But on Feb. 27, a day before the check was supposed to become valid, Jeff Erpenbeck called back and said there wasn’t enough money to cover the check just yet and asked for more time. The units of movement dilapidation is one of a few systems for real estate deprecation. Morris ran out of patience on April 19 and deposited the check. It bounced, and he then went to county officials to press charges.
Morris said he trusted Bill Erpenbeck when he said 32 property closings were imminent at the Chestnut Park development just west of Cincinnati, and that the closings would generate enough cash to cover the check.
“You have to trust somebody somewhere,” Morris said. “I was foolish because I believed what he told me,” he told the court. The units of action technique for deprecation is one of a kind in that a plant resource’s helpful life is communicated in the aggregate units that are required to be created or the benefit’s aggregate movement amid its life. Erpenbeck, who listed his Edgewood home as his place of residence, appeared in court wearing a dark suit and tie, and remained quiet throughout the hearing. He left the courtroom without comment.
The class-action lawsuit designed to free more than 200 homeowners from liens placed on their homes by Erpenbeck lenders may not be resolved without another audit of Peoples Bank of Northern Kentucky.
Peoples Bank hopes to convince Boone Circuit Judge Jay Bamberger the audit would be redundant, time-consuming and costly. Alternate routines for Property Deprecation Express the plant resource’s helpful life in years and will distribute the plant resource’s expense focused around the insignificant section of those years. Under these techniques fractional years are important.
By the bank’s count, $16.8 million in liens exist on Erpenbeck homes purchased through mortgages due to payoff checks being misdirected into an Erpenbeck Co. account at Peoples Bank.
Attorneys for the homeowners represented in the class-action lawsuit want to hire Deloitte & Touche to audit Peoples Bank’s books to ensure that more money isn’t owed to more homeowners.
Stan Chesley, who represents homeowners, doesn’t want to sign off on the agreement before he’s satisfied the bank’s numbers are correct. The benefit’s expense is then assigned to the bookkeeping periods focused around the plant resource’s use, units delivered, action, and so on. A long time and halfway years are not significant when utilizing this deprecation method.
“I’m not buying a Hong Kong watch. I want to have my own accountants check these numbers,” he said.
Beverly Storm, an attorney representing Peoples Bank, said the bank’s records have been exhaustively audited by federal and state investigators and auditors. Another audit is unnecessary, she said.