Two weeks ago, Boca Grande Capital LLC principal investor Jim Connelly made a settlement offer to the city regarding the lawsuit brought against him.
Now, the city of Ripon has made a counter-offer — one that could set off a chain of events leading to Connelly declaring personal bankruptcy.
This week, Connelly’s attorney — Steven Kravit of Kravit Hovel & Krawczyk, Milwaukee — shared details of the counteroffer with Tom Rogers of Ripon.
Rogers is involved in the discussion because he leads a local investment group offering to take over ownership of many of Boca’s buildings for a greatly reduced sum.
This, however, would occur only if the city reaches a settlement with Connelly.
Kravit confirmed in an email to the Commonwealth that he spoke with Rogers.
“At my client’s request I generally updated Tom Rogers on the status of settlement because of Mr. Rogers’ own sincere interest in continuing the positive development plans for Ripon downtown consistent with Mr. Connelly’s vision for restoring its long lost luster,” he wrote.
At this point, however, it appears neither Connelly nor the city of Ripon are receptive to each other’s settlement demands.
According to what Kravit shared with Rogers, the city has demanded $2 million immediately from Connelly as one term for dropping the lawsuit.
“They demanded a $2 million check immediately,” Rogers said.