As I have noted in the update below, Steeples was NOT raided by the FBI, nor was the owner arrested. However, as The Transcript has confirmed, the state Attorney General's office has been in town investigating the deals surrounding various investment properties.
What I do know from personal sources is that at least some of Steeples employees were being paid in cash because there was no money in the bank account. More than a couple food suppliers had long ago cut off selling to Steeples because of unpaid bills. And no knowing business in town would even think about taking their checks.
There is also a well sourced report that Steeples, either as part of the lease agreement or in lieu of rent, signed over the equipment within the restaurant to the Holiday Inn. If true, this is best news in the whole scenario. It will allow the Holiday Inn to simply unlock the doors and reopen quickly. Rumor has it that the management of the Holiday Inn became weary of Steeples viability and has contingency plans in place for food, etc...
The death of Sanford Plumb last month will certainly complicate things, but for the Borers to be blaming their problems on the current managerial team at the Holiday Inn is an absolute joke. I have it from a very reliable source the Mr. Plumb had, himself, begun arranging contingency plans for the restaurant before his death. Obviously he had doubts about the Borers' viability.
And in the spirit of full disclosure, it is true that I had informally inquired about purchasing Steeples last year when the deal between Ed Bassi and the Borers was being delayed from closing. But the deal did close and my interest never went any further. For the record, I am VERY happy at my current employer, Wild Oats Community Market. We've just started selling hot food for lunch and dinner. Come check us out.
UPDATE: If rumor is correct, the Holiday Inn should have a restaurant up in and running in a month or so.