Vuebuyer Blog Exclusive: Dan McLean in Breach of 2.5 Million Dollar Note

I explained in a recent article that postings would be hit or miss each day as the Vue Charlotte news seems to have calmed down a bit. The news of MCL is also important to the Vue Charlotte buyers, and we have some unfortunately bad news to report today.

It appears that in April, 2008, Dan McLean signed a note with RBS Citizens, N.A., doing business as Charter One, for 2.5 million dollars, with a maturity date of October 2008. The note was modified and extended a couple of times and the due date became January 2010.  A complaint has now been filed and presumably the legal process will take its course over time as the note is now in default.

The link to back up this post can be found at the Cook County Circuit Court. The amount of the complaint can be found in the upper left corner. You will see 2.6 MM because interest and late charges have accrued. I have the detailed documentation including the signed agreements but have decided not to publish it. You won’t find much useful information at the link above and it was only with the complaint details that I was able to post what I have here in the blog.

I do not wish to make a judgement on this complaint or to mislead anyone that this note is in any way tied to the Vue Charlotte. I am fairly certain that it isn’t but I don’t know for sure. And I know that different business entities are created to ensure that problems with one don’t impact the other. So far all I know this note that is in default may be totally a non-issue in terms of the Vue Charlotte Pre-Sales Buyers.

I am publishing it because the Vue project is advertised by MCL to be adequately financed and this complaint certainly causes me to wonder just what kind of financial position MCL is currently in. You all now know as much as I do and we can all draw our own conclusions.

Please share your information with to help keep all our pre-sales buyers up to speed on the latest happenings at the Vue Charlotte!

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