BLDC gives up on $500,000 debt claim
The company was listed as one of BLDC’s biggest debtors in a 2010 review of company operations.
According to sources familiar with the transactions between the two companies, BLDC eventually wrote off $500,000 it felt was owed by Fort Knox.
However, Fort Knox CEO Troy Symonds explained that the two companies disputed what was owed and came to a settlement.
“I don’t recall any write-offs. We came to an agreement,” he said.
“There was a dispute with rent. It was resolved.”
Mr Symonds would not confirm the amount in question, but said the dispute centred around when his company vacated a property it had leased from BLDC.
“They saw it as an arrears amount. We saw it as a disputed amount,” he said.
BLDC’s financial statement for 2008 reports a bad debt expense of $558,028.
Its retained earnings for the year ended March 31, 2009, were $14,957,429 as compared to $13,735,367 a year previously.
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Published Jul 30, 2012 at 8:38 am (Updated Jul 30, 2012 at 8:37 am)