Update: FSA Can Make Payments on Construction Bond

Fulton Science Academy's Angela Lassetter says Wells Fargo's demand is in attorneys' hands now. A payment agreement, new investor or selling the land for the proposed building are some possible solutions.

UPDATE June 28, 5:30 p.m.: Fulton Science Academy Board of Governors member Angela Lassetter said today the schools can pay back the $18.9 million in bonds.

Lassetter spoke about FSA's future as a private school, a school system audit report and her school's investigation and response to that report in an interview this afternoon.

Wells Fargo Bank, the bond investor, sent out a "Notice of Acceleration" on June 25 by certified mail to the Development Authority and the three schools involved: Fulton Science Academy (middle school), Fulton Sunshine Academy (elementary school) and Fulton Educational Services (Fulton Science Academy High School).

The bank's notice, sent by Virginia Anne Housum, a vice president for Wells Fargo, said the borrowers have breached the loan agreement, which puts the schools in default. The trustee demanded immediate payment of the $18.9 million bonds and interest by June 27.

Lassetter said the issue is in the hands of legal counsel now. She said several solutions are possible:

  • An agreement could be made with the investors over the bonds that may not include the soon-to-be private school.
  • FSA could sell the land on Fanfare Way intended for the new building planned for construction with the bond issue. Lassetter said the 44 acres is worth two to three times the purchase price and the market value will cover more than the approximatley $6 million already spent.
  • The land is worth two to three times the purchase price and its market value will cover more than the approximate 6 million already spent. Grading the land has prepared it for construction, making it a more valuable property, she said.
  • An investor could buy the property and still build a school on it, leasing it to FSA and the others schools for use.
  • Or another investor might come along and buy the bonds, setting up a repayment agreement with FSA and its partner schools–Fulton Sunshine Academy and Fulton Science Academy High School. This last solution would be ideal, because the school could still be built, she said.

"Part of the bond agreement required that we get a charter," Lassetter said. Local and state charter denial put the school in default.

Although the Alpharetta Development Authority approved the bond sale, this demand has no affect on the city.

"With respect to the Development Authority, a move by the investors to call the bonds has absolutely no impact on that body, the City, or our citizens.  By law the debt on the bonds is not an obligation of any of these parties and is solely the responsibility of the FSA schools," said James Drinkard, Alpharetta assistant city administrator.

He doesn't expect any changes in how the Development Authority proceeds with future bond applications. It's the responsibility of the involved underwriters and banks as well as the rating agency(s) that rate the issue to perform due diligence on the bond applicant. The Development Authority's due diligence is limited to is limited to ensuring that the intended use of the bonds is consistent with what's allowed under law and that it advances the economic development goals of the community, he said.

during mid-May and now bondbuyers are asking for the bond to be paid back. The school had .

The demand comes after months of complications for, which failed to get either a or a .

In the May BusinessWire release, Fitch said that lack of management cooperation left it unable to determine if the was feasible and its possible effects on the Fulton Sunshine Academy and . All three schools are obligated for the bonds.

Check back with Patch for updates to this story soon.

For related stories, see:

