Jackson Jambalaya

I really don't care what happened last weekend between Chip Pickering and Chris Hester. Either Pickering was a jerk, Hester was a jerk, or they were both jerks, and we will know soon enough. I just wish last year when Paulson and Bush crammed the bailout down our throats that Pickering had shown back then the same balls he showed to the soccer coach and to Leisha. Guess W can mean both whupped and George W. Bush at the same time.

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For a collection of all posts on Evans case, see sidebar at right side of page. Synopsis of case is provided at the bottom of this post.

The U.S. Bankruptcy Court removed the Evans case from the Madison County Chancery Court to its own jurisdiction December 2, 2009. The lawsuit was filed by Mississippi Valley Title Insurance Company and Old Republic Insurance Company against Jon Chris Evans, his brother Charles Evans, Jr., and numerous LLC's owned by Chris Evans. Chris Evans filed a petition for Chapter 7 bankruptcy on October 26, 2009, the day before a hearing on a motion for a preliminary injunction against the Evans brothers was to be held in Madison County Chancery Court. The state court proceedings against Chris Evans were halted as U.S. Bankruptcy law stays most civil court actions once a bankruptcy petition is filed. The hearing continued against Charles Evans, Jr. and Mississippi Valley Title obtained the injunction. Copy of removal

The bankruptcy court is probably better suited to hear this case. There were multiple lawsuits filed in state court against Chris Evans or one of the companies owned by Chris or Charles Evans. Considering many banks will have competing claims on the same property and may have interests that are adverse to Mississippi Valley Title's, the bankruptcy court is in a better position to ensure all parties' interests are adequately represented in comparison to the Chancery Court where the authority of the Chancellor is somewhat limited.

Several banks and the Mississippi Bar also entered notice of appearance in the bankruptcy proceeding as well. James R. Clark notified the Court he represents the Mississippi Bar and requested the Court send regular updates to his office. Copy of notice First Bank and Wachovia also entered notices of appearance as well. Merchants and Farmers filed a request that Mississippi Valley Title be forced to produce to M&F all information obtained in the Rule 2004 examination of Chris Evans' estate. A 2004 exam is a thorough audit by a creditor of a debtor's estate. The information obtained in a 2004 audit can be very valuable in a case where massive fraud is alleged and the parties such as the banks and insurance company may have competing interests. While all the banks are conducting their own exams, Merchants & Farmer's is the first to ask that Mississippi Valley Title provide all the information from its exam. Copy of motion

The Mississippi Business Journal published a very good story in its current issue on how the fraud in the deeds and land descriptions occurred. Amy McCullough reports:
"Public records show that Chris Evans’ company Old Agency Business Park Inc. purchased a property of approximately 38 acres on Highland Colony Parkway in Madison in 2003. Chris Evans had a local surveyor write legal descriptions dividing the 38 acres into 10 separate tracts. Through various limited liability companies he owned, Chris Evans obtained commercial loans from Mississippi banks on each of the 10 smaller parcels. The title for the land, however, remained vested in Old Agency and was never conveyed to any of the other entities through which loans were obtained. This particular property has more than 25 mortgages recorded against it, which are held by entities not owning title to the land."
Article

This is a very good example of how the "alleged" fraud took place. In addition to not conveying title to the companies borrowing money, more fraud took place in the issuance of plat maps for some tracts of land. Multiple plat maps were drafted for the same property in some cases. Unfortunately for the banks, the plat maps were completely different and when combined, all of the parcels completely overlapped each other, making it nearly impossible to obtain clear title to the land. Such tricks are why Judge Olack said it will probably be easier to sell the parent tracts and then divide up the proceeds among the creditors.

There is actually a humorous note of sort in this case. The Evans Brothers actually have a defender. Frank Boatman of Ridgeland tries to imitate a soccer parent and wonders why everyone is picking on his little boys in a letter to the Mississippi Business Journal. Mr. Boatman opined:

"Editor,
I am not sure why the Mississippi Business Journal keeps picking on Charles and Chris Evans.
The liberal media loves to find small business owners around the country and put them in tough situations just so you can exploit them for your own gains.
Conservative America understands what is going on and movements like the Tea Parties around the country are showing how we can take our country back.
The Mississippi Business Journal should be ashamed.
Frank Boatner
Ridgeland"

Stay tuned.

Synopsis of Evans case (This feature will be included with future posts on Evans case): Charles Evans, Jr. was an attorney approved by Mississippi Valley Title Insurance Company to provide title certificates to MVT and lenders showing a borrower had clear title to property. MVT filed a lawsuit in September accusing his brother of using over 30 LLC's to obtain fraudulent loans from over 30 banks in Mississippi. Chris Evans would allegedly use one company to purchase a large tract of prime commercial real estate in Madison and Desoto Counties. Another company owned by Evans would obtain a commercial real estate mortgage on a smaller section of the tract yet that borrowing company never obtained a deed showing ownership of the land from the other company. Thus the smaller tract was actually non-existed as the larger tract was never actually subdivided. Charles would allegedly provide a title certificate however showing the borrowing company owned the land even though it didn't. Over 80 loans for nearly $50 million were issued by Mississippi banks to companies owned by Chris Evans for lands those companies either did not own. MVT has testified federal authorities are currently investigating the case. Chris Evans filed Chapter 7 bankruptcy on October 26, which stopped the Mississippi Valley Title's lawsuit against him as federal bankruptcy law stays most state civil court proceedings once a bankruptcy petition is filed. Mississippi Valley Title testified 65 title insurance claims for approximately $41 million have been filed by banks affected by the Evans case.

