date:20060420

I think different Cohensif I'm not mistaken, they own stuff in Camden, 
Trenton etc. Lots.

A guess.









 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "Fred" <[EMAIL PROTECTED]> wrote:
>
> > 
> How does the name Jacob Cohen sound.
> 
Zoning board member resigns 

ASBURY PARK, Feb. 20, 2002 -- Property owner Jacob Cohen has 
resigned from the city's Zoning Board of Adjustment.

His resignation is the second from the board in the last four 
months. The board has nine members, two of whom are alternates who 
can vote if regular members are absent or must abstain from voting. 
In the past, the first alternate has been moved up to the regular 
board when a vacancy occurs. The first alternate is Ruthanne 
Harrison, Sixth Ave.

Financial consultant Ned Brown resigned from the board in November, 
around the time he filed suit against RDR Properties Inc., Bangs 
Ave. Brown said that RDR had not paid him an equity interest in net 
proceeds on properties that Brown says he helped RDR buy through 
bank foreclosures. Brown said he decided to resign from the board 
because of his involvement in local real estate in general.

Cohen, who owns several properties in the city and previously 
operated a deli, is also a former commissioner of the Asbury Park 
Housing Authority. In August of last year, Cohen said that he was 
not reappointed as a commissioner because he refused a request by 
former City Councilman James Condos to support the return of Kenneth 
E. Nixon Jr. as the authority's executive director, six years after 
Nixon was fired from the job. Cohen said Condos wanted Nixon hired 
so Condos could then be hired as the housing authority's risk 
management coordinator. Condos and Nixon denied the accusation. 

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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

2006-04-20 Thread Fred

--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> 
wrote:
>
> 
How does the name Jacob Cohen sound.



Hey Gerry how far back do these guys go?  I don't really know them.  
> You see the RDR guys around, Fasano everywhere, even Wilson from 
> Sachman is always present.  Gary Klein wasn't really out and about 
> around here. I met him a couple of times and he was really a nice 
> guy.  I liked him.  
> 
> When you say they were part of the "AP old days" can you be more 
> specific?  Can you tell us more about the things you say they did?
> 
> Give us the scoop, man!
> 
> 
> --- In AsburyPark@yahoogroups.com, gtscarano212@ wrote:
> >
> > I believe the sheriff dept will be handling the liquidation on 
> the  
> > individual properties( holdings).
> >  
> > For further information regarding Sheriff's Sales, call (732)  
431-
> 7141 or 
> > 7142 (Monday thru Friday from 8:30 am to 4:30 pm)  
> > _http://www.visitmonmouth.com/sheriff/sale/index.asp_ 
> (http://www.visitmonmouth.com/sheriff/sale/index.asp) 
> >   or _www.visitmonmouth.com/sheriff_ 
> (http://www.visitmonmouth.com/sheriff)  
> > or _Sheriff Foreclosure Sales_ 
> > (http://www.visitmonmouth.com/sheriff/newsroom.asp?action=204)  
> >  
> > No bargains in years, but up to a few years ago you usually could 
> double  
> > your investments in days when the paperwork was straighten out.
> >  
> > Homes, businesses, and properties in foreclosure  are subject to 
> auction 
> > pursuant to court order. Sheriff's sales are held as an  open 
> auction every Monday 
> > at 2:00 p.m. in the Hall of Records, 1 East Main  Street, 
> (Freeholder's 
> > Meeting Room 2nd Floor) Freehold, NJ. 
> >  
> > Is it possible that a company that practice refinancing poor  
> people 
> > mortgages and buying tax liens, a business that left some  poor 
> people on the street 
> > may find themselves on the street? 
> > Where will this investigation go since the principals were part 
of 
> AP old  
> > days and the recent housing boom in town.
> > It's to bad that this investigations may reassemble the Nancy's  
> big story 
> > years ago in the AP Press. ( House of Cards:  1996-7 ) about 
Welsh 
> Securities in 
> > Parsippany, N. J.
> >
>






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

Hey Gerry how far back do these guys go?  I don't really know them.  
You see the RDR guys around, Fasano everywhere, even Wilson from 
Sachman is always present.  Gary Klein wasn't really out and about 
around here. I met him a couple of times and he was really a nice 
guy.  I liked him.  

