
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, May 23, 1990                   TAG: 9005230387
SECTION: VIRGINIA                    PAGE: B2   EDITION: METRO 
SOURCE: SANDRA BROWN KELLY AND DAVID M. POOLE STAFF WRITERS
DATELINE:                                 LENGTH: Medium

TIME-SHARE BOAT OPERATION CLOSED

The boat time-share operation at Beacon Light Marina in Bedford County no longer is operating, and time-share manager Bo Dudley has been ordered off the marina property by Kip Tolley, who is running the marina for First Community Bank of Princeton, W.Va.

First Community holds the mortgage on the marina and acquired the property for $560,000 at a foreclosure sale this month.

Dudley said Tolley got a warrant for his arrest after Dudley came to the marina to move a boat. Dudley said he had moved two other time-share boats to the Waterwheel Marina. Dudley also said he has not been allowed to get the records of the time-share operation.

Mike Feola, an officer with First Community, said his bank has nothing to do with the time-shares and has not been approached to get involved by anyone from Beacon Light Yacht Club Inc., the time-share company.

Feola said he is negotiating a sale of the marina and that in the meantime, Tolley is "acting somewhat on our behalf." Tolley lives at the lake.

Central Fidelity Bank on Tuesday repossessed a 46-foot Sunseeker boat on which it held a loan and had the boat towed to Smith Mountain Yacht Club for storage. Repossessions of two other boats are pending by lenders Charter Federal Savings & Loan and Chrysler First Financial. The three lenders received permission in bankruptcy court to have the boats removed from the Beacon Light case.

There were five houseboats in the time-share venture, which began in 1987. Three were owned by the time-share operation and two by David A. "Red" Dean of Moneta, a shareholder in the venture. Dean filed for liquidation of assets in bankruptcy court Friday.

Beacon Light's shareholders in addition to Red Dean are Dwight L. Dean and James A. Deyerle of Roanoke, John Meteney of the Smith Mountain area and J.W. Burton of Altavista.

Deyerle, Meteney and the Deans were partners in several lake ventures, including the Real-Vest Inc. land-sales operation and the Smith Mountain Lake Executive Park. The marina real estate is owned by Tri-State Investors, which is controlled by Dwight Dean, Meteney and Deyerle.

Time-share owners met Tuesday night in Roanoke to discuss the situation. "We decided something had to be done," said Naomi Snider, who has had a time-share since 1987.

Dudley said he planned to attend the meeting.

Snider said she had only been able to reach about 40 of the 134 time-share owners.

by CNB