Monday, September 7, 2009

Did Steadivest use shell games to shield assets from creditors?

Update: Here are some more properties found that were transferred from Steadivest to Investlinc/TFS Income Fund, another firm partly owned by officers and members of Steadivest companies:
2401 Coronet Place Lienholder: Investlinc/TFS Income Fund for $37,775
728 Combs Street; Lienholder: Investlinc/TFS Income Fund for $81,121
Lienholder: Investlinc/TFS Income Fund for $62,500
1445 Dianne Drive Lienholder: Investlinc/TFS Income Fund for $51,973
632 Hillsdale Drive Lienholder: Investlinc/TFS Income Fund for $51,424
375 Mason Blvd. Lienholder: Investlinc/TFS Income Fund for $33,105
114 Mason Blvd. Lienholder: Investlinc/TFS Income Fund for $31,500
2857 Greenwood Ave. Lienholder: Investlinc/TFS Income Fund for $48,807
632 Hillsdale Dr. Lienholder: Investlinc/TFS Income Fund for $28.583
3032 Woodbine St. Lienholder: Investlinc/TFS Income Fund for $45,414
1863 Willanell Dr. Lienholder: Investlinc/TFS Income Fund for $38,873
4943 Westwood Dr. Lienholder: Investlinc/TFS Income Fund for $43,404
303 Wacaster St. Lienholder: Investlinc/TFS Income Fund for $26,816
3546 Norwood Ave. Lienholder: Investlinc/TFS Income Fund for $41,627
158 Pine Ridge Dr. Lienholder: Investlinc/TFS Income Fund for $36,154
3006 Oak Forest Lienholder: Investlinc/TFS Income Fund for $33,500
Total (including liens below):$838, 246

Then there is this one in Reunion Subdivision:
151 Cedar's Cove. Steadivest Development gave a warranty deed for this property to Selectbuilt, which is partly owned by Jack Harrington, who is still listed as an officer of Steadivest Resources and Steadivest, LLC. He is a co-defendant along with Marshall Wolfe in lawsuits filed by several Steadivest investors. Mr. Wolfe listed himself on the deed as the manager of Steadivest, LLC. The transfer was signed on February 5, 2009 but not recorded until March 23, 2009, the day Mr. Wolfe submitted a petition for Chapter 11 bankruptcy for Steadivest to the bankruptcy court.

Under Section 547 of the U.S. Bankruptcy Code (concerning preferential transfers), there may be a question of whether these new liens and transfers are permissible under the law and if the trustee will reverse these transactions. Mr. Wolfe was a member of Investlinc as well, further demonstrating the pattern of last-minute inside-dealing regarding Steadivest-owned properties. What is also interesting is Bankfirst Financial Services issued two mortgages shortly afterwards of nearly $700,000 to Selectbuilt for the Reunion property. (One wonders what would happen to Bankfirst's mortgage if the Court were to nullify the Steadivest-Selectbuilt transfer.) Given current underwriting guidelines, the combined loan to value was probably not more than 75%. Thus the market value of this property is probably around a million dollars. The Steadivest swamp continues to grow.


Original post on September 1, 2009:















Did Steadivest seek to shield some of its properties from creditors in bankruptcy court? Steadivest filed a petition for Chapter 11 bankruptcy on March 23, 2009. Earlier post about bankruptcy filing for Steadivest However, another company with the same owners, management, and address as Steadivest placed liens on several properties owned in Hinds County by Steadivest. The transactions were:

111 Carolyn Avenue Lienholder: Investlinc Inc./TFS Income Fund; $87,730.
2822 Engelside Drive Lienholder: Investlinc Inc./TFS Income Fund; $37,109
222 Lea Circle Lienholder: Investlinc Inc./TFS Income Fund; $20,831

The Carolyn Avenue transaction is typical for these properties. On March 5, a deed of trust was issued for Steadivest as owner of the property and a lien held by Investlinc Inc./TFS Income Fund, LLC. The deed of trust list them both as having the same address: 4 Country Place, Pearl, MS. The lien is for $87,730 (click on link above for the deed of trust. Filler pages were omitted from upload). The deed of trust only mentions a lump sum is owed, no payment schedule or loan terms are mentioned in the document. On the signature page, Marshall Wolfe signs for both Steadivest and Investlinc, stating he is a member of each LLC. The total amount of these liens is $145,670.

