For once David Hampton and Donna Ladd agree on something:
David Hampton: Save me from the blogs
Donna Ladd: Tablogging is dangerous
Disclaimer: titles above are not actual quotes or attributions but satire penned by moi.
I think when it comes to accuracy and telling the whole story both of their publications have a good deal of work to do before they start throwing stones at blogs.
Thursday, September 17, 2009
Call the Waaaahhhhmbulance
Tonight at The Auditorium
7:30-9:00 PM: Shaun Patterson
9:00-11:00 PM: Brew & View movie: Stir Crazy with Richard Pryor and Gene Wilder
Steadivest update
The plaintiffs in the Steadivest Lawsuit filed a Notice of Deposition in Rankin County Circuit Court for Justin Adcock and Jack Harrington for September 30, 2009.
The link below is one of the exhibits in the lawsuit. It was pointed out on this blog earlier that the exhibits were not included in earlier posts, so the posting of said exhibits (which are submitted by the plaintiffs with their lawsuit and not by the defense) will commence. Since each exhibit is many pages, they will not be posted all at one time but instead at regular intervals so readers can scrutinize and digest each one. This particular exhibit is the Proforma Statement issued by Steadivest in December, 2007.
Copy of Notices and Proforma Exhibit
Earlier posts on Steadivest:
Did Steadivest use shell games to shield assets from creditors?
Steadivest: Snakes or snake-bitten?
Wednesday, September 16, 2009
ACORN Update
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| The Audacity of Hos | ||||
| ||||
StilettoGOP: Heather's Tree Update
September 11th marked the second anniversary of Heather Spencer's tragic beating and murder. In an effort to keep her memory alive, HeathersTree.org is hosting the 2nd annual "Soulshine Memorial Concert" on October 17th at Hal & Mals. A silent auction will be held as well. All proceeds will be donated to the Mississippi Coalition Against Domestic Violence.
This is where the Jackson Jambalaya readers come into play. I'm challenging our local business owners to either donate an item for the silent auction or make donations of any kind. Go to heatherstree.org for details, as they are accepting items now. Also, anyone can easily make a donation on the website using PayPal. Easy as eBay!
I did not know Heather, or anyone involved and am not associated with Heather's Tree. Yet this case, like all domestic violence cases, pulls at my heart and strikes a nerve with me that I cannot explain. I know the same goes for a lot of JJ followers here. So let's not just talk about how it's such a shame while saying "gosh, I wish there was some way I could help", but rather actually DO something. It is estimated that 1 in every 4 women in Mississippi are victims of these pathetic abusers. Until I can personally travel the state and individually kick every one of THEIR asses (sorry), let's do all we can to promote awareness and eradicate domestic abuse while honoring Heather's memory. Pony up, business owners.
(And the video? one of my favorite songs, enjoy...)
Tuesday, September 15, 2009
Go ahead....
keep manipulating that poll in Eichelberger's favor cuz if he wins, I'm throwing it out. I know a manipulation when I see one and although a good lawyer and pal, no way he is 30 votes over McDuff, Kirksey, or Wilkins.
Click Here to Read More..
More ACORN trash
I'm sure Beck is having a field day with this video. Meanwhile, MSNBC tries to spin it the other way:
Movie night at The Auditorium
Tonight: Indiana Jones and the Last Crusade at 8:00 PM. Enjoy some food and drink (and by that I mean a real drink) and come support this little gem over in Fondren.
Become a fan of The Auditiorium. Join The Auditorium's Facebook page.
Foreclosures rise in Mississippi
Realtytrac reported Mississippi ranked 43rd in foreclosure filings last month. The number of foreclosure filings increased 3.14% from July 2009 and 108% from August 2008. Report However, Mississippi still fared better than the rest of the country in terms of foreclosure activity.
Click Here to Read More..
Monday, September 14, 2009
Robbie Bell files motion to dismiss lawsuit
Robbie Bell filed a Motion to Dismiss Elizabeth Hall's lawsuit against her in Hinds County Circuit Court Friday. The motion states:
"2. Plaintiff claims that Defendant breached a legal duty owed to Plaintiff by not alerting authorities when Defendant's son, George Bell, III, allegedly left Defendant's house to kidnap Plaintiff. Plaintiff further claims that while Plaintiff was allegedly being held captive at Defendant's house, Defendant breached a legal duty owed to Plaintiff by not alerting authorities.
