Tuesday, October 11, 2011

The TCI bankruptcy of the day

Found another bankruptcy by a TCI-owned company online. This one is by a little company called Woodmont. You know the drill. Lender grants loan to TCI and a subsidiary. Lender goes to court to foreclose on property. TCI-subsidiary then files bankruptcy. Here it is.


This embed is not one document but several in one filing. Includes original lawsuits and payment demands.







13 comments:

Anonymous said...

Posted the below on one of the TCI threads from last week. BTT if K.F. allows it.

What about this out of Dallas?

http://blogs.dallasobserver.com/unfairpark/2010/09/four_years_later_a_jury_finds.php

Four Years Later, Jury Finds TCI West End Guilty of Fraud For Razing MKT Freight Station
By Robert Wilonsky Wed., Sep. 1 2010 at 12:22 PM



Note: Transcontinental Realty Investors 10-K filed 3/31/2008 shows TCI- West End Inc. to be a 100% owned subsidiary.

On Monday I noted that city officials were anxiously awaiting a verdict in the 4-year-old case of City of Dallas v. TCI West End Inc., which concerned the demolition of the Missouri-Kansas-Texas Freight Station in the West End in '06. The trial started two weeks ago, and on Friday, city attorneys, two state assistant attorneys general repping the Texas Historical Commission and lawyers for TCI West End Inc. presented their closing arguments. One Friend of Unfair Park who attended the climactic showdown said all parties did a bang-up job, so much so it could have gone either way -- especially since the jury had about 30 questions to consider before rendering its verdict.

But the verdict's in: This morning a Dallas jury found TCI West End Inc. guilty of fraud -- that is, obtaining a demolition permit not for the historically protected building at Houston and Ross, but a "500 square-foot guard shack," and then leaving blank the box signifying their intentions to raze a historic building. The jury awarded the city $750,619 in civil penalties for not going through the Landmark Commission to get the demolition permit, a violation of the city historic preservation ordinance. The state gets $1.5 million -- $1 mil in exemplary damaged for the fraudulent conduct of obtaining the permit by fraud, and $500,000 in actual damages.

Bonus: Compare corporate officers of TCI West End Inc. and other entities previously mentioned on this blog.

http://www.nvannualreport.com/entities-DPC-TCI-WEST-END-INC.aspx

TCI WEST END, INC.


This information is current as of September 19, 2011.
President Daniel J Moos
Secretary Louis J Corna
Treasurer Gene S Bertcher
Director Gene S Bertcher
Director Daniel J Moos


All addresses are
1800 Valley View Lane, Suite 300
Dallas, TX 75234

Anonymous said...

Posted the below on one of the TCI threads from last week. BTT if K.F. allows it.

This is the City press release concerning the jury verdict. Not sure if the verdict has been appealed, or if the plaintiffs have managed to collect any damages.

Update at 4:28 p.m.: On the other side is a press release we just received from the Dallas City Attorney's Office concerning today's verdict. It also contains a comment from Mayor Tom Leppert: "The jury's verdict reaffirms the importance of the City's historic structures and the established processes that must be respected."

The City and Texas Historical Commission obtain important verdict; Jury awards damages for unlawful demolition of historic structure

The City of Dallas and the Texas Historical Commission today obtained a $2.25 million verdict against the former owner of the historic Missouri-Kansas-Texas (MKT) Freight Station for its unlawful demolition. "The jury's verdict reaffirms the importance of the City's historic structures and the established processes that must be respected," said Mayor Tom Leppert.

The building was located in downtown Dallas in the West End, which is both a city historic district and a district listed in the National Register of Historic Places. The 30,000 square foot brick building was built around 1925 and was a key part of Dallas' emergence as a rail center. Testimony at trial showed that a consultant told Transcontinental Realty Investors, Inc. that it needed the Dallas Landmark Commission's approval to demolish the building. Thereafter Transcontinental set up a single-asset subsidiary, TCI West End, Inc., and transferred the property to it in February 2006. TCI soon gave the City an application for a demolition permit, describing the building as a 500 square foot structure and not checking the box to indicate it was a landmark. A city plans examiner relied on the application when issuing the permit.

When city officials discovered the permit had been issued, they immediately called two demolition contractors hired by TCI and verbally revoked the permit. However, TCI found another contractor, who demolished the building in April 2006 without Landmark Commission approval or a proper demolition permit.

The City sued TCI in May 2006. The Texas Historical Commission, represented by the Attorney General's Office, joined the lawsuit a few months later. At trial, the City and the Commission sought actual damages, exemplary damages, and civil penalties for the unlawful demolition. After a two-week trial before State District Judge Jim Jordan, the jury awarded the Commission $500,000 in actual damages and $1 million in exemplary damages. The jury also awarded the City $750,000 in civil penalties. In addition, the jury found that TCI obtained the demolition permit through fraud. City Councilmember Angela Hunt was pleased with the verdict: "Hopefully the jury's verdict will discourage others from unlawfully demolishing historic landmarks."

The City and the Commission will soon ask the judge to sign a judgment in their favor based on the jury's verdict. City Councilmember Pauline Medrano appreciated the State of Texas' help with this case: "The City of Dallas is grateful that the Texas Historical Commission and the Attorney General's Office recognized that this unlawful demolition of a historic treasure could not be tolerated. The State's help has been invaluable in this case."


link for above
http://blogs.dallasobserver.com/unfairpark/2010/09/four_years_later_a_jury_finds.php

Shadowfax said...

Who the hell at the City of Jacktown will have the ability read, much less comprehend, that information? Someone will hand it to the city attorney who will gawk and claim he needs more time and they'll move right on as if it never existed.

