The owner of the project Michael Zimmerman of BBC Properties in Dover, Delaware also appears somewhat illusive. His office phone only appears to be manned with an answering machine.
The Delaware based web forum Newszap.com is following Mr.Zimmerman's career quite closely. A recent comment stated:-
"Mike Zimmerman appears to be quite a SCOUNDREL! He left town after creating a huge financial mess here in Dover. Rumor has it, his sub-contractors were never paid, and Wilmington Trust was left holding a slew of empty buildings. His antics have left a negative impact on the construction business here in Delaware. Contractors are unable to get financing and some of his sub-contractors are near bankruptcy. Several local attorneys were his business partners in many of his projects. They were all involved in playing a real life version of the game "Monopoly' here in Dover. I suspect Wilmington Trust stockholders also took a big hit on this one'.
Another blog commented that "small-medium contractors who have done business with Wilmington Trust for decades can no longer secure loans for construction projects ready to go. Many of these projects are from reliable local businesses looking to add an addition or remodel, but "no can do" with WT. This bank is in big trouble if they can't support local business.'
Wilmington Trust has not responded to requests for comment on this article. Where does this leave the Washington Avenue project and Chestertown businesses that need loans to expand, or update their premises?
This story is not unique. In fact it's being repeated in thousands of towns & cities across the nation. Hundreds of zombie regional banks are being kept afloat with tax-payers money, paying themselves outrageous bonuses, and at the same time strangling local small businesses of funds which are supposed to help lead us out of the current recession.
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