3. Assuming all facts alleged in the Complaint are true, which is denied, Plaintiff has failed to state a claim against Defendant upon which relief can be granted.
4. Assuming all facts alleged in the Complaint are true, which is denied, Defendant owed no legal duty to Plaintiff and/or Defendant's alleged braeach of legal duty was not the proximate cause of any alleged damage to the Plaintiff." (Motion will be uploaded later today.)
The motion was filed on September 11, 2009, two years to the day after Heather Spencer was murdered by Robbie Bell's son. The timing of the motion's filing says more about Ms. Bell's character than anything in the motion itself. Bell and Burwell's actions are disgusting and show what despicable lengths Ms. Bell will go to in order to win this fight. Copy of police report
Earlier post on lawsuit
Santelli: "Now you can give me all the propaganda"
Start at 6:00 minute mark. Santelli is great.
Sunday, September 13, 2009
Unions screw us again
Good job, Obama. The unions are going to wind up screwing you as they have the rest of us. Look at what our esteemed President did:
"Sept. 12 (Bloomberg) -- President Barack Obama placed tariffs of 35 percent on $1.8 billion of automobile tires from China, acting on a labor union complaint that surging imports were pushing U.S. factory workers out of their jobs.
The additional duties will begin Sept. 26 and last for three years, dropping 5 percentage points a year, according to a White House statement.." Article
Nothing like sticking a finger in the eye of the country financing your deficit spending. Leadership is about making tough choices and once again, Obama failed miserably as it was more important to pay off his union buddies than to not anger the Chinese. The same Chinese that are our biggest purchaser of treasuries, the same treasuries that Obama has to sell to finance his health care plan, so-called stimulus plan, and all those trillions of dollars in budget deficits. Wonder what he will do when the Chinese cut him off and suddenly he has no money. Hope those tires were worth it.
Harvey is right
The irony of the current dispute between Mayor Harvey Johnson and Ward 1 Councilman Jeff Weill is Harvey will probably need Weill's support much more than he realizes as the City Council will try to blow up up the budget. The City Council tried to give raises to city employees while private companies are laying off their workers by the millions and despite the fact the city has to cut several million dollars from the proposed budget. The Clarion-Ledger reported:
"At a budget committee meeting Wednesday, council members voted 3-2 to amend Johnson's proposed budget to include $1,000 annual pay raises for each of the city's 2,200 workers, a measure estimated to cost between $2.5 million and $2.8 million. Council members Kenneth Stokes, Chokwe Lumumba and Tony Yarber voted for the raises, with Jeff Weill and Margaret Barrett-Simon in opposition.
The proposed budget for the new year beginning Oct. 1 goes to the full council for a final vote Monday. If the council persists, Johnson said he will be forced to cut city services or lay off workers to afford the raises.
Stokes, who advocated for raises early in the council's budget hearings, does not take the mayor's threats at face value.
"If they can't find the money, come Monday I just hope I can get the support for three other council members," he said......" Article
Such actions show how clueless the majority of the Council is. Jackson has a declining tax base due to migration and a recession. Local and state governments nationwide are laying off workers as they fight to stave off bankruptcy yet these clowns think Jackson is some Never-Neverland where reality is what they think it is. They tried to bankrupt Jackson a few months ago with their interest rate swap scheme for our bonds, attempted to pass a living wage ordinance that would have raised payroll costs for all city contracts, and now want to shovel out more money when Jackson is broke after four years of Melton. Mayor Johnson is correct in fighting these raises as he will probably be forced to cut budgets in the middle of the fiscal year if the economy does not improve as Haley is now doing. The ultimate irony is Mayor Johnson will probably find Weill, the budget hawk of the City Council, is his strongest ally on the Council in keeping these knuckleheads from doing too much damage.
Saturday, September 12, 2009
Fugulista Fistfight
Amy Marquez of Jackson operates the local blog Jacksonfrugalista. Apparently her blog has ruffled the feathers of a little diva over at the Miami Herald obtained a trademark for the word "frugalista". I received this email from Ms. Marquez yesterday:
"My blog is called "JacksonFrugalista." It's just a way for me to let a bunch of people know about various ways to live "fashionably" while being thrifty -- Hudson's, consignment stores, rummage sales, etc. I often found that my friends and I were discovering great sale opportunities after the fact, so I made the blog for us all to stay up-to-date.
