RMCF sells Durango HQ to CEO-linked entity in $6.6M sale-leaseback

RMCF sold its Durango property to American Heritage Legacies, LLC (controlled by Interim CEO Allen Harper's family) for $6.6 million and will lease it back at $624,000 annually with 2% annual increases for ten years. The transaction involves related-party dealings with board members—the proceeds repay promissory notes owed to entities affiliated with board members Steven Craig and Jeffrey Geygan at 12% interest—raising governance concerns despite board approval and independent appraisal, and creates Change of Control buyback obligations at a 5% premium.

RMCF sold its main office and factory building to a company owned by its CEO's family for $6.6 million, then agreed to rent it back. The money goes to pay off loans from board members, which looks like an unusual arrangement that could concern investors.