Waterbank, which has been in bankruptcy proceedings for the last year, has been purchased by an eccentric millionaire, who has not been named.
“Under the guidance of the court, Waterbank has been sold off to pay creditors and debtors,” explained a lawyer from Baker and Sun. “It is unusual to sell off a public entity, so the court has separated Waterbank from the Waterbank Metropolitan Authority, which will be kept as a publicly run function.”
The new owner will be able to claim rights for the name, and tens of public offices, including the Waterbank Police Department and office of Public Works.
“Waterbank and WMA are separate now,” the lawyer said, “leaving just a few government functions as they were. The WIA, WAA, and a few more are still run as before. As for what happens to the rest, that’s for the new owner to decide.”