Thursday, March 27, 2003
D-Day foundation's president pleased
Deal gives 2 memorial creditors board picks

Architect Byron Dickson said he would like D-Day veteran Bob Slaughter back on the board.

By JAY CONLEY
THE ROANOKE TIMES

   As part of a settlement agreement that will bring the National D-Day Memorial Foundation out of Chapter 11 bankruptcy protection, the foundation's two largest creditors will be allowed to choose four members to sit on the nonprofit organization's board of directors.

    The terms of the five-page agreement were released Wednesday by the foundation, which announced that it will present the plan as soon as possible to a Lynchburg federal bankruptcy court for approval.

    Earlier this month, the foundation and its two biggest creditors, Forest-based Coleman-Adams Construction and Roanoke architect Byron Dickson, announced they had agreed to a repayment plan of $2.8 million in unpaid bills. The foundation also agreed to pay another $1 million to 38 smaller creditors but were waiting for them to sign the agreement.

    The foundation filed for bankruptcy protection in November citing a total debt of $3.8 million and was given 120 days to work out a deal with its creditors.

    As part of the agreement, Dickson said he and Coleman-Adams president Clif Coleman wanted to be able to collaborate on choosing board members to ensure the success of the foundation. They agreed to nominate four candidates, which is the current number of vacancies on the 19-member board.

    "We were concerned that the board have a high level of business expertise," he said.

    The current board members would have to approve Coleman's and Dickson's nominees.

    Dickson said he would like to see Roanoke D-Day veteran Bob Slaughter back on the board. Slaughter spearheaded the idea of building the $25 million memorial in Bedford and served for a time as the board's chairman.

    "He's the heart and soul and the guts of this thing," Dickson said.

    Slaughter resigned along with a majority of board members in October 2001, shortly after the foundation announced it was $5 million in debt and it came to light that a federal investigation of the foundation's finances was under way.

    A new board was later formed, and prosecutors indicted former foundation president Richard Burrow on four federal fraud charges regarding the foundation's finances. Burrow was never charged with personally taking any money. A mistrial was declared in December when a jury couldn't reach a unanimous decision. Prosecutors announced last week they would seek to retry the case.

    "If Clif Coleman and Byron wanted me to do it, I'd do it," Slaughter said of rejoining the board.

    Under other terms of the settlement agreement released Wednesday, the foundation must pay Coleman-Adams and Dickson collectively $500,000 within 18 months after the agreement is approved in court or be considered in default.

    Also, the foundation will have to pay 9 percent interest on any outstanding debt owed to the contractors after 30 months, retroactive to Aug. 14, 2002. That is one percentage point more than the foundation agreed to pay earlier this month.

    But there is a benefit to paying off the entire balance owed to Coleman and Dickson within a year. If that happened, the foundation would save $260,000 under the terms of the agreement.

    "I'm genuinely pleased with the agreement," foundation president William McIntosh said.

    It has been a year since Coleman-Adams and Dickson have received any money from the D-Day foundation.

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