Investlinc Inc./TFS Income Fund, LLC is a firm that provides "financing for real estate investment and development" according to its SEC filing. Its principal address listed with the SEC is 4 Country Place, Pearl, Mississippi 39208. It was created on December 26, 2007. Patrick McRaney, a member of Steadivest, is listed as the Executive Officer. Marshall Wolfe is listed as an Executive Officer. Lee Paris is listed as Promoter. Jack Harrington signed the filing as the Chief Financial Officer of the firm and is also listed as an Executive Officer.

Patrick McRaney is also listed as the registered agent for Steadivest Capital, LLC and the officer of the the Steadivest Contrarian Fund. Jack Harrington is listed as the member/officer of Steadivest Resources, LLC and Steadivest, LLC. Marshall Wolfe is listed as the member/officer/director of Steadivest Capital, LLC, Steadivest Properties, the registered agent of Steadivest Development, LLC, and the officer of Steadivest Lending (now defunct). Lee Paris, listed as a promoter, is not mentioned with any other companies of which Wolfe, McRaney, and Harrington are members. Investlinc, Wolfe, Harrington, and McRaney are defendants in a lawsuit alleging investment fraud filed by several plaintiffs last week in Rankin County Circuit Court. Earlier post about lawsuit

What is odd about these deeds of trust is they were executed less than a month before Mr. Wolfe submitted his bankruptcy petition for Steadivest. If the properties have liens, the properties are somewhat shielded from other creditors in bankruptcy unless the Court rules these are fraudulent transactions and cancels the liens. The fact Mr. Wolfe used another company he ran that was in the same office to place liens on properties on properties he owned a month only a few weeks before he filed Chapter 11 bankruptcy makes these dealings highly suspect.

81 comments:

Anonymous said...

Sunshine is a beautiful and clensing thing!

JB

Anonymous said...

Amen...

Anonymous said...

Are these guys being investigated for criminal misconduct. I think an arrest should happen sooner than later.

Anonymous said...

Where did Lee Paris come into this all of a sudden ??? Could make things very interesting !!

Kingfish said...

He came up when I looked up their SEC filing. He was listed as a promoter and its the only time his name has popped up.

Anonymous said...

I have known Marshall personally since 1984 (when he was in 9th grade). Smart guy and a hard worker, but I am not surprised that this happened. I don't doubt that he thought he was too clever and good to get caught. It sounds to me like he is big-time guilty.

Anonymous said...

funny! why don't you tell your ole' buddy KF to trace the url's. then you'll see who's really posting, you freaks! But that might "out" you boys...didn't I read something about that earlier???

Anonymous said...

You go 9:05, you pitiful little high school nobody. Finally getting your licks in...good for you!

Anonymous said...

Well, the truth will out. It always does. Those high school "nobodies" may be working blue collar jobs punching in and out, but they'll be kissing their wives & kids good night in their modest homes while you watch your world of pretentious lies crumble. How dare you call somebody a loser!

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Unknown said...

Kingfish, you reference some liens. Is there some type of lien filed other than the deeds of trust? It didn't look like it from the filings that you posted.
If the deed of trust is filed with 90 days before the bankruptcy, can't it be set aside as a preference, regardless of whether it's also a fraudulent transaction?
According to the Secretary of State's website, Steadivest Development is a manager-managed LLC. Wolfe signed these deeds of trust as a member, and the acknowledgment states that he signed in his capacity as a member, not a manager. I'm not an expert, but don't most manager-managed LLCs vest the exclusive power to execute documents on behalf of the LLC in the manager and not a member? I wonder if these deeds of trust could be set aside on the basis that they were not properly executed.
Very weird that Wolfe signed as the grantor of the deed of trust but the acknowledgement states that he was acting for both the grantor and the secured party. The secured party almost never signs a deed of trust. Makes it hard for the secured party to argue that this is an arms length transaction when the grantor states that he is also acting for the secured party.

Anonymous said...