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The Trustee appointed by the U.S. Bankruptcy Court to handle the Chapter 11 Bankruptcy petition for Schimmel's Restaurant filed a Motion to Convert or Alternatively to Dismiss. Bankruptcy Trustee R. Michael Bolen asked the court to convert the Chapter 11 filing, which is one of business reorganization, to a Chapter 7 filing that would liquidate the business. Mr. Bolen states Schimmel's "failed to file a Disclosure Statement and Plan of Reorganization" as required by the Court and that the restaurant is currently delinquent in the payment of UST quarterly fees. Copy of motion

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Today we all remember the day the Japs bombed Pearl Harbor. We took our licks, toughened up, and gave them more then they ever bargained for when they pulled off their sneak attack. If interested in a good movie telling the story of the attack, watch Tora, Tora, Tora. It was made back in the 1970's and is far superior to the theatrical piece of garbage starring Ben Affleck a few years ago.



This is an old video of the attack.



News Film from 1942

Never forget.

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Suppose things had worked out right and when the planes were seen on the radar or the sub was detected, an alert commander had gone to battle stations and scrambled all aircraft. Would it have made much difference? The aircraft in use at Pearl Harbor was outclassed by the Zero. If the carriers had been in port or nearby it might have helped but they would have been at risk of being sunk as well. In other words, would we have lost Pearl Harbor anyway?

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Since Jackson nearly entered into a refinancing plan that would have used the same interest-rate swaps that blew up Jefferson County and have burned other governments earlier this year, JJ has made it a point to keep up with how interest rate swaps have performed for other municipal governments around the country.

The Philadelphia Inquirer explains how these swaps work:
" An interest-rate swap is an agreement between parties to exchange one stream of interest payments for another over a set period. They usually involve the exchange of a fixed-rate payment for a variable-rate payment.
Swaps were attractive when interest rates on variable-rate bonds and notes were low compared with fixed-rate bonds and notes. They allowed public agencies to take advantage of the lower rates while, in theory, providing a hedge against large increases in those rates.
However, the collapse of financial markets exposed the agencies to unanticipated risks - and millions of dollars in losses."

What exactly is happening in the municipal bonds interest rate swap world? Lets take a look around the country and see.

New Jersey just got burned on one deal. Bloomberg reports:
"Dec. 4 (Bloomberg) -- New Jersey taxpayers are being saddled with a bill of about $657,000 a month from Bank of Montreal for an interest-rate swap approved by state officials and linked to bonds that were never sold.
The 11th-largest U.S. state by population, which is cutting expenses to close a $1 billion budget deficit, will pay Canada’s oldest lender $23.5 million The sum, about the same as the salaries for 113 teachers over three years, will allow it to avoid a $50 million penalty for canceling the contract, which was tied to planned sales of school-construction bonds." Article

The Philadelphia Inquirer reports Delaware has its own swap problem:
"Interest-rate swaps" made in 2000 and 2001 provided the DRPA (Delaware Port Authority) with $45 million, but the deals spawned $242 million in liabilities that are beginning to come due...
The DRPA has paid $13 million to settle one swap contract and is going to pay about $40 million to terminate another, Hanson said..." Article

A hospital in Oregon is forced to pay $30 million just to get out of its interest-rate swap contract that is killing its finances:
"Asante Health System could issue as much as $260 million in new bonds to retire or restructure bonds that were sold in 2002, 2005 and 2008. Interest payments on many of those bonds have greatly exceeded original estimates.
Many of the earlier bonds were issued with elaborate "interest swap" provisions that became unfavorable for Asante after the credit markets collapsed in 2008 and interest rates soared.
Marvin Haas, Asante's chief financial officer, said retiring the interest rate swaps will cost Asante about $30 million, over and above the costs of redeeming the face value of the bonds....
We went from 5 percent to 15 percent overnight," he said, describing some of the worst moments of the market collapse in early 2008. Gyrations in the bond market cost Asante $4.5 million in unanticipated interest payments in the budget year that ended Sept. 30, 2008, Haas said. For the budget year that ended Sept. 30, 2009, there was just $758,000 in unanticipated interest
He said the costs of terminating the swaps is "painful," but "it's the right thing to do" because the new bonds come with a fixed interest rate that Asante can budget for..." Article

The Pennsylvania Auditor General has had enough after he issued a report saying over 200 governments in his state had entered into interest-rate swap agreements in the last six years. The study was made after several governments in Pennsylvania were forced to pay several million dollars in early termination fees when interest rates moved the wrong way. Article, Copy of report The Auditor General recommended the legislature ban local governments from entering into such agreements.

Keep in mind Jackson Finance Director Rick Hill and others thought refinancing our bonds with these swaps was a great deal as he claimed Jackson would get ten million dollars up-front from the refinance. JJ reviewed the deal after filing public records requests for the related documents and determined that at best Jackson was going to receive a cash flow of one million dollars for ten years, not a lump sum as Mr. Hill claimed. Such a cash flow was of course dependant on other variables that could change such as the interest rates. The proposed refinance would have also paid $4 million in feeds to politically-connected lawyers and bond advisers even though the original financing for the same bonds only paid $1.5 million in feeds when first closed.

Yes, I know, municipal bonds are boooooring. However, when a bond deal blows up because the Mayor and the City Council were more interested in paying off their friends than in learning the actual details of how these work and your water and sewer rates quadruple like in Jefferson County, it won't seem so boring.

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Vote for best college football coach since Bear Bryant's time. Jimmy Johnson got my vote. Won't have the most wins obviously but when he was at Miami, he created teams that destroyed opponents, especially top-ranked ones as Barry Switzer and Bobby Bowden can verify. Vote early and often.

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Part 3
Part 5

If you are looking for a new TV show to watch and you can get the BBC channel, check out Chef Ramsay's Kitchen Nightmares. While the FOX version focuses on drama, screaming matches, and the relationships among the employees and family members, the UK version is more laid back, more educational, and focuses on Chef Ramsay actually improving the restaurant instead of how many times he explodes. Many episodes are on YouTube although most of them have at least one segment removed so they don't violate copyright laws. One nice feature about the British shows is the last few minutes of each show feature Chef Ramsay returning to the restaurant a few weeks later to see what happened to the restaurant after he left. The American version makes you wait until the next season.