I got a "cease and desist" letter yesterday from a Chicago attorney representing a woman who blogs on the Miami Herald. The name of her blog is "Frugalista Files." BUT -- she has trademarked the word "frugalista." Just the word. Not the name of her blog, but that word. The trademark states that she is the sole owner of use of "frugalista" in any online journals or blogs in reference to "financial advice or tips," i.e., "he, Covenant Presbyterian is having a rummage sale this weekend."
You can see my argument against the trademark on my blog, http://jacksonfrugalista.
Copy of Cease and Desist Letter
Here is a link to the site of Miami's version of Anita Modak-Turan. This could get very interesting.
Friday, September 11, 2009
Thursday, September 10, 2009
Irby Case & Spousal Testimony
One question that has arisen in the recent legal sparring in the Irby case has been that of spousal immunity as the State sought to compel Mr. Irby to testify about the events of February 11, 2009. There has been some debate on whether the state can compel his testimony. Stubbs v. State dealt with this issue as a wife was accused of committing the crime of Aggravated Assault against her husband (She shot him) and the husband refused to testify against her. The Mississippi Supreme Court ruled:
"We first consider whether the court erred in compelling Larry Stubbs to testify against his wife when he was unwilling to do so. Mississippi Code Annotated, § 13-1-5 (Supp.1983), provides:
Husbands and wives may be introduced by each other as witnesses in all cases, civil or criminal, and shall be competent witnesses in their own behalf, as against each other, in all controversies between them. Either spouse is a competent witness and may be compelled to testify against the other in any criminal prosecution of either husband or wife for a criminal act against any child, for contributing to the neglect or delinquency of a child, or desertion or nonsupport of children under the age of sixteen (16) years, or abandonment of children. But in all other instances where either of them is a party litigant the other shall not be competent as a witness and shall not be required to answer interrogatories or to make discovery of any matters involved in any such other instances without the consent of both.
We first observe the statute provides (1) either spouse may introduce the other as a witness in all cases between them; (2) either spouse is a competent witness to testify against the other for a criminal act against a child; (3) in all other instances where either is a party litigant the other spouse shall not be competent as a witness.
We next note that Larry Stubbs objected to testifying against his wife and based his objection upon Mississippi Code Annotated, § 13-1-5 (Supp.1983). The objection was overruled and Larry was compelled to testify against his wife, the court being of the opinion the crime charged was against the peace and dignity of the State of Mississippi and was not a domestic difficulty between the defendant and the witness. The posture of this case does not conform to either of the categories of Section 13-1-5 making one spouse a competent witness in that Larry was introduced as a witness not by his spouse but rather by the State of Mississippi, and neither did the charge concern a criminal act against a child. It is therefore urged that the third category of the section controls. It provides that in all other instances where either spouse is a party litigant the other shall not be competent as a witness against the other. Doubtless the statute makes no provision for a case in the posture of this one and since this is so, we need turn to the common law for guidance.
In Turner v. State, 60 Miss. 351, 353-54 (1882), it is held:
Stating the question most strongly for the appellant, it is this: Is the wife a competent witness against the husband in a prosecution against him for an injury to her person, when she objects to giving evidence?....
But at common law a wife was competent to testify against her husband in a prosecution for assault and battery on her. In such cases, the husband, having violated the sanctity and peace of the household, it was deemed more consonant with the interest of the public that the wife should gain protection through his punishment, than that she should be subjected to the danger of neglect and injury inflicted in the privacy of domestic life, by the husband, who had the power to exclude from its precincts all competent witnesses of his offences.
The exception was permitted for the protection of the wife; but it was a protection afforded to her not purely as an individual, but as one of the public. Punishment is not inflicted by the law upon a wrong-doer to deter him or others from again wronging the particular individual injured, but to deter him and others from again injuring any person whatever. The husband, therefore, who assaults his wife, commits an injury, not only upon her, but upon society, of which they are members. It is for the injury to the public, committed upon it through the person of the wife, that he is punished. It is for the protection of society, and of the wife as a member of society, that she is made competent as a witness against the husband, for injuries committed by him on her. It is the offence against the public for which he is tried. He is offender of the public, and not the wife alone, and she is competent to testify as a witness for the public, and not as a witness for herself.