When you say they were part of the "AP old days" can you be more 
specific?  Can you tell us more about the things you say they did?

Give us the scoop, man!


--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
>
> I believe the sheriff dept will be handling the liquidation on 
the  
> individual properties( holdings).
>  
> For further information regarding Sheriff's Sales, call (732)  431-
7141 or 
> 7142 (Monday thru Friday from 8:30 am to 4:30 pm)  
> _http://www.visitmonmouth.com/sheriff/sale/index.asp_ 
(http://www.visitmonmouth.com/sheriff/sale/index.asp) 
>   or _www.visitmonmouth.com/sheriff_ 
(http://www.visitmonmouth.com/sheriff)  
> or _Sheriff Foreclosure Sales_ 
> (http://www.visitmonmouth.com/sheriff/newsroom.asp?action=204)  
>  
> No bargains in years, but up to a few years ago you usually could 
double  
> your investments in days when the paperwork was straighten out.
>  
> Homes, businesses, and properties in foreclosure  are subject to 
auction 
> pursuant to court order. Sheriff's sales are held as an  open 
auction every Monday 
> at 2:00 p.m. in the Hall of Records, 1 East Main  Street, 
(Freeholder's 
> Meeting Room 2nd Floor) Freehold, NJ. 
>  
> Is it possible that a company that practice refinancing poor  
people 
> mortgages and buying tax liens, a business that left some  poor 
people on the street 
> may find themselves on the street? 
> Where will this investigation go since the principals were part of 
AP old  
> days and the recent housing boom in town.
> It's to bad that this investigations may reassemble the Nancy's  
big story 
> years ago in the AP Press. ( House of Cards:  1996-7 ) about Welsh 
Securities in 
> Parsippany, N. J.
>






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

What's interesting right now is that as tenants of REI, we aren't 
sure where to turn.  REI is shut down.  Who is going to pay the 
electric bill?  An elevator stopped working yesterday - who is going 
to pay to have it fixed?  To whom do we send our rent checks?


--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "bluebishop82"  
> wrote:
> >
> > 
> > You speaka' New York, I speaka' New Jersey. ;-)
> > 
> >
> I speaka da brookalin!
> 
> Yes, my second hypo, if they lent money holding the LLC interest 
as 
> collateral does not make them an equity investor in the property 
in 
> the traditional sense, but in essence, that is what they become. 
> That is because the real equity owner (LLC) has to wait until the 
> bank takes it share and then the creditors of the LLC (investors) 
> get their share from the LLC. A distinction without an difference. 
> The state, because perhaps security laws were violated, may 
appoint 
> a receiver for the LLCs, but not the properties. The receiver of 
the 
> LLCs will have to deal with the lenders in the normal course of 
> events.
>






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> 
wrote:
>
> 
> You speaka' New York, I speaka' New Jersey. ;-)
> 
>
I speaka da brookalin!

Yes, my second hypo, if they lent money holding the LLC interest as 
collateral does not make them an equity investor in the property in 
the traditional sense, but in essence, that is what they become. 
That is because the real equity owner (LLC) has to wait until the 
bank takes it share and then the creditors of the LLC (investors) 
get their share from the LLC. A distinction without an difference. 
The state, because perhaps security laws were violated, may appoint 
a receiver for the LLCs, but not the properties. The receiver of the 
LLCs will have to deal with the lenders in the normal course of 
events.