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This is a gripe post. I'm tired of being preached to about shopping locally. Yes, the prices are higher but it's local and supposedly the service is better. Really? Here is what I've noticed in my neighborhood McDade's lately as I shop there half a dozen times a week. More than a few cashiers and other employees are wearing earpieces in both ears so they can listen to their iPods. I asked one cashier about the headphones and she said some of them were smart enough to work and listen to music so it was no big deal to the management. Then there are the employees who wear bluetooths while working in the store or who eat or drink at their registers while checking out customers. Heaven forbid one of them should actually ask if you found everything you needed or count your change back to you.

Unfortunately, the poor service doesn't stop with the little gadgets and inability to control their appetites. The cashier the other night rang up an order for an elderly customer with half a buggy or so of groceries. Cashier bagged up her groceries and just left them on the counter while the poor lady had to lean over and try to load up her buggy. The cashier was a young college student (and she was white so don't even think that thought) and just oblivious to her customer. The managers don't even look like managers, even Waffle House employees look more professional than do the managers at this McDades as their shirts don't look like they were only run through the dryer for a few minutes.

Maybe I'm old fashioned or maybe I was fortunate enough to have worked in college for Jitney Jungle for several years and was accustomed to seeing managers who acted like managers and actually expected certain standards of behavior from their employees. I don't see cashiers at Kroger ignoring old ladies nor employees at Walmart jamming to their iPods. All I can say is if Henry Holman had walked into number 14 and seen a grocery store being run as a frat house, heads would have been rolling that hour. Of course, Mr. Holman would do things like visit the store at 5:00 AM when no one was there or shop on a busy Saturday afternoon while dressed in a baseball hat, t-shirt, and shorts just so he could see how his stores were actually run. It's called holding your employees accountable.

If I was the owner of McDade's, I would be embarrassed by what passes for customer service in his stores as it's clear he doesn't visit them.

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William Wright	15 (6%)
Harlan Varnado	3 (1%)
Ed Rainer	5 (2%)
Chris Tabb	1 (0%)
Mark Chinn	38 (17%)
Monte Caldwell	4 (1%)
L.C. James	27 (12%)
John Reeves	7 (3%)
Mike Malouf	15 (6%)
Betty Ruth Johnson	17 (7%)
Robert Kisselburgh	5 (2%)
Richard Roberts	15 (6%)
Matthew Thompson	45 (20%)
Larry Latham (Emeritus status)	18 (8%)
Lee Agnew	4 (1%)

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Willie Hutchinson, owner and all-around great guy.

Jackson Jambalaya welcomes its new advertiser, The Snooty Pooch. Willie Hutchinson and his wife opened The Snooty Pooch in 2006 after deciding local dogs and cats needed a home away from home where they could be spoiled rotten. The dogs are walked 3-4 times a day and there is a play area where Schnookems and Rocco can have some fun. The Snooty Pooch also sells toys, clothes, and several full lines of dog and cat food as well. The complete Wellness line is available.

Rates range from $20 to $30 a night, depending on the size of the kennel. The Snooty Pooch can also bathe your pet for an additional ten dollars. The Snooty Pooch is by the railroad tracks in Madison. Take the Madison exit on I-55N, then turn right. Turn left at the last road before the railroad tracks, Depot Drive. Phone number: 601-607-4717 Email address: thesnootypooch@aol.net. Website: http://www.chateaulapooch.com

Support Jackson Jambalaya by supporting The Snooty Pooch. It's local, it's reasonably priced, and you don't have to worry about some hungover snot-nosed college puke taking care of your pet. Christmas is coming so consider The Snooty Pooch if your pet likes the Hilton or you just want to dress up your little Sophie in the latest Christmas wear.

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I thought I would publish a collection of the recent stories on the controversy involving The Fine Arts Institute of Mississippi, a charity run by Bill Murphy and connected to Tim Johnson. The Secretary of State issued a Cease and Desist order recently which was pretty damning in its investigation of the charity. Copy of Order. Mr. Murphy responded on his website with a vigorous defense that termed the charges against him a bunch of "misleading information floating around on the airwaves" and posted an itemized list of expenditures made by the charity. Mr. Murphy has also appeared on various talk shows to defend his actions.

Meanwhile, the Madison County Journal reported this week that one of Murphy's employees apparently has a cozy little deal selling pesticides to Madison County. She operates her business (at least up until recently, and may still be) inside the offices of FAIM, while also being paid as a part-time employee of FAIM. Murphy used to be a road manager for the county and has retained Supervisor Tim Johnson as a lobbyist for his charity. (The SOS said this was a violation.)

It should also be noted the trial for former FAIM employee Silbrina Wright has been postponed until May. Ms. Wright was indicted nearly a year ago in Madison County for allegedly embezzling nearly a thousand dollars from the charity. She claims the charge is in retaliation for turning FAIM into the State for several violations and has filed a wrongful termination suit in Hinds County. A review of Ms. Wright's indictment shows the prosecutor is none other than Rebecca Mansell, no stranger to controversy herself. In fact, multiple sources have informed JJ Faye Peterson's former prosecutor was seen this week at the offices of the Gaming Commission, which recently shut down the bingo operation which funds FAIM. (Boxcar Bingo is currently allowed to operate pending an appeal of the Commission's decision.).

This case keeps getting more and more interesting.

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How many times has Ladd written this column or something similar? I've lost count.