And it is a competency not to be waived by her, or affected by her desires or fears." Stubbs v. State
Some individuals commenting on this site have stated Rule 601 gives Mr. Irby spousal immunity. The Court had something to say about this question in a 1991 case, Meeks v. State:
"Meeks complains that his wife was permitted, over his objection, to testify against him....
Insofar as her testimony included communications between herself and her estranged husband, she falls within a well defined exception to the husband-wife privilege, to-wit: Rule 504(d),
Miss.R.Ev., which provides, relevant part:
There is no privilege ... in a proceeding in which one spouse is charged with a crime against the person or property of (1) the other, ... or (4) a third person committed in the course of committing a crime against any of the persons described in ... this Rule.
Meeks committed crimes against Linda Meeks and her property and against Christopher Meeks in the course of committing a crime against Tana Meeks. The Circuit Court handled the matter correctly." Meeks v. State
It would seem there is no rule against compelling Mr. Irby to testify against his wife other than the medical excuse provided to Judge Green.
The Black Swan: Tumor still in the system
Part 2:
Worth watching. Makes quite a few good points.
Wednesday, September 9, 2009
SURPRISE: Stuart Irby doesn't have to testify
After much legal skirmishing between the prosecution and defense, Hinds County Circuit Judge Tomie Green cancelled the September 16, 2009 interview that was scheduled for Mr. Irby and attorneys for both sides. The order stated
"The Court finds and ORDERS as follows:
(1) Stuart Irby suffered multiple physical injuries and brain trauma in a vehicle collision on February 11, 2009....
(2)Irby's medical providers opine that he suffers "retrograde amnesia for events leading up to the accident "through sometime in mid-April 2009. The medical providers indicate that this is typical of persons with severe traumatic brain injury, along with multiple other cognitive, psychological, and emotional maladies (Were these emotional maladies present for his two domestic violence arrests in 2007 and 2008?). Their prognosis for memory recovery remains poor.
(3)Stuart Irby's physicians are of the opinion that he lacks the ability to participate or even comprehend and provide reliable and valid answers to questions from the State and Defendant regarding the incident at issue in this case. Moreover these treating physicians advise the Court Mr. Irby's involuntary participation in even a simple interview at this time would likely "worsen" his condition, would setback his brain injury recovery, and "cause harm" to their patient."....
IT IS THEREFORE ORDERED AND ADJUDGED that the September 16, 2009 interview interviews previously ordered by the Court are hereby suspended..." Copy of order
No serious person expected Dr. Clea Evans (who has a PhD and does not possess a medical degree although her expertise is in post-traumatic brain injury rehab) to say Mr. Irby could testify in her statement submitted to the Court regarding Mr. Irby's medical condition. The ruling is not that big of a deal as Mr. Irby probably would have perfected the "I don't recall" line in a way that would make Hillary Clinton proud. However, one must wonder why Mr. Irby is fighting so hard to avoid talking to the District Attorney and if he is trying to keep any information regarding his own conduct (or his wife's) from the prosecution. One can certainly understand Robert Smith's frustration in his interview with WLBT when he stated it was unprecedented for such a witness to go to such lengths to avoid testifying. Unfortunately for Mr. Smith, nothing about this case has followed the usual precedent and it is becoming clear this will be the norm rather than the exception.
Note: It must also be asked why Mr. Irby has not requested the District Attorney drop the Aggravated Assault charges against his wife (as Heather Spencer did regarding the assault charges against George Bell, III). The prosecution will probably refuse to do so, but one would expect someone in his position to at least make the request.
Vote in new JJ poll
Since JJ has covered a few criminal law cases lately, the newest poll is "Vote for the Best Criminal Defense Lawyer in Jackson". Never know when you might need one so pay attention to the results.
Update: I edited the poll but had to start from scratch so that some unfortunate lawyers who deserved to be on the list were included. That is the last time I'm changing it.
