Law Office of John J. Tormey III, Esq.
John J. Tormey III, PLLC
1636 Third Avenue, PMB 188
New York, NY 10128 USA
(212) 410-4142 (phone)
(212) 410-2380 (fax)
jtormey@optonline.net
https://www.tormey.org
Friday, May
16, 2025
VIA U.S. MAIL and E-MAIL:
eden.perry@spglobal.com
Eden Perry
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
VIA U.S. MAIL and E-MAIL:
charlene.butterfield@spglobal.com
Charlene Butterfield
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
VIA U.S.
MAIL and E-MAIL:
victor.medeiros@spglobal.com
Victor Medeiros – Director and Lead Analyst
S&P Global Ratings – U.S. Public Finance
One Financial Center, 675 Atlantic Avenue, 9th Floor
Boston, Massachusetts 02111 USA
VIA U.S.
MAIL and E-MAIL:
oladunni.ososami@spglobal.com
Oladunni M. Ososami – Primary Credit Analyst
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
Re: CUSIP
Base #720798 [CUSIP 720798HC4] - The Village of Piermont, New York – Municipal
Bonds.
Dear Eden,
Charlene, Victor, and Oladunni:
I trust that
you and your colleagues will recall my prior correspondence regarding the
Village of Piermont, New York.
A new major
development has occurred. After engaging in a “Risk Assessment” of Piermont’s
finances and poring over Piermont’s books and records at Village Hall for at
least one month, the Office of the New York State Comptroller (OSC) has now taken
action as against the Village of Piermont, its financial “methodology”, and its
lame-duck Mayor Bruce Tucker:
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
Mayor Tucker has announced to local news source “News12”, that he is not running for re-election:
https://unhandpiermont.blogspot.com/2025/02/not-with-bang-but-with-garmento.html
You will
recall that Mayor Tucker and the government of the 2,500-person Village of
Piermont claimed, and took, a massive “Unassigned Fund Balance” in the amount of
US$3,210,196 last year. Tucker did this to, inter alia, artificially
prop-up the financial condition of the Village of Piermont in the eyes of the
bond analysts, the eyes of the bond market, and the eyes of Wall Street
generally. See:
https://unhandpiermont.blogspot.com/2024/08/takin-it-to-street.html
Measured against an upcoming Piermont budget of US$7,358,767 as a rough point of comparison, that would mean an “Unassigned Fund Balance” totaling 43.6% of the Piermont budget, which is a preposterously high percentage - almost half of the budget:
https://unhandpiermont.blogspot.com/2025/05/2026-adopted-budget-village-of-piermont.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
According to
Bruce Tucker’s and Piermont’s own recent attestation, on or more Auditors from
the Office of the New York State Comptroller (OSC) have now made a recommendation
critical, at best, of Piermont’s handling of its finances. OSC just recommended
that Bruce Tucker and the Village of Piermont cap the “Unassigned Fund Balance”
at 20% of the Piermont budget instead:
https://unhandpiermont.blogspot.com/2025/05/piermont-garmento-mayor-bruce-tucker.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
To the extent that OSC has made other or additional findings as against Tucker or Piermont, those findings have not been made public or admitted-to by Tucker as of yet, but are eagerly anticipated by Piermont and Town of Orangetown residents alike.
The worst
part of this scenario, is that Bruce Tucker and the Village of Piermont are now
openly defying the advice of the Office of the New York State Comptroller (OSC).
Mayor Tucker instead seeks to decree by his own fiat an “Unassigned Fund
Balance” cap of 25%-of-budget, instead of 20%-of-budget. In dollars, that
amounts to a roughly-calculated US$367,938 increment to the “Unassigned Fund
Balance” which Mayor Tucker seeks to keep as additional cash-on-hand equivalent:
https://unhandpiermont.blogspot.com/2025/05/piermont-garmento-mayor-bruce-tucker.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
Upon
information and belief, Mayor Bruce Tucker is seeking to keep these monies
on-hand as incremental “Unassigned Fund Balance”, as a hedge against potential
further litigation costs, and as a hedge against the possibility that he and
Piermont may soon be compelled to refund grant monies back to the original grantor
or grantors:
https://unhandpiermont.blogspot.com/2025/05/dumping-max-stach-its-gas.html
https://unhandpiermont.blogspot.com/2025/05/how-to-find-mayor-bruce-tuckers-march.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
Not to
mention, the iconic Piermont Pier tip, Piermont’s and Rockland County’s main
tourist attraction, is crumbling into the Hudson River and Bruce Tucker has
been begging residents for money to pay to fix it:
https://unhandpiermont.blogspot.com/2024/11/a-crumbling-piermont-pier-courtesy.html
Again, for
the sake of the innocent bona fide purchaser bondholders out there, and
the integrity of the bond market generally, your renewed
attention to the economic instability of the Village of Piermont will be most
appropriate and very much appreciated. Thank you.
Respectfully submitted,
John J. Tormey III, Esq.
John J. Tormey III, PLLC
1636 Third Avenue, PMB 188
New York, NY 10128 USA
(212) 410-4142 (phone)
(212) 410-2380 (fax)
jtormey@optonline.net
https://www.tormey.org
eden.perry@spglobal.com
Eden Perry
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
charlene.butterfield@spglobal.com
Charlene Butterfield
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
victor.medeiros@spglobal.com
Victor Medeiros – Director and Lead Analyst
S&P Global Ratings – U.S. Public Finance
One Financial Center, 675 Atlantic Avenue, 9th Floor
Boston, Massachusetts 02111 USA
oladunni.ososami@spglobal.com
Oladunni M. Ososami – Primary Credit Analyst
S&P Global Ratings - Standard & Poor’s Global Corporate
Two Lincoln Centre, 5430 LBJ Freeway
Dallas, Texas 75240 USA
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
Mayor Tucker has announced to local news source “News12”, that he is not running for re-election:
https://unhandpiermont.blogspot.com/2025/02/not-with-bang-but-with-garmento.html
https://unhandpiermont.blogspot.com/2024/08/takin-it-to-street.html
Measured against an upcoming Piermont budget of US$7,358,767 as a rough point of comparison, that would mean an “Unassigned Fund Balance” totaling 43.6% of the Piermont budget, which is a preposterously high percentage - almost half of the budget:
https://unhandpiermont.blogspot.com/2025/05/2026-adopted-budget-village-of-piermont.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/piermont-garmento-mayor-bruce-tucker.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
To the extent that OSC has made other or additional findings as against Tucker or Piermont, those findings have not been made public or admitted-to by Tucker as of yet, but are eagerly anticipated by Piermont and Town of Orangetown residents alike.
https://unhandpiermont.blogspot.com/2025/05/piermont-garmento-mayor-bruce-tucker.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2025/05/dumping-max-stach-its-gas.html
https://unhandpiermont.blogspot.com/2025/05/how-to-find-mayor-bruce-tuckers-march.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tucker-in-stew.html
https://unhandpiermont.blogspot.com/2025/05/piermont-mayor-bruce-tuckers-us367938.html
https://unhandpiermont.blogspot.com/2024/11/a-crumbling-piermont-pier-courtesy.html
John J. Tormey III, Esq.