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The Desoto Times Tribune published a good story on the Evans case yesterday. The reporter took the time to dig through the deeds of trust and other documents himself and arrived at the same amounts JJ determined several weeks ago. He deserves some credit for actually reporting instead of copying and pasting some documents from PACER like someone else has been doing while passing it off as "journalism". Some excerpts:
"The Federal Bureau of Investigation and the U.S. Attorney’s Office are investigating two Ridgeland brothers who allegedly defrauded banks in Mississippi, including some in DeSoto County, by exposing the financial institutions to more than $41.4 million in title insurance claims.
At least 27 banks in Mississippi gave more than 68 loans — 17 in DeSoto County alone — based on fraudulent information to Charles Evans Jr. and his brother Jon C. (Chris) Evans of Ridgeland, according to a lawsuit on file in Madison County Chancery Court.
The lawsuit, which represents one side of a legal issue, states that the Evans brothers “fraudulently and intentionally obtained mortgages on properties located in Madison County and throughout the state,” including DeSoto County.
Records on file with the DeSoto County Chancery Clerk’s Office show that banks issued nearly $10 million in loans to the Evans brothers...." Article

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Having problems with dog allergies? Noticed your pet scratches all the time but there are no fleas? Do your dog's eyes constantly drain? Check the dog food. When I got Louis XIV, he had a huge problem with dry skin and eye drainage. His muzzle was red from his eyes draining so much and his previous owner fed him Pedigree. The vet at Briarwood had me put him on Natural Balance's Sweet Potato and Fish formula. Eyes quit draining and he quit scratching. I recently went through this with another Cavalier I took care of for a few weeks. Within a few days of switching her dog food (Purina-1) to this formula, her problems went away. Since then I've recommended these formulas to a dozen friends whose dogs had the same problems and they went away after switching foods (Including the so-called Science diet, which is overrated in my ignorant opinion.) Wellness, Natural Balance

You can buy Natural Balance at Briarwood Pet Store. Its around $35 for a 15 lb bag depending on the formula (After ten bags, you get the next one free.). They sell it in treats and canned food as well and other good formulas like Duck/ Sweet Potato or Venison /Rice. Wellness makes the same formulas and is available at the Snooty Pooch in Madison for $30 per 15lb bag. Rainbow in Fondren sells only the 5lb bag for $15. Seems like a lot of money BUT when the dog gets full, he stays full as it doesn't have all that filler crap in it. I was buying a new bag of the regular food for my dog every three weeks. After I switched, three months would pass by before I had to buy another bag so it evens out over time. If your dog is scratching or his eye is draining, change his food and you might like the results.

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Well, well, well, it looks like since Stuart Irby doesn't have to worry about testifying in court, he has been a busy little bee. These pictures were taken November 21 at the airport as he flew out of Jackson to Dallas for the weekend. He arrived with his pilot, got his own luggage, took a stroll, then got on the plane and departed. Mr. Irby's rehab tour has taken place at several other sites in Jackson: The shindig at Hal and Mal's on Thanksgiving night where he was seen by more than a few people; the Friday night performance of Cat on a Hot Tin Roof at New Stage Theater where his buddy Mac performed; the book signing for Quinten Whitwell's If By Whiskey held at Lee Paris' home. Numerous sources who attended the signing reported to JJ Mr. Irby was among those in attendance at the literary event where the beautiful people of Jackson showed up to tell each other how wonderful they are.

Hmmm....Mr. Irby can't testify in his case, yet he can fly to Dallas to have some fun, go to bars, plays, and book signings yet according to his doctor and Judge Green:
"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."..."

Obviously these excursions are part of Mr. Irby's rehab and we all hope he is making a speedy recovery from the injuries he suffered in that horrible wreck nearly a year ago. If, however, he is merely avoiding testifying in his wife's case, I will offer some advice: Spend some money and lease a condo in New Orleans for six months. You want to have some fun and not worry about everyone in town seeing it, just hit the road on I-55 South for two and a half hours and get lost in the Crescent City. No one will know who you are down there. However, I think we can all assume these little excursions are approved by his doctors and lawyers as part of his convalescence and that it is obviously working for him.

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The antithesis to corporate media: Read. An excerpt:
"The editor of the Memphis Avalanche swoops thus mildly down upon a correspondent who posted him as a Radical:--"While he was writing the first word, the middle, dotting his i's, crossing his t's, and punching his period, he knew he was concocting a sentence that was saturated with infamy and reeking with falsehood."--Exchange.

I was told by the physician that a Southern climate would improve my health, and so I went down to Tennessee, and got a berth on the Morning Glory and Johnson County War-Whoop as associate editor. When I went on duty I found the chief editor sitting tilted back in a three-legged chair with his feet on a pine table. There was another pine table in the room and another afflicted chair, and both were half buried under newspapers and scraps and sheets of manuscript. There was a wooden box of sand, sprinkled with cigar stubs and "old soldiers," and a stove with a door hanging by its upper hinge. The chief editor had a long-tailed black cloth frock-coat on, and white linen pants. His boots were small and neatly blacked. He wore a ruffled shirt, a large seal-ring, a standing collar of obsolete pattern, and a checkered neckerchief with the ends hanging down. Date of costume about 1848. He was smoking a cigar, and trying to think of a word, and in pawing his hair he had rumpled his locks a good deal. He was scowling fearfully, and I judged that he was concocting a particularly knotty editorial. He told me to take the exchanges and skim through them and write up the "Spirit of the Tennessee Press," condensing into the article all of their contents that seemed of interest...." Read the Rest of the story.

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This little Lhasa Apso is Digger. He is a "four year old male. Sweet personality. Loves to be held. Gets along well with dogs and cats. House training will need some work. Apply on line at www.carams.org or call Cathy at 601-605-0495." Digger's page.

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For a collection of all posts on Evans case, see sidebar on right side of page.

Did Mississippi Valley Title Insurance Company bury a little exclusion in the insured closing protection letters* it issued to some of the banks in the Evans Case? JJ has obtained an insured closing protection letter Mississippi Valley issued to one of the banks that obtained a policy from Mississippi Valley Title for a loan it issued to Chris Evans. The letter is two pages long, near the end of the second page, the letter states:

"However, in no instance shall the company be liable hereunder unless notice of claim in writing is received by the Company at its principal office 90 days from the date of discovery of the loss. Furthermore and notwithstanding any other limitations set forth in this paragraph, in no instance shall the company be liable hereunder unless notice of claim in writing is received by the company at its principal office one (1) year from the date of closing."