Results of JJ poll
Well, its official: most JJ readers live in NE Jackson according to last weeks JJ poll:
NE Jackson | 57 (16%) |
Fondren | 38 (10%) |
Clinton | 5 (1%) |
Madison | 27 (7%) |
Ridgeland | 19 (5%) |
Pearl | 5 (1%) |
Belhaven | 28 (8%) |
South Jackson | 9 (2%) |
Brandon | 17 (4%) |
West Jackson | 12 (3%) |
JSU area | 0 (0%) |
NW Jackson | 30 (8%) |
Byram | 7 (2%) |
Flowood | 7 (2%) |
Reservoir | 29 (8%) |
In Mississippi, not in Jackson area | 43 (12%) |
Out of state | 16 (4%) |
Tuesday, September 8, 2009
Obama lies at AFL-CIO speech on health care reform
President Obama spoke yesterday at an AFL-CIO picnic about health-care reform. He spoke at great length about his opponents on the subject while predictably painting those who oppose the 1100-page so-called reform bill proposed by the left wing of his party as being against health care reform. He portrayed Republicans as heartless and greedy people who want American lacking health insurance to die and maintain the status quo. He even goes so far to ask - "Where is your solution to health reform?" then boldly declares that his opposition doesn't have any solutions. [You can view his speech here - go to about 2 minutes in the video to get to the aforementioned strawman.]
Once again, Mr. Obama is WRONG. WRONG. WRONG. The President is either clueless or being deliberately deceptive. I suspect it is the latter but this is what happens when one has the bully pulpit and no qualms about using it. You can label the opposition as the "Party of No" and no one in the media will dare question it.
Here are at least four plans proposed by members of the Senate which do not include a public option.
- S. 391 The Healthy Americans Act - Proposed by Senators Bennett (R-UT) and Wyden (D-OR).
- S. 1324 The Health Care Freedom Act - Proposed by Senator DeMint (R-SC).
- S. 1099 The Patients' Choice Act - Introduced by Senators Coburn (R-OK) and Burr (R-SC). This bill also includes support from members of the House.
- Coverage, Prevention, Reform (CPR) - A plan suggested by Senator Gregg (R-NH). [Note: At present, I found no legislation proposed by Gregg with this plan included.]
A staff source for the Senate Republican informed me Senators Hatch (R-UT), Kyl (R-AZ), Cornyn (R-TX), Ensign (R-NV), and Barrasso (R-WY) are working on another proposal. The plan has more state-based reform, which would encourage states to make needed reforms in a way that isn’t “one size fits all” currently favored by the Democrats. There are also several pieces of legislation in the House (drafted by The Republican Study Committee) that have been consolidated under the Empowering Patients First Act.
What's that? You had no idea there were all these proposals out there? Most people don't. The media and the Democrats have a strange way of sheltering us from the truth - for our own good, of course.
In the coming weeks (assuming legislation isn't passed quickly), I will attempt to break down each of the proposals and highlight things that will truly reform our nation's health care. In the meanwhile, I recommend watching some of the video clips from the Senate Doctors Show. Drs. Coburn and Barrasso talk with people in the medical industry (and the public) and listen to their concerns. It is very enlightening.
A big thanks to Kingfish for allowing me to share this with you here.
Cross-posted at my blog. Click Here to Read More..
Milan: Municipal interest rate swaps under criminal probe
It seems the Italians continue to get wise to the Wall Street schemes that blew up Jefferson County, AL and have attracted Jackson, MS Finance Director Rick Hill. Bloomberg reports:
"The banks had two pieces of advice for Milan: First, the city could save money by buying interest-rate swaps, which are derivatives designed to keep monthly payments low as rates change. Second, the institutions best prepared to sell them those swaps were none other than the banks themselves.
The four banks thus play four roles -- as underwriters, advisers, swap dealers and counterparties in the derivative contracts.
Undisclosed Fees
The group of banks wrote in a June 3, 2005, letter that the bond issue would save Milan about 55 million euros over the 30- year life of the bonds.
The firms never said what their fees on the swaps would be, public records show. Today, Milan faces so-called mark-to-market losses of 231 million euros on its swaps, according to council member Davide Corritore.
In all, the city’s losses include at least 101 million euros in hidden fees, according to Milan prosecutor Alfredo Robledo, who’s investigating the swap deals. The fees were buried because they were built into swap interest rates without any written explanation, the prosecutor says.
