Mountain Top Media
Second company files suit against ARC over loan default
NEW YORK CITY — A second financial company has now filed suit against Kentucky’s largest addiction treatment provider, alleging default on a loan.
Clear Cove Opportunities Fund filed a complaint against Louisa-based Addiction Recovery Care Monday in Manhattan federal court.
Last month, Angelica Capital Trust filed suit, alleging that they had advanced ARC $5.4 million, with the agreement that ARC would turn over $8.1 million in anticipated tax refunds, when they arrived. Instead, Angelica says ARC kept the money when it arrived.
Now, Clear Cove says ARC did the same thing to them. And in a motion to intervene previously filed in Angelica’s case, Clear Cove claims ARC sold the same tax credits to both companies.
No hearings have yet been set in the Clear Cove case.
Last month, U.S. District Judge George Daniels ordered ARC to place $4.7 million into a frozen bank account, leaving the company $1 million to pay necessary expenses until an expected sale of the company on Feb. 4. Since that time, there have been no announcements that the company has been sold.
A copy of the Clear Cove complaint follows:
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Police: Sexual assault suspect kills self after chase
BIG STONE GAP, Va. — A man wanted on sexual assault charges in Ohio killed himself after being stopped following a chase, police say.
The Wise County Sheriff’s Office says they responded to an alert from Scioto County, Ohio, that Kenneth Phillips, 47, who was wanted in connection with a sexual assault investigation, was believed to be traveling US 23 in Wise County. The alert further said Phillips was believed to have multiple firearms and was believed to be suicidal.
Police found Phillips’ car traveling south on US 23 early Tuesday morning and attempted to pull him over. They say he chose to flee instead. The chase came to an end after officers used spike strips to disable Phillips’ car near the entrance to Mountain Empire Community College.
Once the car came to a stop, officers heard a gunshot. Phillips was then found dead in the car, apparently of a self-inflicted gunshot wound. A gun was found in the car, between Phillips’ leg and the seat.
The Wise County Sheriff’s Office was assisted at the scene by the Norton, Wise and Big Stone Gap police departments.
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