MarkMunoz June 29, 2012 at 07:16 PM
IAG never broke privacy laws. It was Fulton Science Academy who released the children's name without prior consent. Further more, FSA, Istanbul center, Grace Institute have EXPLOITED your children's names MANY TIMES to promote their agenda/school. Here is one interview at the SE Turkish Olympiads. THREE (3) Fulton Science Academy parents and THEIR children's names are on the screen telling the audience why it is important for their children to be in a Turkish Olympiad. http://www.youtube.com/watch?feature=player_embedded&v=xWqgpGyw_-o WHO IS EXPLOITING WHO? Fulton Science Academy RELEASED the children's names and now their parents are blabbing all over the internet with THEIR names. This exploitation of children's names have been going on for years by FSA. They cannot blame others for their lack of privacy policy protocol. It your attorney is telling you this, he is lying and will only charge you money and not get any results for you. One thing is for sure, he will not get your school reinstated. It is done. Now pay back your loan to Wells Fargo.
MarkMunoz June 29, 2012 at 07:19 PM
Oh stop Terry, you are only digging yourselves deeper into a mess. Here is Fethullah Gulen's website and their discussion of Fulton Science Academy's dispute of the audit. Strange thing is why would the Gulen Movement care about little ole Fulton Science Academy if this was not a Gulenist operated school? Secondly, the photo in the article is of the other Gulen School under scrutiny Harmony Science Academy in Texas. http://www.fethullahgulen.org/press-room/news/4191-todays-zaman-us-charter-school-dismisses-audits-claims-of-financial-wrongdoing.html
MarkMunoz June 29, 2012 at 07:32 PM
Poor Lassetter, she has been kept in the dark by FSA administrators, Grace Insitute, Istanbul center (one and the same) and now is being used as the American sound board. Very clever manuver on the part of Hizmet to let others do their dirty work. All I can say to Lassetter is.: I hope you know what the truth really is because this school has hidden many things from parents since it's start up over 10 years ago. Long before you and the other few loyalists came along. If you are digging yourself deeper into something that is much more involved and higher up than you realize. Yes Angela, the Feds have been to Georgia over your school's continued problems. In closing, lets hope that Alpharetta doesn't scorn Lassetter and others for being the defenders of a school that was and is designed to siphon funds out and money launder via the front group Grace Institute, etc., Lassetter doesn't get it. Gulen doesn't finance the school. It is the other way around. These Gulenist operated schools finance the $26 billion Gulen Empire. Much of your money is wired to their front groups or to Turkey.
MarkMunoz June 29, 2012 at 07:39 PM
Ms. Lassetter still insists FSA is innocent? Your school obtained that loan under false pretenses, knowing very well they were in jeopardy of getting a charter renewal. This is the center of the argument from Wells Fargo. Is your lying. Here Lassetter reports" •An investor could buy the property and still build a school on it, leasing it to FSA and the others schools for use. •Or another investor might come along and buy the bonds, setting up a repayment agreement with FSA and its partner schools–Fulton Sunshine Academy and Fulton Science Academy High School. This last solution would be ideal, because the school could still be built, she said. Ms. Lassetter would that "investor" be American? Take for example Syracuse Academy of Science, a former Catholic School purchased by a Gulen Investor in Turkey for a mere $300K. The school pays an overinflated $20K a MONTH to this "investor" Footnote to Syracuse, they also were denied an expansion for their Utica Academy of Science. You error in thinking Fulton Science Academy is some unique school. It is NOT! JUST MORE OF THE SAME. pay back the loan, or let it go into default. Move the school to smaller quarters and reopen the private school under another name.
Patrick Schowsky June 29, 2012 at 08:12 PM
Mark! Were you a member of Istanbul center? Were you a parent of FSA School? Have you been to Grace Institute? Have you met Gulen yet? In my opinion your answer would be NO for all the questions. How come you know more than PARENTS, ADMINISTRATORS OR MEMBERS of establishments you mentioned. I saw your other comments on other sites or blogs. And your posts don’t make any sense. You should manage your anger to live better. And believe me the source of your anger is always you. It is about the way you think, how stressed you are etc… good luck on that! LOL.
Terry June 29, 2012 at 08:36 PM
As I mentioned below, your logic makes no sense. Just because someone discusses something doesn't mean they are connected to it. If that were true, then I guess by your logic, you must be connected to FSA and the Gulen Movement too, (just like the NY times and all these Patch reporters, and the AJC) because you just can't stop talking about it...
MarkMunoz June 29, 2012 at 10:03 PM
Patrick Merhaba The answers don't matter because your school is closed as of tomorrow. I have no anger against the parents who have been hoodwinked with lies. But I have issues with the FSA administrators aka Gulenists who continue to lie about the money and continually push blame elsewhere besides the person in the mirror. You will fail because you cannot assume responsibility for your professional shortcommings. So lets turn it around Patrick..You a member of Istanbul Center? Parent of former charter school FSA?, Have you been to the Grace instittue? or member of Fulton Educaitonal services? I won't bother asking if you have met Gulen because no one meets the wizard behind the curtain that masterminds his $26 billion dollar empire largely financed from Amercian tax dollars intended for education. hence, the reason Fulton Science Academy is done as of midnight tonight. How much did you pay for your damage control audit? How much did you pay to beef up the schools image with the International festival? How much have you paid back on your defaulted loan? Do you know Sener and his wife both are Gulenists? Did you know the school had problems steming back 10 iyears? When will you assume responsibility for your actions? Oh well these questions don't matter any more, your school (s) are done. GlassRatner ranked as top Crisis Management and Restructuring firm by the Bankruptcy Insider and The Deal.com