You all have no idea what you are talking about or even how the companies were run or even what they did - so how can you post such nonsense -

It wasn't a ponzi scheme - when the economy was going strong the money being used to pay the investors came from good loans - i.e., origination fees and interest payments made by unrelated third party borrowers - later it came from other revenue generated by the companies - I have no personal knowledge of the last 6 to 12 months, but before then you are absolutely not correct - just wait and see what comes out of the lawsuit - some of the plaintiffs made as much in interest payments as they are claiming they lost - and they damn sure were not complaining or whining back then - they were begging for more - why, because they are nothing more than greedy little slobbering babies who thought they would continue to make oversized returns forever and despite the state of the economy - has anyone bothered to read the offering documents - probably not -

The problem with the companies was how they financed - not how they were run or operated - they financed their operations with debt capital, i.e., promissory notes that required monthly interest payment to be made to the note holders, rather than with equity capital - i.e., stock, which does not require monthly interest payments - if they had sold stock rather than notes, you all probably wouldn't even have anything to talk about - this is exactly why the Chicago Cubs and Chicago Tribune are being sold right now by a billionaire - because of too much debt capital - not because of fraud or poor operational choices - and no one is accusing their billionaire owner of fraud - the economy simply tanked and revenues fell drastically for print media and the companies can therefore no longer make their interest payments ...

With equity capital the companies could have suspended the dividend, etc., etc. to help with cash flow and could have tried to work through it - you all need to go take a finance class or shut up - shutting up would probably work best - as they say keep your mouth shut and let folks wonder if you are stupid or open and remove all doubt - you all are sure doing a good job removing all doubt.

When the economy imploded on itself and the borrowers stop making their interest payments - and the value of the collateral fell off a cliff since the loans were financing renovations and construction in less than pristine neighborhoods, the revenue stopped coming in and the companies couldn't keep making the interest payments - they also couldn't foreclose and sell the assets to recoup the money they had loaned out in most cases because the value of the collateral fell so much (take a look at the worse neighborhoods in Jackson - how many homes have sold in these neighborhoods in the past 12 months and how do these sales prices compare with 2, 3 or 4 years ago - which gets us to where we are today -

With a bunch of idiots that know absolutely nothing about finance or business or the law or anything that they are talking about blabbering on here like they actually know something.

You people are pathetic.

Anonymous said...

I love listening to fools -

Here is a question for everyone -

If you loose your job; therefore no longer have any money coming in; therefore can no longer pay your mortgage; your lender therefore declares your loan in default; forecloses on your house; and then your lender sales your house for less than the outstanding principal amount of your mortgage - are you guilty of fraud? And should the lender, e.g., Regions Bank, be allowed to sue you in civil court for fraud?

Anonymous said...

Spoken like a FOOL! Learn how to spell 8:16.

Anonymous said...

And were these "promissory notes" registered? Where are the documents? Prospectuses? How about the disclosure of the multiple companies and management overlap? How about the TFS fund? Registered? Disclosures? Tell us the whole story Mr. Wolfe. Love seeing your IP addresses. Can help us all out.

Anonymous said...

8:28

I bet your questions would be answered if Kingfish would have copied and provided all of the information related to the filings.

Why are you asking for "Mr. Wolfe" to tell the story... this is Kingfish's storyline.

Anonymous said...

8:28 a.k.a. FOOL

Don't act like you know who you're talking to.

Anonymous said...

sounds like 8:08 sure has a lot of inside information that not even the investors have.

and what is the point of 8:05's comment on how much investor's made? what's that got to do with anything. Who with any financial savy would invest and not expect a return.

If I had a bottom dollar to bet, I'd bet that 8:05 would be singing a different tune if he had lost the amount some investors did.

Anonymous said...

9:29...don't see an 8:05

Anonymous said...

8:08 comment that it is best to keep your mouth shut and let people wonder if you are a fool or open it and reomve all doubt sure did write a lengthy epistle. He removed all doubt!

Anonymous said...

This is 8:28 - just sit back and wait. It's happening.

Anonymous said...

this is 9:29 to 9:36 Sorry, I meant 8:08..

8:28 What is happening?

Anonymous said...

Lots of good comments. Based on the filings and the business structure discussed, the issue I find disturbing is the moving of assets between companies for some reason other than sound business judgment. TO 8:08 AM I don't see how that would save the company and benefit the debt holders - who by the way are the first to get paid in a bankruptcy (MBA 101). It appears it might have been done to preserve the assets within another structure to the benefit of the members/managers? Sounds vaguely familiar to another company, I think it was HQ'd in Clinton.

Anonymous said...

I don't care who McRaney, Paris, Harrington, TFC, Steadivest, MTW and all the other names are. Marshall Wolfe was the inventor. He has the patent.

Anonymous said...

You guys really don't know what you are talking about and you are only able to use such bravado because you are anonymous posters. The truth, be it illegality or incompetence, will come out in the end. Let the court decide and stop defaming someone without full view of the evidence.
Now, if he's found guilty, feel free to comment.