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Re: [AsburyPark] Re: Full story on REI's alleged Ponzi scheme

2006-04-20 Thread gtscarano212

I believe the sheriff dept will be handling the liquidation on the
individual properties( holdings).
For further information regarding Sheriff's Sales, call (732)
431-7141 or 7142 (Monday thru Friday from 8:30 am to 4:30 pm) http://www.visitmonmouth.com/sheriff/sale/index.asp or
www.visitmonmouth.com/sheriff or Sheriff Foreclosure Sales
No bargains in years, but up to a few years ago you usually could double
your investments in days when the paperwork was straighten out.
Homes, businesses, and properties in foreclosure
are subject to auction pursuant to court order. Sheriff's sales are held as an
open auction every Monday at 2:00 p.m. in the Hall of Records, 1 East Main
Street, (Freeholder's Meeting Room 2nd Floor) Freehold, NJ.
Is it possible that a company that practice refinancing poor
people mortgages and buying tax liens, a business that left some
poor people on the street may find themselves on the street?
Where will this investigation go since the principals were part of AP old
days and the recent housing boom in town.
It's to bad that this investigations may reassemble the Nancy's
big story years ago in the AP Press. ( House of Cards:
1996-7 ) about Welsh Securities in Parsippany, N. J.

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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

Yes I think the building I'm in is 601 Bangs, LLC.  

Pretty common to put different properties in different LLC's. 
Liabilities in one won't be at risk in the other.

Carter Sackman has the Press building as 603-605 Mattison, LLC (I 
assume the old bank building is in that too) but Steinbach's I believe 
is held as Emory, LLC or someting close to that.

As for your post below maybe "equity investor" is a term of art in NY.  
It certainly could be. It doesn't exist in NJ (at least not as you 
propose it below regarding the second set of people). 

Here the term "equity" is reserved just for owners, not mortgage or 
lien holders.  Under your hypos below, the first set (members in the 
LLC) certainly are owners so they have equity.  Your second set of 
people, those who loaned money, have no equity.  They are just 
lienholders (assuming a lien was given with note, which isn't 
automatic).  

You speaka' New York, I speaka' New Jersey. ;-)

--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> Tom
> 
> I search some of the others just for REI Group. Some of the 
properties 
> are held in LLCs so the investors may have membership interests or 
> simply lent money to the principals with their membership interests 
in 
> the LLCs as collateral. In either case, they are equity investors, 
> directly in the first instance and indirectly in the second.
>

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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

Panepinto has been doing REI's work since they started here in AP.


--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "bluebishop82"  
> wrote:
> >
> > I see Dan - we are on 2 different subjects.  You are talking 
about 
> > priority of liens for a payoff (and you are right).  Although I 
> > think you are taking some liberties with the word "equity 
> > investor."  Equity presupposes you own the property.  Banks with 
> > mortgages don't own the property, they have a security interest -
 
> > not an equity interest. So too for individuals holding a 
> promissory 
> > note.
> >
> 
> Both you and I don't know how these things were actually 
structured 
> so perhaps we should not be speaking, but that has not stopped us 
> before. I looked at one of the properties they owned that I knew 
of 
> (618 Asbury). It was owned individually by Gary Klein nd recently 
> transferred to Jacob Cohen. I thought perhaps that the promissary 
> notes were to buy properties as pools of investors. That doesn;t 
> appear so for this property, so I really don;t know what interests 
> the investors actually hold. If they had security interests as 
> lenders I don;t know what position they would hold (order, first 
> second, etc.) because I could not imagine a regular bank sitting 
as 
> a second behind a private. BTW, an attorney Panepinto pops up in 
> several transcations on this property.
>







 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

Tom

I search some of the others just for REI Group. Some of the properties 
are held in LLCs so the investors may have membership interests or 
simply lent money to the principals with their membership interests in 
the LLCs as collateral. In either case, they are equity investors, 
directly in the first instance and indirectly in the second.








 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> 
wrote:
>
> I see Dan - we are on 2 different subjects.  You are talking about 
> priority of liens for a payoff (and you are right).  Although I 
> think you are taking some liberties with the word "equity 
> investor."  Equity presupposes you own the property.  Banks with 
> mortgages don't own the property, they have a security interest - 
> not an equity interest. So too for individuals holding a 
promissory 
> note.
>

Both you and I don't know how these things were actually structured 
so perhaps we should not be speaking, but that has not stopped us 
before. I looked at one of the properties they owned that I knew of 
(618 Asbury). It was owned individually by Gary Klein nd recently 
transferred to Jacob Cohen. I thought perhaps that the promissary 
notes were to buy properties as pools of investors. That doesn;t 
appear so for this property, so I really don;t know what interests 
the investors actually hold. If they had security interests as 
lenders I don;t know what position they would hold (order, first 
second, etc.) because I could not imagine a regular bank sitting as 
a second behind a private. BTW, an attorney Panepinto pops up in 
several transcations on this property.

