Stamford developer files for bankruptcy protection
Seaboard Properties is working on constructing a Residence Inn Marriott on Atlantic Street in Stamford, Conn. Photographed on Tuesday, July 14, 2015.
STAMFORD — A company that owns and manages a number of commercial and residential properties in the city filed for bankruptcy protection Monday and its president stepped down after two partners in the company questioned his bookkeeping.
Seaboard Realty and its affiliates are building an extended-stay Marriott hotel on Atlantic Street, and are planning to renovate the northernmost St. John’s tower on Washington Boulevard to be market-rate apartments. They also own the Courtyard Marriott on Summer Street.
Unspecified “recent events” prompted two owners to question the company’s finances under now-former president John DiMenna’s leadership, and the two hired a law firm and forensic accountant, according to a statement from the company.
D iMenna resigned from his managerial duties with Seaboard Realty and also from its affiliates. He has a property management company of his own called Seaboard Properties that manages the sites owned by Seaboard Realty’s affiliates. “Recent events caused (Thomas) Kelly and (William) Merritt to become increasingly concerned that the oper a tions and finances of the company were not as they had been represented to be by Mr. DiMenna,” a statement from the company states. “In the last few days, Kelly and Merritt concluded that immediate additional steps needed to be taken to protect the value of the enterprise for all stakeholders.”
None of the three would comment for this article, but Stamford business leaders vouched for DiMenna.
Article from:- http://www.stamfordadvocate.com