Anonymous said...

To: 10:07 Anonymous

Don't see you signing on with your name.

You use "your" name, I'll use mine.

Will wait 5 minutes for you to put up or shut up

Anonymous said...

My name is Henry Johnston, what's yours?

Anonymous said...

To 10:07 from 10:16

Time is 10:24

Buzzer sounds. Game over.

Anonymous said...

to: 10:21 Oops! You made a bad investment. I learned from the best. Okay, my name is Envesta
Link.

Anonymous said...

From: Envesta

Signing out for the day. Got to go pick up aluminum cans to buy milk for the baby.

Anonymous said...

I don't see any defamation. I see a lot of people asking questions and searching for answers.

Kingfish said...

Facts? Here are the uncontested facts:

1. Wolfe and his crew operated several companies under the Steadivest umbrella. They advertised various services to investors and clients.

2. In March, a group of investors filed a request for a TRO against Steadivest and Mr. Wolfe.

3. A few days later, Mr. Wolfe filed Chapter 11 bankruptcy petition.

4. In late March, Mr. Wolfe filed a defense to the TRO request with the Chancery Court in Rankin County citing the BK filing.

5. Investors filed suit against him in Rankin County Circuit Court, alleging fraud and various misrepresenations. Complaint was ameneded last week.

6. Several creditors filed a motion in BK court to convert the 11 filing to a 7. They alleged he was using the filing for one company to place all of his debts in while he kept operating his other companies and requested all companies be included in the BK.

7. The Court agreed and issued a conversion order.

8. The top 20 creditors have claims of nearly $7 million.

9. Wolfe and his attorney failed to provide the Court with a complete list of creditors. The deficiency was cured.

10. This blog discovered numerous properties owned by steadivest that had liens placed on them only a few weeks and all on the same day by various companies also owned by Mr. Wolfe. Such liens were very suspicious in nature as they were not arms length transactions and were for lump sums only, leaving out regular info on deeds of trust such as interest rate, due dates, terms of note, etc. Such filings as detailed above raise a suspicions that attempted bankruptcy fraud has taken place.

11. WLBT broadcast a story on Steadivest. Shortly afterwards, Steadivest's website was taken down.


Everything will eventually come out in the wash as these things work their way through the courts and they will be posted. When Mr. Wolfe and his colleagues file responses in court they will be posted here so you can read them for yourself.

As for defamation, may I recommend Leornard Van Slyke? He is an excellent media attorney and has represented the CL in the past. He would be a good one for you if you are looking to sue this blog or its owner for slander. Of course, he will probably require a retainer up front. Terrell Rushing would be a good one as well.

Kingfish said...

by the way, not one person has tried to explain away these liens or transactions made that were the subject of this post.

Anonymous said...

12. Wolfe is no longer on Facebook. Ha Ha

Anonymous said...

Go back to high school 11:26...this is a big boy blog

Anonymous said...

Anonymous said...
To: 10:07 Anonymous
Don't see you signing on with your name.
You use "your" name, I'll use mine.
Will wait 5 minutes for you to put up or shut up
September 2, 2009 10:16 AM

-

Anonymous said...
My name is Henry Johnston, what's yours?
September 2, 2009 10:21 AM

-

Anonymous said...
To 10:07 from 10:16
Time is 10:24
Buzzer sounds. Game over.
September 2, 2009 10:24 AM


What a high class of readership here. One calls someone out and then lies to avoid saying his/her real name.

Anonymous said...

Hey KF...you got a couple of nasty trolls here. They are easy to pick out, usually have nothing in the way of contributing to understanding this situation, and further they simply muck-rake and rant.

All the while, your true readership is getting more and more interested while it appears two trolls kick up a lot of dust and miss all the rocks.

Anonymous said...

I, for one, LOVE this blog! I used to live in MS and love reading about all the good and bad goings on! Keep up the good work, Kingfish!

Anonymous said...

okay cheerleader...take your pom poms somewhere else

Kingfish said...

Never met him. Wouldn't know him from Obama.

Anonymous said...
This comment has been removed by a blog administrator.
Kingfish said...

ho hum

by the way, came across four more deeds of trust today at the courthouse. Same deal: Liens placed right before BK filing. If to pay off an investor or creditor, there is this little thing called Section 547 of the US Bankruptcy Code that bans such dealings among insiders within a year of filing.