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Re: [AsburyPark] AsburyRadio is Back Up

2006-04-20 Thread restore881FM

Hey there...we lost our website Asbury Radio.com due to a hacker, but Pete Walton has us back up and running again. (We're thinking of naming him St. Peter.)
To make up for our absence I'm sending you some great tunes right now over the web via our home page. Just click on the listen live link at the top of the home page to hear the Reese Project right now, then we'll be going to the Spirit of Asbury Park CD and on to Full Blown Cherry - a great rockibilly band we met at Asbury Lanes.
Hope you enjoy the sounds!!
Tonight at 8, we'll be sending our show live over the net and radio, which will feature a rundown of the city council meeting/love fest last night to Save the Baronet, with some of the quotes made by people at the mic last night, and an indepth discussion of the Dispute Resolution the city signed with Asbury Partners. So if you've got opinions on that, please tune in. Also, we'll have Max Makow in the studio to talk about his new show, "Turning Points", on 88.1 FM. AND, my old neighbor Midge Guerera will drop by to tell us all about her theatrical productions at the Crane House this weekend - part of April in Asbury.
Looking forward to hearing from you!
Maureen
PS - please feel free to forward this message. Thanks!
Maureen NevinAsbury Radio -"The Radio Voice of Asbury Park"88.1FM - "5" Years on the Air!!Asbury's Own Live Talk Show601 Bangs AvenueListen 8 - 10 PM Thursdays on 88.1FM orListen Live or Later on the Web http://www.restoreradio.com/Call the show 732-775-0821Call me 732-774-0779 fax 502-0463Speak up - It's America!!

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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

"You can buy a lot of AP property with $8 million."

could of, could of had 56 acres with that and some promises.

At the current prices, doesn't go that far.







 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

I see Dan - we are on 2 different subjects.  You are talking about 
priority of liens for a payoff (and you are right).  Although I 
think you are taking some liberties with the word "equity 
investor."  Equity presupposes you own the property.  Banks with 
mortgages don't own the property, they have a security interest - 
not an equity interest. So too for individuals holding a promissory 
note.

I'm talking about control of the properties until the time of the 
payoffs.  I assume it will be a receiver, who ultimately will sell 
the properties to start paying off the creditors. The batting order 
is usually 1st in time holders of a security interest (mortgages, 
liens, etc) followed by the unsecured creditors (those last ones 
often don't get paid off when there isn't enough to go around, and 
are left only with a restitution order from a criminal court).

I'm not certain to what extent banks are even going to be involved 
here.  The paper says Klein personally guaranteed $8 million in 
promissory notes.  You can but a lot of AP property with $8 million.

--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "bluebishop82"  
> wrote:
> >
> > After freezing the assets, the state is likely to appoint a 
> receiver 
> > who will hold and maintain the properties in trust for the 
> defrauded.  
> > His powers will likely include the power to sell.
> > 
> > From reading the press article, it isn't clear yet if there are 
> equity 
> > investors.  The article said REI was selling promissory notes, 
> which 
> > standing alone gives no equity or security interest.
> >
> Equity investors in the sense that there is debt on the properties 
> (banks). Whatever value there is (if any) after the debt repayment 
> is the equity. I assume the investors who were allegedly defrauded 
> own whatever equity there is in the properties above the debt. 
> Forget the state. The banks come first. They ask for a receiver or 
> simply call the loans and foreclose. State can only act on behalf 
of 
> the investors (equity) and have to wait until the lenders have 
eaten 
> their full.
>

