Junk Bonds, Anyone?

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Friday, May 16, 2025
 
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Re: CUSIP Base #720798 [CUSIP 720798HC4] - The Village of Piermont, New York – Municipal Bonds
 
Dear Sirs/Mesdames:
 
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 at this time and very much appreciated. Thank you.
 
Respectfully,

John J. Tormey III, Esq.