. 342440)
Melnick Law Office
110 King Street
Northampton, MA 01060
DATED: W]rve/cc Woy HQT HYBill Willard, Inc. Final Report of Receiver
EXHIBIT "A"
$27,707.42
Net proceeds from sale of real estate $4,008,105.05
Burts Pit Road (CED Northampton) $442,043.10
Glendale Road (Sarah Shatz) $254,476.85
King Street (Colvest Group, LLC) $2,239,425.49
Perry Hill Road (Meehan Estates, Inc.) $174,230.23
Ryan Road/Burts Pit Road (City of Northampton) $161,455.41
Ryan Road/Burts Pit Road (GGB Massachusetts LLC) $698,973.97
Ryan Road (CED Northampton): Payment for option to purchase $25,000.00
Ryan Road/Burts Pit Road (GGB Massachusetts, LLC): Payment for option to purchase $12,500.00
Collection of Accounts Receivable $53,538.16
Net proceeds from sale of equipment and inventory $398,768.30
Other income $192,000.00
Land clearing: Pmt from CED Northampton, LLC $192,000.00
_ Interest income Lo. . _. 8 _, $62,399.33
Fees for Receiver, Attorneys, Accountants
Insurance
Miscellaneous
Appraisal fees
Documents
File storage
Payroll services
Site maintenance
Environmental - H2H Associates
Environmental - Western Mass. Env.
Environmental - ATC Group Services
Other expenses
Land clearing
Land clearing: Refund to CED Northampton, LLC for unused payment of land clearing
Governmental charges (Real estate taxes, municipal bills, state and local taxes)
Documents
Federal taxes
MA DOR
Municipal bills
Property taxes
Payments made to settle lawsuit: Conservation Law Foundation vs. Bill Willard, Inc.
Conservation Law Foundation
CT River Conservancy
Utilities
Distribution to Shareholders
First Interim
Second Interim
Third Interim
Fourth and final
wed
$137.10
$297,564.76
$17,206.92
$48,201.07
$2,800.00
$80.00
$7,555.93
$254.00
$3,643.22
$8,300.00
$16,020.00
$9,547.92
$185,000.00
$70,000.00
$115,000.00
$100,174.01
$80.00
$24.78
$3,465.75
$21,933.70
$74,669.78
$50,000.00
$25,000.00
$25,000.00
$8,019.54
$4,587,814.21
$999,999.99
$1,999,999.93
$1,000,000.07
$587,814.17
FINAL
Funds Held By Receiver for unforeseen fees, expenses, costs and claims $3,500.00 Net (Ledger)
Grand Total $5,297,617.61 $5,297,617.61 $0.00
YADocuments\Bill Willard Inc\Ledger Report Final for Court xlsx 7/16/2021