MarkMunoz June 29, 2012 at 10:06 PM
Patrick; No stress here, but I tend to think from the knee -jerk reactions of your group and the final countdown tomorrow you are very very stressed. BTW, your attorney will not get a retraction of the audit nor will you find an American investor who will touch your school defaulted loan. Stress, anger, resentment and blame are on your shoulders my friend. Myself and others are happy that the truth is finally out. Such a calm and relaxed feeling.
MarkMunoz June 29, 2012 at 10:08 PM
HMMMmmm, maybe your school will try to get a restraining order like the denied one in Louisana. Tried to keep the school district from entering their school with a stupid failed legal manuver.
Karen M June 29, 2012 at 10:29 PM
Mark Lady, I don't blame for your Turkish husband for dumping you. No man can live with a lady who has this much negativity and hate. Move onnnnn. Part of me feel sorry for you, but part of me says she is doing this to herself. Do you see anyone as obsessed as you are? Forgiving is the first step to healing.
MarkMunoz June 29, 2012 at 10:51 PM
"Forgiving is the first step to healing" interesting those are the very words Hocaefendi uses in his weeklly (and WEAK) sermons. You move on. Oops that is right you are after midnight tonight. But we will still stop by the August 19th picnic to bid our well wishes to you. No obsession with me, I am enjoying every minute of you lying and pushing the blame for your problems on others. So Karen Man- enjoy this while you can. The school district or the professional auditors IAG will never retract the audit because they don't have to. Your bullyism won't work in the USA, neither will your immature and amateur attacks. You know nothing about who we are or where I am from. You are merely fishing. This is the usual cult response to find out the identity of those that are revealing the truth about you and make that the argument. Meanwhile your school and reputation continues to erode to nothing but a faint memory. Yes, move on Karen Man, because we all know your true face.
MarkMunoz June 29, 2012 at 10:54 PM
Everyone carefully read Karen M's post and decide Is this a school and group of people you want to stay involved with? Most of your parents have left and wised up. The rest of you, read and heed the dangers of this group who have been linked to murders and jailing in Turkey. See how ridiculous these people think? The paranoia, the constant conspiracy theories and blame onto others...this will never work. Good bye Karen M., Terry, and the rest it is over.
Patrick Schowsky June 30, 2012 at 06:02 AM
Mark! I wrote couple sentences and you wrote couple paragraphs but you didn't answer any of my questions.Were you a member of Istanbul center? Were you a parent of FSA School? ... I am not the one complaining about the people I have never met. I am a Potential Parent. I read your posts. I tried my best to understand and believe you but the way you write and the way you show your anger is terrible. And as I wrote I have never talked to Gulen i am not a member or parent, I am a business man. I don't know who is Karen and how she knows about you. And you wrote "knee -jerk reactions of your group" what group are you talking about? Am I in that group?LOL You don't even know me? it's like you are talking about the ocean, surfing and using ocean related words..BUT you've never been to the ocean. Please explain to me how and where did you get all the information about these schools and organizations. How come I couldn't find any proof but theories-ideas.
MarkMunoz June 30, 2012 at 08:37 AM
Patrick your questions are Moot, the school is closed as a publicly funded charter school as of today 6/30/2012. You are a big man, with a nice pol/jew name why don't you make your own decision if you think $8,500 is a good spend for tuition for a school that paid $500K to Grace Institute in "services" and over $80K in immigration fees.... LETS not forget they have to answer to Wells Fargo. So your post and answering any more Gulencis dribble is pointless and meaningless. Good luck on that private school, seriously hope you can make it.
Truthseeker June 30, 2012 at 12:20 PM
Patrick, As an objective outside observer you should be able to ascertain that there are things about the people running this school that stink to high heaven. There has been enough documentation by people who've dealt with and investigated FSA's finances and found the leadership at FSA uncooperative and evasive. If you are truly a potential parent, due your own due diligence and figure it out for yourself. As for Karen, Karen M, Karen Mulan, Kellie Meckes - You don't see any similarities? I'm sure it's just a coincidence. Bottom line is , who cares. You would much more believe their rantings, because why? Don't believe anyone or anything posted on message boards. Seek the truth for yourself. I did and certainly stand by my, " something is rotten in the state of Denmark".
Karen M June 30, 2012 at 04:28 PM