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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> 
wrote:
>
> After freezing the assets, the state is likely to appoint a 
receiver 
> who will hold and maintain the properties in trust for the 
defrauded.  
> His powers will likely include the power to sell.
> 
> From reading the press article, it isn't clear yet if there are 
equity 
> investors.  The article said REI was selling promissory notes, 
which 
> standing alone gives no equity or security interest.
>
Equity investors in the sense that there is debt on the properties 
(banks). Whatever value there is (if any) after the debt repayment 
is the equity. I assume the investors who were allegedly defrauded 
own whatever equity there is in the properties above the debt. 
Forget the state. The banks come first. They ask for a receiver or 
simply call the loans and foreclose. State can only act on behalf of 
the investors (equity) and have to wait until the lenders have eaten 
their full.






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

ou have to find him guilty first.





 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:

> What interest in title would the state have to auction? None. There 
>are debt and equity investors. The state has no interests. It is up to 
>the debt and equity investors.

After freezing the assets, the state is likely to appoint a receiver 
who will hold and maintain the properties in trust for the defrauded.  
His powers will likely include the power to sell.

>From reading the press article, it isn't clear yet if there are equity 
investors.  The article said REI was selling promissory notes, which 
standing alone gives no equity or security interest. 

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[AsburyPark] Small but helps

2006-04-20 Thread Allan Peterson




Nice to see along the boardwalk that the 1st ave building is being painted and 3rd ave received some new lights.  Small but nice to see
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[AsburyPark] Springsteen - this week - next week

anyone going? Seems to be plenty of $100 tix






 
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[AsburyPark] Re: WTC Rebuilding vs. Pavillions

Sept 11, 2006 will be here before the paint dries on the 5th ave Pav.

That's 5 years.

Hopefully, they'll have a new outdoor grill and some new plastic palms.





 
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[AsburyPark] WTC Rebuilding vs. Pavillions

An excerpt from today's NYT.

"After months of political bickering and false starts, officials from 
the Pataki, Corzine and Bloomberg administrations said last night that 
they were finally in agreement on a workable financial plan to rebuild 
at ground zero and have the Port Authority of New York and New Jersey 
take control of the Freedom Tower. The officials said the plan amounted 
to a blueprint for rebuilding the entire 16-acre World Trade Center 
site by 2012, with the authority providing $100 million for the Sept. 
11 memorial."

Even with haggling, dealing with probably the most sensitive and 
emotion-packed development site, they will rebuild 13+ million sf by 
2012. Asbury Partners gets to build out all four pavillions by 2010 by 
the new supplemental agreement, 8 years after the original RA. There is 
no word when the entire restoration of the Casino et al will be 
completed. You just have to laugh. Willing and capable people can do 
almost anything. Werner had the best analogy using the Empire State 
Bldg.






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> 
wrote:
>
> I wonder if the State will eventually auction off their properties.
> 
> Maybe we should form the "APYahooGroup Realty Company."  Dan can 
value 
> the properties before we bid and I'll handle the closings.  JJ can be 
> the treasurer. Oakdorf can market for tenants.
> 
> Perhaps we can make the State an offer before they auction them.
> 
> http://www.app.com/apps/pbcs.dll/article?AID=/20060420/NEWS/60420001
>
What interest in title would the state have to auction? None. There are 
debt and equity investors. The state has no interests. It is up to the 
debt and equity investors. I know the rooming house since it is across 
the street from me and run by an old lady. I see REI taking care of 
thea house on 1st Ave right across from Library Square that is very 
nice. That would be a nice buy.






 
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[AsburyPark] Re: Full story on REI's alleged Ponzi scheme

Thanks for the invite.
Flip,run and never look back. Like a stock.

Like I said some time ago, it is the reverse house of cards. Lots of guys are 
caught up in the 
interest only loans, and are now getting or are about to get burned.  Te last 
person you want 
to be is the one at the bottom of the pyirmad. "You can't miss, guarenteed..."

Greed. Greed. Greed.

As in Kenny Roger's very wordy song:

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.


Interesting form of eminent domain.






 
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[AsburyPark] Full story on REI's alleged Ponzi scheme