[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. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[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. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[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. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: Full story on REI's alleged Ponzi scheme
ou have to find him guilty first. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[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. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[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 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. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
Re: [AsburyPark] Re: Full story on REI's alleged Ponzi scheme
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.aspor www.visitmonmouth.com/sheriffor 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 companythat practicerefinancingpoor people mortgages andbuying tax liens,a business that leftsome 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 bigstory years agoin the AP Press. (House of Cards: 1996-7)about Welsh Securities in Parsippany, N. J. YAHOO! GROUPS LINKS Visit your group "AsburyPark" on the web. To unsubscribe from this group, send an email to:[EMAIL PROTECTED] Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
[AsburyPark] Re: Full story on REI's alleged Ponzi scheme
--- In AsburyPark@yahoogroups.com, bluebishop82 [EMAIL PROTECTED] wrote: You can but a lot of AP property with $8 million. You sure can. The Right to redevelop 56 Acres of Oceanfront property, a world renowned music club, and still have $65,000 left over to shove into a suit pocket in an attic. I'm surprised the APP called this a Ponzi Scheme and not the flashier, more modern title Hedge Fund Either way, they picked an awfully bad time to be flooding the market with another $8 mm in property. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