It appears Mississippi Valley Title is notifying the bank that if claims are discovered more than a year after closing, the insurance company is not responsible for paying any claims. This could create huge problems for the banks involved in the Evans case as the banks have filed over $40 million in claims with Mississippi Valley Title. A substantial portion of these claims were on loans made more than a year before the fraud was discovered by Holmes County Bank and Mississippi Valley Title. Earlier post with itemized list and dates of loans. The key issue is how many banks received an insured closing protection letter from Mississippi Valley Title when they issued a loan to Chris Evans and is the exclusion valid.

If this is indeed an exclusion, it is probably extended to three years as Then-Commissioner George Dale issued a letter on 2006 on this very issue:
"The Commissioner has become aware of a provision in some insurance policies that is causing confusion regarding the statue of limitations period for a policy holder to file a legal action against company. Some policyholders are concerned that this provision is limiting their ability to bring a legal action against their insurance company to one year instead of the statutory three year period. In an effort to clarify this and remove any confusion or misunderstanding regarding the statute of limitations period to file a legal action against an insurance company, I am hereby issuing the following directive.

Insurance companies should be aware that Mississippi Code Ann. section 15-1-49 prescribes a general limitations period of three years next after the cause of such action has accrued. Case law has held that this statute applies to insurance policies. Furthermore, Mississippi Code section 15-1-5 states that the statute of limitations period provided by law may not be changed in any way whatsoever by contract between the parties, and any provision which so changes the statute of limitations shall be null and void." 2006 Directive

The one-year period is probably extended by law to three years. However, there were many loans issued to Chris Evans before 2006. 48 loans were issued between 2003 and 2005 to Chris Evans on properties in Madison and Desoto Counties. It will be interesting to see how many policies have such language and how it will be used by Mississippi Valley Title Insurance Company.

*Definition of insured closing protection letter:
"An insured closing protection letter is issued by a title insurance company to a lender and meant to "specifically apply to escrow closing activities and services performed for title underwriters by approved attorneys or agents who are not employees of the title companies; as a general rule they are not issued on behalf of independent closers over whom the title company has no control. (An “Approved Attorney” is defined in the standard forms of CPLs as “an attorney upon whose certification of title the title insurance company issues title insurance”; an “Issuing Agent” is defined as “an agent authorized to issue title insurance for the title insurance company”). These letters are standardized indemnity agreements given to individually named lenders and recite the specific conditions under, and the extent to which, title insurers will accept liability for the acts or omissions of such parties." Definition of a closing protection letter by First American, a title insurance company.

Synopsis of Evans case (This feature will be included with future posts on Evans case): Charles Evans, Jr. was an attorney approved by Mississippi Valley Title Insurance Company to provide title certificates to MVT and lenders showing a borrower had clear title to property. MVT filed a lawsuit in September accusing his brother of using over 30 LLC's to obtain fraudulent loans from over 30 banks in Mississippi. Chris Evans would allegedly use one company to purchase a large tract of prime commercial real estate in Madison and Desoto Counties. Another company owned by Evans would obtain a commercial real estate mortgage on a smaller section of the tract yet that borrowing company never obtained a deed showing ownership of the land from the other company. Thus the smaller tract was actually non-existed as the larger tract was never actually subdivided. Charles would allegedly provide a title certificate however showing the borrowing company owned the land even though it didn't. Over 80 loans for nearly $50 million were issued by Mississippi banks to companies owned by Chris Evans for lands those companies either did not own. MVT has testified federal authorities are currently investigating the case. Chris Evans filed Chapter 7 bankruptcy on October 26, which stopped the Mississippi Valley Title's lawsuit against him as federal bankruptcy law stays most state civil court proceedings once a bankruptcy petition is filed. Mississippi Valley Title testified 65 title insurance claims for approximately $41 million have been filed by banks affected by the Evans case.

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Jackson crime stats for week of November 16-22, 2009. If anyone has the crime stats for surrounding cities, feel free to send them to me.

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Yup. He was stone-cold sober.

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Thompson passed away today after a long fight with cancer. He was loved by many and respected by all. What words describe Mr. Thompson? A caring doctor? Someone who sought to make this world better for everyone? A great husband? A great father? Someone who loved sailing? A man who returned when his home state needed his help? Yes, he was all that and more. The Ed Thompsons of the world are the true angels on earth as they bless everyone they touch and are remembered by all. I've taken the liberty of posting some pictures of Ed Thompson. One is the formal, respected Doctor, taking care of his state. The others are of an Ed Thompson who was filled with life and vigor, passionate about sailing and living life to the fullest. Instead of the Ed Thompson we saw in recent months, let's remember him as he is in these pictures: a great yet simple man who blessed us with his life. Say a prayer for Marsha and his family.

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See sidebar on right for a collection of all posts on Evans case.

Chris Evans filed a schedule of his assets, liabilities, and claims in U.S. Bankruptcy Court last week. Copy of schedule. It's 76 pages long but there are many important facts in the schedule. Mr. Evans claims he owns $82,790,000 in properties and there are $60,260,266 in secured claims.

Synopsis of Evans case (This feature will be included with future posts on Evans case): Charles Evans, Jr. was an attorney approved by Mississippi Valley Title Insurance Company to provide title certificates to MVT and lenders showing a borrower had clear title to property. MVT filed a lawsuit in September accusing his brother of using over 30 LLC's to obtain fraudulent loans from over 30 banks in Mississippi. Chris Evans would allegedly use one company to purchase a large tract of prime commercial real estate in Madison and Desoto Counties. Another company owned by Evans would obtain a commercial real estate mortgage on a smaller section of the tract yet that borrowing company never obtained a deed showing ownership of the land from the other company. Thus the smaller tract was actually non-existed as the larger tract was never actually subdivided. Charles would allegedly provide a title certificate however showing the borrowing company owned the land even though it didn't. Over 80 loans for nearly $50 million were issued by Mississippi banks to companies owned by Chris Evans for lands those companies either did not own. MVT has testified federal authorities are currently investigating the case. Chris Evans filed Chapter 7 bankruptcy on October 26, which stopped the Mississippi Valley Title's lawsuit against him as federal bankruptcy law stays most state civil court proceedings once a bankruptcy petition is filed. Mississippi Valley Title testified 65 title insurance claims for approximately $41 million have been filed by banks affected by the Evans case.

