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  [Local Headlines] Meddin Studios - Welcome - We're Bankrupt !!!
Date : 08/08/2013     
From the Savannah Channel Writers -

This Meddin Studio's bankruptcy matter has gotten my curiosity. They secured BIG government backed loans in H2 of 2009 and by H2 of 2013 they are bankrupt. Something doesn't seem right about this at all. As I posted before, in their bankruptcy filing they claim between $0 to $50,000 in assets and claim liabilities of between $1 million and $10 million.

They bought the studio property for 2.5 times what the property sold for only 3 years earlier - in 2006 the sale price was $486,400 and sold to Meddin Properties LLC in 2009 for $1.25 million.

According to the property record for Meddin Studios, in 2006 the property was valued at $257,500 and went down to $248,600 in 2010 despite the $486,400 sale in 2006. Then in 2011 the valuation shot up to nearly $2 million. Also notice in the property card that permits for renovations don't show any improvements between 2000 and 2010.

http://boa.chathamcounty.org/DesktopModules/ChathamCounty/BoardofAssessors/PropertyRecordCard.aspx?RollYear=2013&PIN=2-0599-01-005

Loans:

$2 million 504 Economic Development Loan issued through the Small Business Assistance Corporation (SBAC) an SBA certified development company based in Savannah.

$1.4 million was injected into the studio project with an SBA 7(a) loan issued by Colony Bank. This carried a 90 percent guarantee by the SBA to encourage the bank to make what could be a risky start up loan.

$3.4 million in loans
http://www.sba.gov/content/sba-backed-financing-helps-build-meddin-studios-new-state-art-digital-media-facility-savannah

Property:

Property bought for $1,250,000 in October of 2009. The same property sold for $486,400 in August 2006.
http://boa.chathamcounty.org/DesktopModules/ChathamCounty/BoardofAssessors/PropertyRecordCard.aspx?RollYear=2013&PIN=2-0599-01-005

Persons:

Jeffrey Nicholas Gant - Owner of Meddin - Possible bankruptcy around April 2012?
http://www.chathamcourts.org/CaseDetails.aspx?caseno=SPCV1200467

Jeffrey Nicholas Gant - Owner of Meddin - Defendant in ongoing contract dispute with The Coastal Bank
http://www.chathamcourts.org/CaseDetails.aspx?caseno=SPCV1200467

Jeffrey Nicholas Gant - Owner of Meddin - Owns a home on Wilmington Island
http://boa.chathamcounty.org/DesktopModules/ChathamCounty/BoardofAssessors/PropertyRecordCard.aspx?RollYear=2013&PIN=1-0075-04-018


http://www.meddinstudios.com/

August 8, 2013

Image(s) : Image [1]


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