MidFirst Bank’s reasoning explained

Lorenz T. "Marty" Martensen

Dear Editor,

Please, Glenwood Springs citizens, bail our MidFirst Bank out of its lousy investment in Four Mile Ranch that we have now named Red Feather Ridge. You see, citizens, we were talked into loaning a lot of money to Lester B. Colodny.

The GSPI last Monday carried the Associated Press story of Mr. Colodny’s unsavory banking history. A Mr. Bob Gaudio stated, “In the 18 years I was aware of Mr. Colodny, there is only one project that was completed by him. Most were either taken over by a partner or by a bank.”

So, Glenwood Springs citizens, that’s why we had to foreclose on the project. Since we loaned a lot of money to Mr. Colodny, we’d like to get the money back. Obviously Mr. Colodny couldn’t sell the 58 lots in his Four Mile Ranch project. If he could have, he would have.

We at MidFirst came up with the idea that we just might be able to change things around with a lot of promises and a very expensive advertising campaign to sell Red Feather Ridge to the Glenwood Citizens.

(Observation: Land for a cemetery on a steep hillside doesn’t pay one dollar for the burial site access roads and potential drainage problems. Glenwood’s citizens will pay those costs later).

The MidFirst ads will continue. Glenwood’s citizens may just not fall for the bailout when they vote “no” in the June election.

Lorenz T. “Marty” Martensen

Glenwood Springs

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