It is funny how a lonely lady like yourself have multiple personalities to defend you under another name. Sit front of your computer while we the real working people are making this a better world by serving people. We are working and earning our living with hard work. We are going to work everyday, paying our taxes while you sit front of your computer and think about who you can attact next. You think about what president Kennedy said and expand it even more: " It is not what your world can do for you, but what you can do for your world". Don't worry about what these parents will do. Since you never had that experience, you can only dream about what a parent would want for their children.
MarkMunoz June 30, 2012 at 06:21 PM
It is very funny how your school has collected money for a private school that will probably never open because of your bank foreclosure. I hope Lassetter et al is watching the money because last time they clearly didn't. You should take President Kennedy's quote and mix it with Attaturk's speech on secularism and embracing western values. Do something for the 14 million illiterate in Turkey and the Kurdish children under the age of 15 you have thrown into jails simply because they want to speak THEIR language and not be Turkified. Really your Turkification and other curriculum is very mediocre in the USA. Such "tolerance" and "dialogue" is this what makes you angry that you cannot get your way in the USA because you don't own the judiciary system here, media or the politicians. You shameless and dishonestly pass yourselves off as accrediated teachers. Even funnier when you first came to the USA you false advertised your schools as "Have your child taught by Turkish Scholars" when most of you didn't even have a Bachelors Degree. However, you changed some of that by putting your brethren on the payroll of American Public Schools while many of them went to the local universities to obtain their degrees on American taxpayer's dime while cajoling with the university dialogue and social services department arranging free trips to Turkey (compliments of American taxpayers) Meanwhile all the FSA parents have is a closed school and a kid who can dance a mean Kolbasti.
Bill June 30, 2012 at 06:23 PM
Parents should also remember the school promoting there non refundable tuition fees for a private school that will never open because of the bank foreclosing on all three properties. Another shameless and irresponsible scam to get that last nickle.
MarkMunoz June 30, 2012 at 06:31 PM
Karen M; If you want to toss out American quotes you should get more accurate. Our President Kennedy's actual quote was "Ask not what your COUNTRY can do for you but ask what you can do for your COUNTRY" Clearly, bringing you here to teach our children is not the answer, you should help the poor in Turkey to boost their below standard ranking of Education. America is still above standard. Face it, you are in the USA for all of that free flowing American money. We have to hand it to you, up till now you Gulencis know how to sniff out OUR money. One thing everyone must understand is that the Gulencis love to throw out quotes and Ottoman proverbs. They believe this makes them sound intelligent. Here is a Ottoman Proverb that was quoted to an American Teacher at your sister school in Ohio. http://www.youtube.com/watch?v=QMMXg99xHWY
MarkMunoz June 30, 2012 at 06:40 PM
P.S. Someone flag Karen M's comment as inappropriate, it falls under "poor english and grammar skills" And these are the people you want teaching our children? They cannot even quote our American Presidents correctly.
Truthseeker June 30, 2012 at 07:54 PM
Karen , You are starting to sound shrill and unbalanced. I have no association with or knowledge of who Mark Munoz is. I can tell you my guess. From his posts it appears that he is possibly Turkish/Muslim, or in some other way closely knowledgeable about Turkey, it's culture, it's language and above all else, the intricate workings of the Gulen movement. All of which I have no clue. His greeting (Merhaba) what the heck does that mean? A Turkish dance kolbasti, again I have no clue. Do not lump me in with him. I appreciate the fact that he is knowledgeable and passionately forthcoming about other U.S. Gulen affiliated schools and the striking similarities to the problems at Alpharetta FSA. I will say I don't especially like his taunting, sadistic sounding comments. However, it appears that he has a warning about these people and knows how they operate. Does that include all of the Karen's and the mean spirited postings she/he/they have made??????? Your postings do not supply any facts to support your case. Mark names people, schools, locations and what has transpired at these schools. I and others can deduce who the misguided really are.
Patrick Schowsky June 30, 2012 at 10:52 PM
Mark! You haven't answered my questions yet. Were you a member of Istanbul center? Were you a parent of FSA School? Have you been to Grace Institute? Have you met Gulen yet? In my opinion your answer would be NO for all the questions. How come you know more than PARENTS, ADMINISTRATORS OR MEMBERS of establishments you mentioned? What's your source? And you are writing about Wasting taxpayers’ money. Is this your only concern? Currently there are hundreds and hundreds news about politics wasting taxpayers’ money or wasting taxpayers’ money in entertainment travel, Health etc... Have you ever post anything about those? As you said today fsa is closed as a charter school. it looks like you are happy about it. You can't find true happiness if you live your life searching for closing schools. About FSA Private school I congratulate FSA students and staff maybe it will keep you away from them. And again you didn't answer my question???
MarkMunoz June 30, 2012 at 10:55 PM
Patrick Patrick I don't have to answer any of your pointless questions. I don't work for you and you now longer work for the taxpayers of FC, You should concentrate on how you are going to answer to Wells Fargo, your new landlord. Hasta la Vista Patrick or who ever you are.
Patrick Schowsky June 30, 2012 at 11:13 PM