That 101 million euro price tag for Milan’s dealings with the four banks was 599 times the original figure of 0.01 percent for selling bonds and providing advice.
Without seeking competitive bids, the city agreed on June 16, 2005, to let the four banks sell them swap contracts. Neither the new swap rates nor the costs associated with them had been part of the original vote by the city council.....
Robledo said in July he would ask Milan judges to indict Depfa, Deutsche Bank, JPMorgan, UBS and 14 individuals, including two city officials, on fraud charges in connection with the swap deals....."
This part sounds familiar:
"Italy’s tales of swaps, losses and conflicts of interest are part of a global phenomenon in which local governments have signed contracts they had hoped would lower their debt payments.
In many cases, taxpayers later discovered the swap deals held risks and expenses that their elected and appointed officials didn’t expect or understand and that banks hadn’t disclosed....
After suffering losses, some countries, including Poland and the U.K., have restricted municipalities from engaging in derivative transactions. In mid-2008, Italy temporarily banned public derivative contracts.
“Municipalities and local governments around the world have target signs painted on them for bankers,” says Satyajit Das, a former derivative banker at Citigroup Inc. and Merrill Lynch & Co. and author of “Traders, Guns & Money” (FT Press, 2006).
“They’re generally not financially sophisticated, and they’re under pressure to raise money,” Das says. “And nobody in the derivative business is willing to actually be truthful.”
Read the rest of this article. It will show how these deals are very bad for cities. Meanwhile, Rick Hill still tries to promote a $40 million bond swap, after his proposed $95 million interest rate swap for Jackson's 2002 and 2004 bonds failed. If Jackson goes down this path, Bloomberg will one day write a similar story about how bold and stupid the new city was.
Note: See lower sidebar for collection of all posts on Jackson's interest rate swap proposals
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.
Sunday, September 6, 2009
Saturday, September 5, 2009
Friday, September 4, 2009
Thursday, September 3, 2009
New at Bryant Galleries
Riverside, $5,700
Oil 32” x 38”
Green Meadow, $6,100
Oil 31.5” x 35.5”
China Girl, $4,800
Oil 28” x 33”
All paintings by Gerald DeLoach
Irby update
An exhibit was filed under seal this week with Judge Green. Doesn't take a genius to figure out this is probably the Doctor's excuse, I meant note Judge Green asked for regarding Mr. Irby's ability to submit to an interview from the prosecution.
Click Here to Read More..
WWF on WLBT
WLBT Reporter Cheryl Lasseter takes some heat from Janice Singleton but Lasseter has the last laugh:
"JACKSON, MS (WLBT) - Silence from Janice Singleton as she left Federal Court Friday with a sentence of 52 months in prison and a restitution of more than $243,000.
The former corrections officer swindled $360,000 from 50 inmates by stealing their personal information and filing bogus tax returns.
Her dignified manner at sentencing is a turnaround from her attitude in February 2007, when Singleton, her sister, and her mother converged on a WLBT News crew, shouting expletives.
Singleton forced a camera out of our reporter's hand. The dust-up went on for about ten minutes.
A few weeks prior, the U.S. Secret Service had raided her business and seized records. Our news crew had visited to ask while she was still operating despite being charged with identity theft and fraud."
Wednesday, September 2, 2009
Dumbass Little League Parents
Update: 30 days in jail. Two years probation. $500 fine. Can't go to any youth sports activities for two years. Should have been banned for life.
| VIDEO: Coaches come to blows at Slidell Bantam Baseball Association game |
From Slidell. Click here for rest of the story. Click Here to Read More..
Monday, August 31, 2009
Weill: JPD has too many civilians
JPD Budget Summary
JPD Officer/Civilian Mix Highlights
JPD Officer/Civilian Mix comparison to other cities
Ward 1 Councilman certainly dropped a bombshell today as he released a study he requested from the Millaps School of Management comparing the police officer/civilian employee mix in comparison to other cities. Mr. Weills focused on several points raised by the study:
1. The percentage of civilians in the police departments of other cities is approximately a 20% average. JPD's is 38%.
2. Only 3% of the Jackson Fire Department employees are civilians.
3. Releasing fifty civilian employees would allow JPD to hire fifty police officers at no additional cost to the city (One assumes that excludes training expenses.).
