Monday, November 2, 2009

Texas was very good to Chris Evans: Over $74 million in loans issued in Texas & Mississippi

Evans Case-Related Posts:
FBI contacted MVT, MVT lawyer calls Evans case "Biggest fraud to hit Mississippi since Worldcomm
Nearly $42 million in loans issued to Evans' brothers in Madison County (Itemized list)
Tempest in a teapot or record-breaking fraud?
Banks issued nearly $10 million to Evans brothers in Desoto County
Evans case update on court filings


Mississippi was not the only playground for Jon Chris Evans as he operated in Texas as well. JJ has discovered companies owned or controlled by Chris Evans obtained approximately $27 million in commercial real estate loans in Collin and Denton counties and that several banks have already initiated foreclosure proceedings against them. A list of the companies, links to their incorporation documents, and an itemized list of commercial real estate mortgages issued to Evans is provided below.

Chris Evans established nine companies in Texas. Riverbend Group, an Evans' L.L.C., was the engine that powered his Texas dealings as it bought prime tracts of commercial real estate in Collins and Denton Counties. Riverbend then transferred the properties to other Evans companies that then obtained commercial real estate mortgages. JJ calculates Evans-owned companies obtained $26,927,538 in loans from 16 Texas banks and 1 Mississippi bank. Unfortunately for several banks, five loans worth $10,245,370 are now in foreclosure proceedings. The State of Texas also revoked several charters for Evans' companies as well. While there are no allegations of fraud involving Mr. Evans Texas operations, Mr. Evans filed Chapter 7 bankruptcy last week. Given the current allegations of fraud against Mr. Evans in the Madison County Chancery Court and legal actions taken against him, it is likely these banks will take a financial hit to some degree.

Mississippi Valley Title Insurance Company and several banks have filed suit against Evans and his brother Charles, Jr. claiming fraud. A court granted the plaintiffs a preliminary injunction freezing all assets of Charles Jr. and ordered an accounting of all financial transactions and properties. Charles Evans, Jr. was an approved attorney for Mississippi Valley Title Insurance Company and was authorized to certify real estate titles for the Mississippi corporate giant. His brother operated over 25 companies in Mississippi as well. His companies bought valuable tracts of commercial real estate in the suburbs of Memphis and Jackson. The plaintiffs accuse the two brothers of providing MVT and the banks with false titles in order to obtain large amounts of commercial real estate mortgages. JJ reviewed the deeds of trust and other documents associated with the defendants and determined they obtained over 80 loans worth $47 million from Mississippi banks (see above-linked posts).

It thus appears Chris Evans received over $74 million in loans from Mississippi and Texas banks. Once again, it is important to remember it is not known how many, if any loans, were obtained through fraudulent means. However, given that the Chancellor in Mississippi ruled the plaintifs are likely to win their case, Mr. Evans filed Chapter 7 bankruptcy recently, and Charles Evans, Jr.'s assets are supposedly frozen, it remains to be seen as to how severe the impact will be to Mississippi Valley Title Insurance Company and 48 banks.

Itemized list of Texas Commercial Real Estate Loans to the Evans Brothers:

Total: $26,927,538
Number of loans: 19
Average loan amount: $1,417,239
Number of Texas banks: 16
Number of Mississippi banks: 1

Number of loans in foreclosure: 11
Total dollar amount of loans in foreclosure:$16,488,370

Independent Bank: $1,960,000 ($1,960,000 in foreclosure proceedings)
$960,000 on 10/22/08 to Greenwood Place, LLC. Renewal of note given to Signature bank on 4/16/06. Copy of deed of trust. Original deed of trust Substitution of Trustee (Foreclosure), Original note (Collin County)
$1,000,000 on 10/26/05 to Highland Colony Group (Denton County), Substitution of Trustee notice filed on 10/6/09, Sold on 11/3/09

Prosperity Bank: $930,000
$930,000 on 4/25/06 to Highland Colony Group, LLC. Copy of deed of trust (Collin County)

