Feather River Inn owner files for bankruptcy
The Schomac Group Inc., owner of the Feather River Inn in Eastern Plumas County, has filed for Chapter 11 bankruptcy in an Arizona court — a move likely to resonate throughout the county.
The Tucson-based company, controlled by the Schoff family, owes the Plumas County Tax Collector and nearly a dozen Plumas and Sierra county businesses.
According to court documents, among the company’s 20 largest unsecured creditors is attorney Michael W. Graf. Graf represented High Sierra Rural Alliance (HSRA), a citizens group that monitors land use in Plumas and Sierra counties, in a lawsuit against Plumas County over the environmental review of the Feather River Inn project.
As part of the settlement to the suit, Schomac was supposed to pay HSRA’s attorney fees of $74,048. If Schomac is unable to pay, that liability will fall to Plumas County.
County Administrative Officer Jack Ingstad said last week that those fees were included in the last-minute legal expenses factored into the 2011-12 county budget. County Counsel Craig Settlemire asked supervisors to add $450,000 in potential legal costs to the budget at the board’s Aug. 16 meeting.
Various Schoff family entities own a number of parcels in Plumas County, including the Nakoma Golf Resort under the auspices of Nakoma Associates. (Nakoma is not part of the bankruptcy filing.) Michael Schoff personally owns several parcels as well, such as the Long Valley Resort in Cromberg.
Ingstad said Schoff owed about $430,000 in back property taxes, interest and penalties on a variety of parcels in the county, some owned by Schomac and some by other entities.
Ingstad noted that the county did receive its latest quarterly transient occupancy tax payment from Schoff, but that it was late and did not include the late penalties.
The Schomac Group also owes the Monterey County Tax Collector, the Pima (Ariz.) County Treasurer, the Santa Barbara County Tax Collector and the Sierra County Tax Collector.
Another Schoff family business, Tedco Inc., is also in Chapter 11 reorganization.
In addition to attorney Graf, Schomac’s 20 largest unsecured creditors include two Plumas businesses. The company owes Longfellow Building Supply in Portola $2,165 and InterMountain Disposal $1,669.
Other local creditors include: Almanor Energy, Big Fish Creations, DuPont Power Tool, Les Schwab-Portola, Plumas Ace Hardware in Portola, Portola Motor Parts, Valley Materials and Equipment in Loyalton, and White Cap Ready Mix.
According to papers filed with the United States Bankruptcy Court, District of Arizona, Schomac has a total of 50 – 99 creditors, estimated assets of between $10 million and $50 million, and liabilities in the same range.
In the filing, Schomac estimates that it will have funds available to pay unsecured creditors. A meeting of creditors is scheduled for Thursday, Sept. 8.
Schoff did not respond to a request for comment by press time.