4. Terminating 100 civilian employees would allow JPD to also give each officer a $2500 a year raise in addition to hiring more officers.
5. Reaching the Southern ratio of 20% would allow the City to hire over 600 police officers.
Mayor Johnson complained to the Jackson Free Press that Weill didn't go through proper channels and avoided discussing any issues raised by the study:
"This survey appears to be an attempt to carry out a function of the administration, or it seems, at the very least, to be mixing the administrative and legislative functions," Johnson commented to the Jackson Free Press via e-mail. "When these types of surveys are done using sources outside the city, the results are shared with the legislative branch after the Administration reviews the findings and asks questions. There is no indication that this occurred. It appears that this survey was done at the request of one member of the City Council." Article
The study will be presented today to the City Council at its weekly meeting.
Schimmel's in Chapter 11
Update: Mr. Schimmel made a very good comment. Scroll down in the comments section, it wil be under "Jay". Gave us a peek at what we can expect from Schimmels and what is going on with his restaurant right now.
Unfortunately for Jackson, Schimmel's filed for Chapter 11 bankruptcy in May (The majority of money owed is for taxes.). I hate seeing this happen as I like to see local establishments such as this one succeed. Mr. Schimmel placed his bet on Fondren and blazed the trail others have followed. In some ways, Mr. Schimmel was the birth of the Fondren Renaissance and I hope the community will support his restaurant. When Schimmel's opened, there was no Auditorium or Fondren after Five and the 2906 building was a fading hulk of concrete and steel. Hopefully Schimmel's will enjoy its own Reniassance. Mr. Schimmel placed his bet on Jackson, its time for us to return the favor.
Note: SCHIMMEL'S IS OPEN!!!
Copy of BK petition
Tax sale today
Very interesting. Isaac Byrd, pay up. Same for you David Baria.
Click Here to Read More..
Sunday, August 30, 2009
What MY Chase would look like.
Just took a look at the races lined up for the Chase this year: Talladega, Phoenix, Homestead, Martinsville, Texas, Charlotte, Fontana, Dover, Loudan, Kansas.
One superspeedway, one short track, and the rest are cookie-cutters. If I was picking the tracks for the Chase, here is what I would pick:
1. Atlanta. Fastest track on circuit without restrictor plates.
2. Saturday night race at Bristol. A no-brainer.
3. Talladega. nuff said
4. Charlotte. Home of NASCAR
5. Fontana
6. Texas. Fontana and Texas are major markets.
7. Darlington. Southern 500 needs to be in the Chase.
8. Dover. The Monster Mile
9. Richmond. Best short track after Bristol. Great night racing.
10. Chicago. Once again, great market and good track.
2 short tracks, a true superspeedway, the birth of Nascar is included as well as a mix of old and the new. The last race should be in Charlotte. A night race in Charlotte for the Championship. NASCAR's home and the state where is most popular. Anyway, that is my NASCAR fantasy Chase.
Saturday, August 29, 2009
Friday, August 28, 2009
Breaking: Investors sue SteadiVest, owner Wolfe, Travelstead, McRaney, Adcock, Harrington
WLBT story
First part of lawsuit
Second part of lawsuit
Investors of SteadiVest filed a lawsuit in Rankin County Circuit Court yesterday against SteadiVest owner Marshall Wolfe, Attorney Patrick McRaney, Joel Travelstead, Investlink/TFS Income Fund, The Investlinc Group, and several John Does. The suit charges the defendants with the following counts:
Count I: MTW Fraud
Count II: Steadivest Capital/TFS Fraud
Count III: Steadivest, LLC Fraud
Count IV: Negligent Misrepresentation
Count V: Conversion
Count VI: Civil Conspiracy
The lawsuit seeks return of all monies lost, attorneys' fees and court costs, and punitive damages. The lawsuit claims the defendants defrauded the plaintiffs of over six million dollars through the sale of phony promissory notes, (remember Ed Peters and the Nasa case?), which defendants used to support a lavish lifestyle while lying to investors about the true nature of the financial state of Mr. Wolfe's companies.
Note: Will write more later, don't have time to write a full post.
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