Anonymous said...

What happened with this case? Did TCI win in the end?

Someone needs to find out whether Dallas ever collected. I wonder if there wasn't an empty shell with no money under it when it was time to collect. That kind of thing would make one wonder what the 'guarantee' would be worth. If it came time to collect.

Anonymous said...

All this stuff Councilman Help Me Help You knew about already. Or so he said on WJNT.

Anonymous said...

Considering the volumes of water he's toting on this to justify his MOU vote mistake it doesn't appear that ol' Quentin has found himself able to come to grips with his own If By Whiskey moment when it comes to TCI.

Shadowfax said...

This is amazing and mind boggling stuff. Are a water-slide and submarine ride included in the proposals?

Anonymous said...

TCI stock is at $1.97 a share as I write this. If it hits the penny stocks I may just buy in and wait for the pump and dump over this deal.

Oh yeah, Harrisburg PA (the state capitol of PA) just declared bankruptcy yesterday. Take heed city of Jackson.

Anonymous said...

This all seems like a repeat of Gene Phillips and the 1980s "Southmark Days"

There are several articles on all this on the internet....

Louis J. Corna worked for Gene Phillips during the 1980s "Southmark days." Now, Louis Corna works for Gene Phillips again under Pillar Income Asset Management as an "advisor and mortgage broker / mortgage lender for TCI by providing loans to their own companies. A close audit of those companies will show that they are in bankruptcy.

Pillar Income Asset Management pays themselves huge commissions and fees for all these in house loans to their own companies.

They perform their own underwriting, appraisals, borrower qualifications, Seller Financing promissory notes to these companies.

Terry Shumate also worked for Gene Phillips during the Southmark Days. Terry and his wife Donna are stated owners of ABC Land Development along with Ron Akin. This company is involved in a huge bankruptcy filing too.

Louis J. Corna also works for Gene Phillips son, Brad Phillips who is owner and President of Liberty Bankers Life Insurance Company.

Anonymous said...

What is really interesting is if you actually read all of Gene Phillips publically traded companies online SEC reports for (TCI)(ARL)(IOT) and follow all their in-house "Seller Financing" loans to all their "affiliated / related" entities, which includes their disclosure on the terms of all these loans... interest rates, loan amounts, commissions and advisory fees that they pay themselves, well paid to one of their many privately held companies, Pillar Income Asset Management for their mortgage broker functions and their Mortgage Lending services ....

The source for all these loans, I believe are from third party lenders.

Then pull up all these affiliated entities, LLCs and Holding companies, which are mostly registered in NV and found on Corporationwiki. Look at all the stated owners and partners. They are mostly, if not all, interoffice employees. Even Louis Corna's secretary, Melody Wofford, shows up on many of these LLCs, partnerships, etc... Like, for example, TCI Stanford, LLC. Louis Corna shows up twice...under Louis J. Corna and Corna J. Corna.

Louis J. Corna, Gene Bertcher, Danny Moos, Steve Shelley are all with Pillar Income Asset Management too.

These employees must get paid really really well to qualify for all these in house multi million dollar Seller Financing loans.

Then go into the property tax records for Dallas County and find that (IOT) transferred or "sold" some of their real estate holdings over to Gene Phillips son's company, Liberty Banker's Life Insurance Company.

Consequently, properties and ownership of these properties get transferred back and forth between all these companies.

Company name changes seem to happen a lot. Basic Capitol was changed to Prime Asset Income Management then changed to Pillar Income Asset Management...

International Health Products Inc changed names to Arcadian energy. Then it changed to New Concept Energy. The question is, How is Health Products related to an energy company???

This is all mind boggling.

Anonymous said...

A close evaluation of the Lawsuit below...Prime Income Asset Management Co. is a Gene Phillips company and Liberty Banker's Life is Gene's son, Brad Phillips Company.

One is a Plaintiff and one is a Defendant in this case.



The Attorneys, Marla Pittman and Larry Friedman with Friedman and Feiger handle many of their corporate lawsuits. And have for many many years.

_____________________

Prime Income Asset Management Co Inc et al v. Waters Edge Living LLC et al

More Sharing ServicesShare |

Plaintiffs:
Prime Income Asset Management Co Inc, Continental Poydras Corporation, Continental Common Inc and Continental Baronne Inc

Defendants:
Waters Edge Living LLC, Waters Edge JW LLC and Liberty Bankers Life Insurance Company


Case Number:
3:2007cv00102

Filed:
January 17, 2007


Court:
Texas Northern District Court

Office:
Dallas Office

County:
Dallas

Presiding Judge:
Judge Sidney A Fitzwater


Nature of Suit:
Contract - Insurance

Cause:
28:1332 Diversity-Declaratory Judgement

Jurisdiction:
Diversity

Jury Demanded By:
Plaintiff

Anonymous said...

(TCI) Stocks
Transcontinental Realty Investors

According to TCI's online SEC 10-K report, their common stock value is .01 cents.

Yet according to the online NYSE it show their stocks are selling at $8.90

Anonymous said...

Generous Campaign Donations to Dallas Judge, Carlos Cortez..

Louis Corna and his boss Gene Phillips are named in Dallas Lawsuits for fraud issues.

Gene Phillips along with his Corporate Attorneys, Freidman & Feiger made generous campaign donations to Dallas Judge, Carlos Cortez

Gene Phillips who is named in Dallas Lawsuits for Fraud issues also held a major fundraiser at his Dallas home for Dallas Judge, Carlos Cortez.

Are these campaign donations considered bribes if these are pending cases for fraud issues in the Dallas Courts??

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