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Is there blood on Mike Huckabee's hands? The former Arkansas Governor pardoned cop-killer Maurice Clemons while in office. The Hill reports:
"In 1990, a then-18-year-old Clemmons was convicted of burglary and theft of property and sentenced to 60 years in prison. The teenage Clemmons was already serving 48 years of time on five felony convictions from earlier offenses. He was released 11 years into his burglary sentence. Clemmons began the clemency process by requesting "executive clemency by pardon."

The Governor and his supporters can quote legal mumbo-jumbo and play logical twister all day long as they try to salvage his political career. After all, every Governor makes mistakes. He's a good man, a minister, someone who thought someone had changed for the better. Unfortunately for Arkansawyers (apologies to Paul Greenberg) and four dead cops in Washington, releasing thugs like Clemmons was apparently part of a very disturbing pattern for Huckabee. The Arkansas Leader published the following graph in this 2004 article:













What is the saying about a picture being worth a thousand words? I think in this case its a few thousand.

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Tigerdroppings.com has a Saints board. Over 2300 members online right now.

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It's that time of year and you know what it means: It's time for my award-winning egg nog recipe.

Ingredients: 1 cup bourbon 1 cup brandy 1 cup Tia Maria
12 eggs, quart cream, quart half & half, 1/2 lb powdered sugar
--------------------------------------------------------------------------------
Directions: Separate eggs and combine booze and yokes and
whisk in 1/2 lb of powdered sugar.
Store in fridge for 24 hrs. Keep the whites chilled also.
24 hrs later, whip cream in large bowl until thick,
then add half & half and the yoke/booze mix.
Add the egg whites and whip till frothy.
Chill for a while before serving.

Get blowed up.

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While getting a shake from Brent's Drugs this afternoon, I learned Brent's should be open for breakfast starting in January. They have some more equipment which needs to be installed and then Fondren and Belhaven will finally have their own restaurant serving breakfast. Nice job and kudos to the new owners of Brent's who committed to growing its legacy.

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A hearing was held today in Judge Swan Yerger's court on the Motion to Dismiss filed by Robbie Bell. Bell's motion was filed in response to the lawsuit filed against her by Elizabeth Hall. Post on Reponse to Motion to Dismiss, Post on Motion to Dismiss, Post on Bell lawsuit. Judge Yerger is instead treating it as a motion for summary judgment and giving both parties ten days to submit additional pleadings and evidence. Judge Yerger will then set a hearing date. Stay tuned.

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Robbie Bell filed a Rebuttal to Plaintiff's Reponse to Motion to Dismiss November 24 in Hinds County Circuit Court. Robbie Bell is the mother of George Bell, III, who is serving life for murdering and sexually assaulting his girlfriend, Heather Spencer, and kidnapping her best friend, Elizabeth Hall, at gunpoint. Ms. Hall filed a lawsuit against Ms. Bell seeking damages for her conduct during George Bell's murderous rampage on September 11, 2007.

The two sides have filed the usual motions and responses in such a case. However, Ms. Bell filed an affidavit with the Court that makes a few new claims:

"2. At all times relevant hereto, George Bell III owned guns and had access to them.
3. When I came home on the night September 10, 2007, George Bell had in his possession onf his own guns.
4. Throughout the night and into the next morning, I was held captive by George Bell III and believed that if I did not do as I was told, George Bell III would kill me, others, and/or himself.
5. At no time relevant hereto, did I provide George Bell III with a gun or authorize him to use any gun owned by me or anyone else.
6. At all times relevant hereto, I had no control over George Bell III."

So if Ms. Bell was held captive, in fear, and knew George Bell III had a gun, why didn't she call the police when he left?

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The Clarion-Ledger reported on the Steadivest case this morning, No new information for JJ readers but it did a pretty good job of covering most of the bases. Article

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Meet King. He is at the Mississippi Animal Rescue League. Adopt him. Have a heart. How can you let a dog so beautiful be put to sleep or go homeless? Where is your sense of shame? Pretent you are a liberal and give this dog a home. Wait, I screwed up. If you were a liberal you would be taking my money and telling me you were setting up a program for someone else to give this dog a home but then after it was bid out to union only jobs and meeting all government regulations as well as passing the review for diversity qualifications and that the dog wasn't actually a threat to the environment, the poor dog would be dead because it would be ten years later before the home was finally available for the dog.

So give King a home. King's page

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See sidebar on right for a collection of all posts on Evans case

Synopsis of Evans case (This feature will be included with future posts on Evans case): Charles Evans, Jr. was an attorney approved by Mississippi Valley Title Insurance Company to provide title certificates to MVT and lenders showing a borrower had clear title to property. MVT filed a lawsuit in September accusing his brother of using over 30 LLC's to obtain fraudulent loans from over 30 banks in Mississippi. Chris Evans would allegedly use one company to purchase a large tract of prime commercial real estate in Madison and Desoto Counties. Another company owned by Evans would obtain a commercial real estate mortgage on a smaller section of the tract yet that borrowing company never obtained a deed showing ownership of the land from the other company. Thus the smaller tract was actually non-existed as the larger tract was never actually subdivided. Charles would allegedly provide a title certificate however showing the borrowing company owned the land even though it didn't. Over 80 loans for nearly $50 million were issued by Mississippi banks to companies owned by Chris Evans for lands those companies either did not own. MVT has testified federal authorities are currently investigating the case. Chris Evans filed Chapter 7 bankruptcy on October 26, which stopped the Mississippi Valley Title's lawsuit against him as federal bankruptcy law stays most state civil court proceedings once a bankruptcy petition is filed. Mississippi Valley Title testified 65 title insurance claims for approximately $41 million have been filed by banks affected by the Evans case.