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Jackson Jambalaya-

Where Kingfish "says" he removes hearsay or rumors or comments that can't be backed up.

BS

Just as long as the smears meet his storyline they remain.

Liar

Anonymous said...

/\ /\ YAWN /\ /\

Anonymous said...

7:26 - Tracy and Marshall - get a job and do something productive.

Anonymous said...

7:26 - Tracy and Marshall - get a job and do something productive.

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Kingfish posts facts and substantiated activities. He doesn't censure comments unless they get out of hand. His blog promotes free speech, but he does zap comments which are out of line.

Anonymous said...

I know it might be a bit of a hassle KF but you might want to moderate comments for a while to weed out the morons humpin' your blog on behalf of Wolfe and company.

Kingfish said...

Took that down because the last part of that post was somewhat slanderous in nature without anything to support it. First part was fine, 10:07.

Spoke to Mr. Ciaccio and it was a nice conversation. I'd only seen his name a couple of times and he is not really an issue on this deal. Not a defendant in any of the lawsuits and was only a member of one firm for a year or so.

As for the comment about moderating, there is another solution for you: DON'T READ THIS WEBSITE.

Anonymous said...

KF -- thanks for calling me earlier. By the way, the 9:16 pm post yesterday is from the same guy and is also defamatory in that it claims Travelstead and I knew about fraud (again without any evidence). Any fraud that may have occurred was a long time after Travelstead and I had anything to do with MTW.

Keep up the good work.

Sincerely,

Ciaccio

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

i'm confused... i thought travelstead was also named in the lawsuit. yes? no?

Anonymous said...

I have friends who invested large sums of money with Mr. Wolfe, it breaks my heart to see the monies that they worked so hard to earn are now gone. They entrusted their investments with him. Maybe one day he will tell them how and why he did it. He can run but he can't hide. Mr. Wolfe should be in the same place as Bernie Madoff. One day he will have to face a Higher Power than one here on earth, he can't fool Him.

Anonymous said...

12:35 can't be confirmed and is rumor. Comment should be taken down like other rumors on this site unless the commenter can provide a link or email Kingfish with copies of the documents supporting the claim

Kingfish said...

Its not coming down. Get over it. There are alot of creditors who were investors listed in the BK filing.

Anonymous said...

That's pretty typical.

Having morals on a moving target makes your not accepting your own hypocrisy easier to swallow, I bet.

Kingfish said...

Keep it up and we can start discussing those fines against Mr. Wolfe and MTW levied by the state of Mississippi in 2004 for selling unregistered securities and other shenanigans.

Anonymous said...

Keep what up? Keep pointing out your hypocritical standpoint of removing posts that don't fit your preconceived storyline but leaving those that contribute to the tabloid-esqe manner of your wanna-be reporting? Those such as the one you just posted yourself?

Perhaps we can refer back to your innuendo in the Bell case, or maybe all of the "rumors" you keep in the Irby case, some of which you contributed personally to.

I know you are aware that someone can obtain IP addresses for each individual comment and I know you are aware that when you, personally, post anonymously to stir the pot, that you can be held to the same standard of libel as if you posted under your own name.

Kingfish said...

Sue away baby ,sue away and just remember when you do, you give me the power of discovery as well. Keep commenting away, you just make yourself look dumber and dumber.

Anonymous said...

I know you are aware that someone can obtain IP addresses for each individual comment ...

Good Luck getting mine Loser. It is Spoof'd 100% of the time. Dumb fuck.

Kingfish isn't careless asshole. There are TV stations in this town (WAPT is a notorious offender) who'll report with less vetting and substantiation than KF.

It is your 'Put Up or Shut the Fuck Up' moment dickwad.

Anonymous said...

I think we need to find out who the AH is. Wait, I think we already know! Yeah, discovery is a beautiful thing. You can ask for ALL kinds of information. Hmmm...

Anonymous said...

Please, please, please try to find out who I am. PLEASE. That one Brunini pussy, and his pops, has done a whole lotta talking but, alas, they don't have the huevos, nor the case, to take it to the limit.

Anonymous said...

Court orders Google to reveal blogger in defamation case

Judge rejects the blogger's claim that the writing consisted of 'personal opinions, including invective and ranting,' rather than factual assertions


http://www.infoworld.com/t/internet/court-orders-google-reveal-blogger-in-defamation-case-184

Anonymous said...

LOL!

Anonymous said...

To Sept 7th, 433.

Simple message here.