Thanks Mark for not answering my Question. It's not like I needed an answer! I really wanted to know how do you know many things about people you've never met. Wells Fargo! I don't know about it.
MarkMunoz June 30, 2012 at 11:21 PM
Patrick; Again, not important and we never established who I know, or have or have not met. That will be for you to figure out. Soon you will know about Wells Fargo and the defaulted loan. I really hope that your group has not pissed off the $18 million and DO have the remaining $12 million in an escrow account. If not? ouch, you will be held accountable by Wells Fargo and I assure you they will not be as nice as Fulton County BOE who gave you 10 years to straighten up your mess. Wells Fargo is brutal, and doesn't care anything about your defenses of "but it's for the children" They want their money.
Karen M July 01, 2012 at 02:11 AM
I am not a teacher and never was a teacher. I respect 99.9% of the teachers. You are not in that 99.9 %. I am not surprised you were found to be not fit to teach. I would not want my kids to be tought by a bully who needs an anger management. Teaching requires love and compassion. I do teach that to my children everyday. You must had the 0.1% group for a teacher or a mother. You have been harrassing people and their wifes and children. What did those people do to you? You need to respect people's rights. You would be a perfect case for FBI to investigate for civil rights violation. You have been writing and writing and writing. This looks like a you are the man and the woman dancing alone. Unfornunately, I have to leave you alone. People communicate two ways. That is why it is called communication. You are like a broken CD scratching my ear. I will pray the Lord to give you peace and humanity.
MarkMunoz July 01, 2012 at 02:28 AM
Sure Karen whatever you say, and we ALL know that the only good education in the USA is taught by followers of a 5th grade educated Imam. Most of which cannot speak English or teach at all . But they sure know how to spin their Science Olympiads, Math Counts, Turkish Olympiad (of which THEIR schools only win at) in the news. Please go away before you embarass yourselves any more in this Country. Fulton County Board of Education and the Georgia State Board of Education disagree with you. That is why you are gone, gone, gone. I communicate the truth my friend and your thinly disgused "proverbs" are of no value to any one in this country not to mention you had your chance with the FBI - when they were in Georgia investigating YOU. You and your group are the ones that continue to violate human rights, there are about 1 dozen EEOC lawsuits on your schools. You don't get to choose in this country who is fit to teach and who is not. Your reputation doesn't give you the right for anything except to pay the loan back. Are you up for it? Or are you going to flake out on that too? Maybe you should call your private school Deadbeat Private School. No one in America will have peace until you are gone from grabbing and stealing our tax dollars. I will prah to Allah to give you the same.
Patrick Schowsky July 01, 2012 at 07:21 AM
Mark! Have you ever heard anything like Georgia CRCT or Blue Ribbon School? On FSA School's website it says best performing school on CRCT tests 4 years in a row in Fulton County Schools. And FSA School is the only blue ribbon charter school in the state of Georgia? Do these make any sense to you? it looks like Science or math competitions are extra achievements which are great for students. And you wrote "Please go away before you embarass yourselves any more in this Country" this is extremely rude. You should apologize for saying that. And you are talking about peace! First of all you should be calm In your heart. Even though you feel like you're right, this kind of talk is inappropriate. And do you really have friends? LOL
Bill July 02, 2012 at 06:49 PM
What does all that have to do with the price of meat in TimBuctu? You could tote all the rewards and ribbons you want. It still does not excuse the fact that you cannot operate a business and is very irresponsible when it comes to handling of public finds. It doesn't excuse the fact that the schools are operated as front to bring in more aliens from Turkey with an interest other than education. It doesn't excuse the idea for breaking the law when it comes to building permits etc. Now that the construction has halted and trees have been cleared you have a public eyesoar and mosquito hatchery infesting the neighborhood. Most of the awards granted to these schools came from other Gulen organisations anyways. Instead of waisting time here on the boards why not do something useful and try to figure a way of paying off the bank before they foreclose on you. .
66chevelle July 04, 2012 at 04:57 AM
Kellie, why would they teach your kid about a movement which they take great pains to deny any association with? Do you really think it would help in furthering their Byzantine scheming to have your son come home and tell you about the wonderful man named Fethullah Gulen? Gulen already has his adherents well-seeded among the staff and management of his schools. The Gulen cult's main thrust is the acquisition of power, not the indoctrination of students, and the acquisition of power comes through the looting of taxpayer money. The co-opting of local media in the furtherance of that goal is what you see on display in all its lurid desperation here in the comments. This is not to say that Gulenists eschew propaganda; Some FSA parents and students might be amenable to the notion, inherent in the subtle propaganda, the trips to Turkey, and the appeal for tolerance, that these are Muslims truly interested in dialogue. That may be true, but in the face of all the lies, subterfuge and manipulations inherent in their enterprise, are you willing to make that leap of faith?


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