A hearing was held in U.S. Bankruptcy Court Monday on the bankruptcy petition for Chris Evans. Chris Evans has been accused by Mississippi Valley Title and several banks of conducting a massive scheme of real estate and mortgage fraud to obtain tens of millions of dollars in loans. JJ estimates 32 banks issued nearly $75 million in commercial real estate loans to Chris Evans.

A tidal wave of gray suits crashed upon the shores of the courtroom as bankers and lawyers wore the required uniforms. The only exception was Mr. Renfroe, an attorney representing Merchants & Planters, who borrowed from Alex the tweed blazer with elbow patches he wore in Family Ties. The courtroom was a stark contrast from the hearing in Yazoo held by Chancellor Harvey-Goree. That hearing was held on the same day as the day the Chancellor conducts her regular child-support hearings. The courtroom that day was Mississippi in a nutshell and surreal in nature: the first three rows were filled with grayed-up bankers and lawyers that looked like they came straight from the lily-white Country Club of Jackson while the last two rows were made up of poor blacks dressed in Walmart clothes seeking help just so they could take care of their kids that were in most cases, sitting right next to them. They looked bewildered as they sat in the courtroom for three hours while attorneys fought over the largest "alleged" real estate fraud ever in Mississippi.

The Court will likely order all properties sold.
Judge Olak made several rulings and recommendations in the hearing. One main issue in this entire case has been the title to the properties. Due to the (allegedly) fraudulent nature of the title certificates issued by Charles Evans, Jr., it has been very difficult for banks to determine who the actual owners of their collateral is because often the loans were given for tracts of land that did not actually exist.

Bankruptcy Trustee Derek Henderson said "it is so convoluted, it will be easier to sell the large tract than allow the bank to foreclose" as several banks have filed either requests to foreclose with the court or actions in chancery court to give them first lien position". Judge Olak agreed with the trustee and said he will probably order the commercial real estate owned by Chris Evans sold and then determine how the proceeds should be divided among the banks that have a claim on the property.

Judge Olak said he used this method in a similar case and that it was "successful" and that the "creditors needs to coordinate their efforts in order to maximize the value" of the property and that he "wanted to sell the property then worry about the proceeds later." Such a ruling will mean several prime pieces of commercial real estate in Madison and Desoto counties will be available for sale. Several tracts are on Highland Colony Parkway, Hwy 683, and Goodman Road.
Judge Olak said since many properties were worth less as separate tracts because they did not have access and that selling the larger "parent" tract would yield more money for the creditors.

The Court also ruled any creditor filing a claim on the property or proceeds from its sale, should provide evidence such as an appraisal or loan officer's testimony to support what it claims the value of the property is (Several banks complained about the cost of ordering appraisals as commercial real estate appraisals aren't cheap. This correspondent thinks the Court should have allowed Mr. Henderson to select an appraiser that would have independently determined a value without any potential conflict of interest that would have existed if he was selected by a bank.)

One of the more comedic moments was once again provided by Renfroe, who started to object to such a sale. The attorney said his bank had second lien on a tract of land and the value of the property was not even enough to cover either the first or second loan. It was comedic in that he wanted to foreclose on the property even though the tract was divided by a gas line, had no access, and his bank had second lien. The Court ordered Mr. Renfroe to work with the other banks.

The Evans case will be removed to Bankruptcy Court
Mr. Henderson told the Court he was going to remove the entire case to the bankruptcy court from the Madison County Chancery Court in the next few days. Judge Olak told Mr. Henderson he agreed with him and wanted to avoid "unnecessary duplication". Mississippi Valley Title had filed a request in the Chancery Court for the Chancellor to appoint a special master and asked for permission from Judge Olak to allow them to do so.

Such an appointment was objected to by the banks as it would have taken away some of their rights as creditors. The Special Master would have been the equivalent of a bankruptcy trustee at the state court level but for several differences. The trustee has more independence as well as more powers. He looks after the creditors' interest. He can conduct an independent investigation. He can audit and sell assets or discharge liabilities. The trustee can also investigate bankruptcy fraud and make criminal referrals directly to the justice department. A Special Master can make no such referral. A special master also can only rule on what the plaintiff's and defendants file in his court, something a trustee is not bound by under bankruptcy law. Theoretically, Mississippi Valley could more heavily influence the direction of the case if it was under the jurisdiction of a Special Master instead of a Bankruptcy Trustee unless the banks intervened in the case. Note: A more complete definition of a bankruptcy trustee is at the bottom of this post in an endnote.

Mississippi Valley caves in to the banks.
In addition to fighting Mississippi Valley on the issue of appointing a Special Master in state court, Cadence Banks and several banks represented by attorney Kristi Johnson of Watkins Ludlam filed several objections to motions filed by Mississippi Valley Title Insurance Company. These banks had extended nearly $10 million in loans to Chris Evans.

MVT sought an emergency 2004 examination of Chris Evans. Such an examination is a complete auditing of Mr. Evans' financial affairs. If the emergency request was approved, Mississippi Valley would be able to gain crucial information about the case before any other party could conduct its own examination. Such information is extremely valuable in determining strategy and getting a leg up on the banks in regards to filing motions and claims with the Court. The banks thus requested all interested parties be allowed to attend the examination. See earlier post on Banks v. MVT scrum

Mr. Henderson had objected to the Emergency examination as well and said that the banks should be able to participate. He told the Court Mississippi Valley Title agreed with their position that morning and that an omnibus exam should be held. The Court agreed and ruled an examination would be held on December 9, 2009 at 2:30 PM and another one the next day. He also ruled that parties that could not attend could participate via conference call.

