By Alan Sorensen
The Confederated Tribes of the Grand Ronde Community of Oregon has filed a foreclosure against Quantum Five Inc. in 12th Judicial District Court in Havre.
The confederated tribes claim in papers filed with the Hill County Clerk of Courts Office that Quantum Five Inc., a Montana corporation, has failed to repay a $900,000 loan. Quantum Five allegedly signed a promissory note for $900,000 with Performance Funding, Inc., of Washington on Oct. 30, 1996, using a parcel of land in east Havre as collateral. Quantum Five purchased the land for development of the Havre Golf and Country Club.
Jock O. Anderson, a Helena lawyer, filed the suit that claims that Quantum agreed to repay the principle and interest by Nov. 15, 1997.
The suit claims that Quantum Five owes all of the principle and $200,432.64 in interest. Quantum Five, it said, is continuing to accrue further interest debt at the rate of $375 per day.
The suit also asks for $2,594.25 from Quantum Five for the cost of the foreclosure report and not less than $5,000 for attorney fees.
The tribes are asking the Hill County Sheriffs Office to take possession of the land and put it up for auction in a sheriffs sale. Proceeds from the sale would be used to cover the sheriffs cost of holding the sale and the debt owing the tribes, with the remainder turned over to the Hill County Clerk of Court for further disbursement as deemed appropriate.
The tribes further ask for permission to bid on the land that Quantum 5 purchased for the purpose of building the golf course and selling home and business sites.
Personnel with the clerk of courts office have sent summonses dated July 26 to all defendants mentioned on the foreclosure notice: Quantum Five, Inc., Delayed Exchange Corp., Ink Investment, LLC, Raymond G. Gehlen Jr., Jacobsen Drilling, Inc., and Bernard Patrick.
The summons says that defendants have 20 days after being served the summonses to respond or a default judgment could be taken.
