Riverhead’s current Town Board inherited a reckless giveaway of what’s left of EPCAL for a fraction of fair value to serial fraudster Daniel Preston and his start-up Luminati. After the property was tied up without a penny of consideration for almost a year, the board then, in effect, allowed Mr. Preston to assign his letter of intent to various permutations of entities allegedly controlled by the Ghermezian family. Mr. Preston’s involvement was sufficiently suspect that Supervisor Laura Jens-Smith and her running mates during last year’s campaign called for an independent investigation into prior dealings between then-Supervisor Sean Walter and Luminati. READ
While Luminati Aerospace founder Daniel Preston was a no-show at Tuesday’s qualified and eligible sponsor hearing on Calverton Aviation and Technology’s $40 million offer to buy more than 1,600 acres of land from Riverhead Town at the Enterprise Park at Calverton, seemingly everyone else was there. READ
Billionaire businessman John Catsimatidis wanted control of his proposed joint venture with Luminati Aerospace at the Enterprise Park at Calverton, a deal that fell apart in December, according to his attorney, Nelson Happy. READ
Daniel Preston, the CEO of Luminati Aerospace, the firm looking to restart the aerospace industry by purchasing Riverhead Town-owned land at the Enterprise Park at Calverton, was the subject of a lawsuit in 2009 over an alleged job offer from a company offering Mr. Preston a far higher salary than he was being paid at the company he helped create, Atair Aerospace, according to court documents.
Three Riverhead Town Board members said Friday they won’t support the Luminati Aerospace sale unless changes are made.
The Town Board had planned to move forward with the $40 million sale of town-owned land at Enterprise Park at Calverton to support Luminati’s plan for building “unmanned aerial vehicles” that can beam wireless internet back to earth.
Luminati Aerospace LLC, the company in contract negotiations to purchase the remaining acreage at the Enterprise Park at Calverton, publicly displayed some of its manufacturing capabilities Friday to celebrate the reopening of a hangar at the former Grumman site and mark its intentions to rekindle the site’s aviation roots.
The Riverhead Town Board on Tuesday unanimously authorized the signing of a letter of intent to sell most of the remaining town-owned land at the Enterprise Park at Calverton, including both runways, to Luminati Aerospace LLC for $40 million.