Inwood National Bank: $930,000 ($930,000 in foreclosure proceedings)
$930,000 on May 23,2006 to Highland Colony Group, LLC. Copy of deed of trust (Collin County); Substitution of Trustee on 10/9/09

American Bank of Texas: $3,215,000
$1,400,000 on 10/11/07 to Lake Harbor Development, LLC. Copy of deed of trust, Deed (Collin County) Substitution of Trustee
$923,000 on 7/2/09 to Paloma Ridge, LLC. (Denton County) Deed from Riverbend group to PR on same date, Substitution of Trustee Notice on 11/10/09
$892,000 on 10/11/05 to Highland Colony Group ( Denton County), Extension, Substitution of Trustee on 11/10/09

Swisher Partners, L.P.: $6,355,370 ($6,355,370 in foreclosure)
$6,355,370 on 7/26/09 to Riverbend Group, LLC; Substitution of Trustee, modification agreement (Collin County)

Northern Trust Bank of Texas: $900,000
$900,000 on 7/14/07 to Highland Colony Group, LLC; Deed of Trust (Collin County)

Plains Capital Bank: $611,000
$611,000 on 5/6/09 to Westfield Way, LLC (Denton County) deed from Riverbend group to Westfield Way on same date.

Benchmark Bank: $923,000
$923,000 on 6/18/09 to Oakmont Mill (Denton County) deed from Riverbend group to Oakmont Mill on the same date

Texoma: $1,168,000
$1,168,000 on 9/26/08 to Sawbridge Development (Denton County) Deed from Riverbend group to Sawbridge, Substitution of Trustee on 11/10/09

Bankfirst Financial Services (Mississippi bank): $4,187,668
$4,187,668 on 7/16/08 to Riverbend Group, LLC (Denton County)

Northern Dallas Bank & Trust: $880,000
$880,000 on 10/14/05 to Highland Colony Group (Denton County), Extension, Foreclosure sale on 11/3/09

Texas Star Bank: $980,000
$980,000 on 1/18/06 to Highland Colony Group (Denton County), Extended, Substitution of Trustee on 11/12/09

Bank of Texas: $960,000
$960,000 on 1/25/06 to Highland Colony Group (Denton County), Extended

Dallas City Bank: $1,000,000 ($1,000,000 in foreclosure)
$1,000,000 on 2/14/06 to Highland Colony Group (Denton County), Extended, Substitution of Trustee Notice filed on 10/26/09

Sovereign Bank: $997,500
$997,500 on 3/09/06 to Highland Colony Group (Denton County), Extended

Gateway National Bank: $930,000
$930,000 on 5/04/06 to Highland Colony Group (Denton County)

List of Texas L.L.C.'s operated by Jon C. (Chris) Evans
Riverbend Certificate of Formation
Highland Colony Group Articles of Inc.
Lake Harbor Articles of Inc., Termination by Texas
Sawbridge Development Articles of Inc.
Westfield Way Articles of Inc.
Oakmont Mill Articles of Inc.
Paloma Ridge Articles of Inc.
Bristol Mark Articles of Inc.
Clairborne Crossing Articles of Inc., Involuntary Termination by State

28 comments:

Anonymous said...

Can't wait!

Anonymous said...

we're all on the edges of our seats!!!

Anonymous said...

I'm going crazy waiting for this! What's taking so long?:)

Anonymous said...

Hold up a second....I need to make some popcorn.

Anonymous said...

Seriously- where are these guys now?

Anonymous said...

Where are they??? They gotta be OUTTA here. Probably don't favor themselves anymore due to reconstructive plastic surgery, lying on the beach in a third world country. Little umbrella in the their drinks.

Kingfish said...

no kidding. They pay me a couple of mill, I'll quit posting. ;-)

Anonymous said...

The thing that's so strange to me is the fact that so few of the banks are foreclosing on the loans. Are we to assume that payments are/were being made on time?

Anonymous said...

Banks aren't foreclosing in order to prop up their already teetering balance sheets.

Kingfish said...

Wrong. In Texas they are foreclosing. Remember, many of these loans are commercial construction and payments are quarterly interest only ones.

