Jackson Jambalaya

Sunshine is a beautiful and clensing thing!

JB

Amen...

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

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

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.

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.

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???

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

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!

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.

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.

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?

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

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.

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.

8:28 a.k.a. FOOL

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

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.

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

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!

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

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

8:28 What is happening?

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.

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.

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.

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

My name is Henry Johnston, what's yours?

To 10:07 from 10:16

Time is 10:24

Buzzer sounds. Game over.

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

From: Envesta

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

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

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.

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

12. Wolfe is no longer on Facebook. Ha Ha

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

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.

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.

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!

okay cheerleader...take your pom poms somewhere else

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

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.

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

/\ /\ YAWN /\ /\

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

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

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.

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.

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.

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

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

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.

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

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

That's pretty typical.

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

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.

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.

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.

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.

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...

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.

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

LOL!

To Sept 7th, 433.

Simple message here.

Eat shit.

Also make sure your lawyer knows about Rule 11.

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."

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.

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

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.

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

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???

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.

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?

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.

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

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

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


Five years in jail for Wolfe.