Eat shit.

Kingfish said...

Also make sure your lawyer knows about Rule 11.

Anonymous said...

Hey - September 7, 2009 4:33 PM - you should have read the entire article...

One of the most important things users can do to manage their reputations online is "to supply true and accurate information about themselves on the Internet," says Yang. "That balances the possibility that what turns up in search results better represents who they are."

Anonymous said...

If you provide Kingfish with documents that tell the other side of the story he'll post them. Since he started his blog he has always done so. Trying to shout him down or intimidate him or threatening to sue him makes it look like there is something to hide.

Anonymous said...

Looks like Steadivest was trying to save the Investlinc/TFS Income Fund. Isn't that connected to Lee Paris?

Magic8ball said...

Wolfe started legit, but he had one fatal character flaw that was destined to cause his downfall - hubris. MTW's and Steadivest's borrowers started defaulting at an unprecedented rate because of the subprime mortgage crises. Wolfe had overvalued the collateral securing the notes and that value crumbled even further because of the devastation in the housing market. MTW and Steadivest started hemorrhaging money. Because the MTW and Steadivest promissory notes contained a rather unique demand feature which allowed their investors to receive the return of their principal within a few months of demanding it, Wolfe knew his companies (and his career) would be ruined if his investors discovered these financial “difficulties.” They would all demand repayment. There would be a run on the companies. But Wolfe believed the market would improve. That this was a short term "hiccup." That he could pull this off. Hubris. He then started down the path of no return: He started paying dividends and interest to old investors . . . with new investors’ money. Once he burned through the new investors of MTW and Steadivest, he started stealing from and scamming the Investlinc's investors (no demand feature) to pay dividends and interest to the MTW's and Steadivest's investors. He sold whatever worthless notes and collateral MTW and Steadivest had to the Investlinc at inflated prices. When that money ran out and the economy did not improve as he thought it would, the gig was up -- by this time it didn't really matter, though, he was too deep, too committed. The house of cards crumbled. The smoke cleared and the mirrors shattered. The companies imploded. Bankrutpcy. Lies. Spin. Excuses. Game over.

Anonymous said...

Wow, finally somebody close to the organization speaks. Very insightful.

Anonymous said...

Geez - when will the excuse of the subprime market stop being used!!!!! Wolfe didn't care about investors from the very beginning. They were simply a never ending ATM to him. An ATM without daily limits. You do NOT blow through that amount of INVESTORS money without knowing exactly what you are doing. He and everyone else in the business knew about the subprime market - he kept on keeping on. He never changed his lifestyle. It didn't slow him down one bit. BS - keep blaming subprime.
Will someone PLEASE do something!! Where are the folks who catch guys like this?! Mr. Attorney General, where are you???

Kingfish said...

Subprime market has nothing to do with this. The capital that was used to provide loans for borrowers came from ...... the investors. The loans given had LTV's no more than 65% in his own video. As far as I know, housing prices in the Jackson area haven't collapsed 50% or close to it so. Now if someone wants to make the case they were overvalued (which would indicate something shady), then I can buy that scenario. However, Mr. Wolfe was advertising in his video how they were insulated from the subprime crisis because of their low LTV's and how Jackson didn't experience a huge run-up in housing prices as did Florida or Arizona.

Anonymous said...

Kingfish - I don't think the problem was so much with the valuation of the collateral - it was with its liquidity. During subprime housing and credit crises in 2006-07 people stopped buying and flipping these junk houses. I think that's why Wolfe's borrowers defaulted (couldn't sell 'em and rent wouldn't cover 30% interest payments under notes). Then Wolfe's companies were left holding millions of dollars worth of foreclosure properties he couldn't sell either. Foreclosure costs, holding costs, interest payments to his lenders and no revenue or sales to pay dude's lenders -- ooops. Got to pay the lenders or they are going to demand the return of their principal under that wicket "put feature" of the note. hmmmmmm. What to do, what to do. Got any ideas?

Anonymous said...

So why did Wolfe pick the "best" properties and move them into the TFS/Investlinc Fund for Lee Paris? I hear Mr. Paris has also changed the name of his business to Meadowbrook.

pierre poote' said...

I have known Lee Paris for over 50 years. He is the most honorable person I know

pierre poote' said...

I have known Lee Paris for over 50 years. He is the most honorable person I know.

Kingfish said...

Didn't know what I was talking about. Smear.


Five years in jail for Wolfe.


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Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
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