In MS many of the banks are either filing lawsuits or filing Lis Pendens actions in Chancery Court to get first claim on the property. I'm going to up date some of this in the next day or so. Just takes time to write it all out.

Anonymous said...

Maybe a little truth to that anon 2:20. More than likely, banks aren't foreclosing because they don't know if they actually have title to the property.

Anonymous said...

Sure some are foreclosing Kingfish but if the current housing crisis has taught anything it is that banks are carefully controlling the rate at which they foreclose in order to govern how quickly the air escapes their stock balloons. Granted this is different and bank motivations will be modified accordingly but, regardless, the financial well being of too many banks tread very, very lightly on pins and needles.

And as you posted previously, the expo$ure$ from EvansCo is serious shit. Serious enough to get some of these banks taken OUT by the FDIC.

Anonymous said...

After doing a title check and discovering that they are not in first position as reflected in their Title Policy, the Banks are probably issuing a demand on MVT. After all, that's what the policy covers; a guarantee of you position in the chain of title. You can't foreclose on property where the borrow doesn't have title either. Look for the claims to start piling up at MVT.Will they pay or will they not, that is the question.

Kingfish said...

Read my post from the hearing. Many banks probably don't even have title. You can't foreclose on what you don't have title to. They have to settle the title question first.

Anonymous said...

And yet the crickets continue to chirp at the CL....have any TX papers picked up on this?

Also, what is BankFirst's total bag on this? $4m in TX can't help....

stilettoGOP said...

Looks like Texas could use a Kingfish ;) ..This just keeps getting bigger! AMAZING WORK on all this, KF. You know the Evans hate your ass.

Anonymous said...

Here's a thought...wonder if the Evans Bros are posting???

Anonymous said...

If they are then they will know how much to pay KF to quit posting.

Anonymous said...

When it comes to scams Peach Harmon is a neophyte compared to these Evans guys.

Anonymous said...

KF, If the borrower doesn't have title, then the Title Company that issued the policy is will have to step in and pay the policy limits. The real question is whether MVT's parent will inject additional capital to keep it alive. Where is the Dept. of Insurance? You would think Mike Chaney would use this the way Dilbert Hosemen used the Stanford mess.

Anonymous said...

You continue to amaze me, Kingfish. Incredibe job.

Anonymous said...

Kingfish said...
'no kidding. They pay me a couple of mill, I'll quit posting. ;-)'

You are a free man in a Free land if you do.

JB

Anonymous said...

I believe the county is Collin, not Collins

Anonymous said...

An attorney familiar with the situation told me that the MVT Title Policies were also endorsed by Old Republic, meaning they are also on the hook for any losses. Old Republic's pockets are deep, so the bank losses should be limited assuming the bank's paper work is in order. This is related to the Mississippi policies. Are the Texas policies also issued by MVT?

Anonymous said...

An attorney familiar with the situation told me that the MVT Title Policies were also endorsed by Old Republic, meaning they are also on the hook for any losses. Old Republic's pockets are deep, so the bank losses should be limited assuming the bank's paper work is in order. This is related to the Mississippi policies. Are the Texas policies also issued by MVT?

Anonymous said...

For the MS properties, the Evans' were able to get multiple loans on the same property because Charles was an approved attorney for MVT. MVT doesn't write in TX, as far as I know. I wonder if they had multiple loans on the TX properties also and if so, which title companies issued the policies there. They may have used the money they scammed in MS to purchase the properties in TX. For what it's worth, I also heard long before this mess broke that they were doing some developing in the Nashville area.

Anonymous said...

Does anyone have a picture of either of these bandits??? If some suspicious character comes in the courthouse filing new Deeds of Trust we'd like to know who it is!! HA!

Anonymous said...

These two men knew exactly what they were doing. They continued out of arrogance in thinking they could get away with it.
Chris is a strange puppy that exists on the outskirts of normalcy while Charles had a wonderful family that he just tossed to the wind. They tried to involve everyone. We all did separate tasks, not able to put it together what was going on but knowing something was not right. They had an office manager that worked for them for years and years and he was involved in all of it.



Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

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
.