Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, May 24, 1990 TAG: 9005240239
SECTION: VIRGINIA PAGE: B-6 EDITION: METRO
SOURCE: By DAVID M. POOLE STAFF WRITER
DATELINE: ROCKY MOUNT LENGTH: Short
First National Bank of Ferrum is seeking to repossess the proposed mining site and recover $184,004 from the developers, Dwight Dean and John Meteney.
Under the name Universal Resorts, Dean and Meteney had sought to mine sand from 108 acres along Gills Creek and subdivide the land into lots after the mining had been completed. The so-called Rainbow Valley project fell through in January 1989 when the Franklin County Board of Supervisors refused to rezone the land.
Dean and Meteney were directors of Universal Resorts, a land sales company that dissolved shortly after the Rainbow Valley project fell through. They also are principals in the bankrupt Beacon Light Marina time-share sales operation and in Real-Vest, a land sales company facing several lawsuits claiming fraudulent sales practices.
When asked Wednesday about this latest lawsuit, Meteney said: "I just don't need any more publicity. If you would leave it alone, everyone will be repaid."
After the Rainbow Valley loan defaulted, First National Bank of Ferrum commissioned an appraisal that put the land's value at $86,400.
A hearing in Franklin Circuit Court is scheduled May 30 on the First National Bank of Ferrum's motion to freeze $37,125 in Universal Resorts' bank account.
by CNB