The Court also granted requests made by several banks to foreclose on a home on Brecon Drive in Jackson. The home was renovated by Chris Evans and appraised for approximately $190,000. The banks however, issued loans for over $300,000 on the home as Mr. Evans obtained multiple mortgages on the same home and Charles Evans, Jr. once again provided the title certificate. The Court also ruled Bankfirst could claim a $100,000 cd belonging to Chris Evans it currently held.

Note: For those not familiar with bankruptcy law, here is the definition of a bankruptcy trustee according to Lawyers.com:
"In the course of administering or overseeing the debtor's estate (the debtor's property or assets), the trustee first investigates the assets of the estate, which typically includes holding the meeting of creditors and questioning the debtor at that meeting.
If there are assets of the estate that are neither exempt nor abandoned, the trustee must:

• Collect that property from the debtor or any other entity holding the property
• Convert it into cash, usually by sale of the property
• Be accountable for that property

..Once the estate's property has been liquidated i.e., converted to cash, the trustee must preserve the assets and then distribute them to creditors. To do so, the trustee is required to review the proofs of claim that are filed by creditors and object to those that are improper. The trustee must then make distributions to creditors whose claims are proper, in the order specified in the Bankruptcy Code."

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A Mr. Frank Mickens is over at the Jackson Free Press complaining about bloggers and first proposed a licensing of journalists, for consumer protection of course, before Ladd disagreed with him, to her credit:
"Your first amendment arguments against creating a cadre of licensed, peer reviewed and ethically bound individuals known as Professional Journalists (P.J.’s) ring hollow in my ears.
The licensing requirements would create a separate class of professionals, who hopefully will be held in higher public regard than the current conglomeration of off the cuff bloggers and talking heads. It would force people like Rush Limbaugh and the Fox/CNN/MSNBC, etc news groups of crying, whining talking heads to be known as less than the best, by virtue of their inability to submit to and abide by a process of education, training, peer review, code of ethics and disciplinary risk.....
You cite that there are many organizations that offer journalistic guidance. In my opinion, what we need is a system of organizations (like state bar associations, professional engineering boards, medical licensing panels, etc.) offering standardized training and education requirements, qualified peer review, ethical requirements and disciplinary powers."

What do you propose Frank? Prosecuting people for engaging in the unauthorized practice of journalism? A licensing board that denies licenses journalists it doesn't like? The difference between a someone like Mickens and someone like me is I assume you guys have some brains and don't need any labels or certifications to decide if each post on this site is BS. I actually think you know how to tell the difference between facts, news, and opinions. People like Mr. Mickens think you are all stupid and unable to think critically so therefore you need to be protected from what he thinks are phony journalists. He should take is idea to Gannett. Their foundation would probably fund such a project. Can't imagine why, can you?

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Vote for best divorce lawyer in Jackson. Have at it. ;-)

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JJ readers voted Eric Clapton the best guitar player. Stevie Ray Vaughn came in second, Jimi Hendrix third. I disagree with the choice. Just listen to Layla, that is Duanne Allman playing the guitar. Now, Clapton has never played Layla that good or that fast live. As for Stevie, listen to Voodoo Child from the Live at the Fillmore album. Stevie never played that as good as Jimi did on that album, but I was outvoted. Nigel Tufnell over Jimmy Page and Carlos Santana? Come on.

Eddie Van Halen	9 (3%)
Hendrix	34 (12%)
Keith Richards	3 (1%)
George Harrison	3 (1%)
Eric Clapton	56 (20%)
Roy Clark	12 (4%)
John McLaughlin	2 (0%)
David Gilmour	6 (2%)
Eric Johnson	3 (1%)
Joe Satriani	9 (3%)
Santana	11 (3%)
Randy Rhoads	5 (1%)
Tommy Iommi	0 (0%)
Robert Fripp	1 (0%)
Duane Allman	12 (4%)
Slash	4 (1%)
Nigel Tufnell	23 (8%)
Jeff Beck	7 (2%)
B.B. King	15 (5%)
Stevie Ray	47 (16%)
The Edge	7 (2%)
Vai	1 (0%)
Dave Mustaine	0 (0%)
Jimmy Page	10 (3%)

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The Mississippi Secretary of State's office began posting violations of Mississippi securities and charities laws and regulations on its website this week. Such postings will include Cease and Desist Orders and Consent Orders issued by the Securities & Charities Division. Jackson Jambalaya pointed out last month Mississippi was one of only eleven states not posting such information online. The SEC and FINRA post all violations online as well. The new section can be found here.

This is a very important development in protecting Mississippi investors and those who donate to charities. For too long investors have suffered because they were not able to easily see if potential scam artists had been disciplined by the state, as they could only file a public records request and wait fifteen business days for a response. Such a request assumes of course that the the investor already had a suspicion of violations in the first place.

A perfect example of how this website can help investors is the Steadivest case. The State fined Marshall Wolfe, one of the main principals in the Steadivest companies, $10,000 in 2005 and suspended his license for six months. The Cease and Desist Order spelled out how he sold unregistered securities in violation of state law and also violated the trust placed in him by two consecutive employers. A group of investors lost millions of dollars investing in his Steadivest Companies and are currently suing him and other defendants for allegedly defrauding them. (See sidebar at lower right for collection of all Steadivest posts.) Such information would have undoubtedly helped the investors make a better informed decision on whether to give their money to someone who had been disciplined for operating a similar scheme several years earlier. Unfortunately for them, Mr. Wolfe didn't learn anything from his previous experience as the State issued a Cease and Desist Order against Steadivest and named Mr. Wolfe as the main actor in committing fraud upon the investors.

This step by Mr. Hosemann's office is very welcome news in the fight for more transparency in Mississippi government and should be lauded by the business community as well as all Mississippians.

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Someone adopt this poor little dog."Sammie was found roaming the streets near our shelter. A kind stranger picked Sammie up and showed her kindness for the first time in her life. Sammie is a kind, gentle puppy looking for that special someone to take her home!"

Look at him, scared and lonely. Sammie's info

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JJ conducted a review of the loans issued to Evans-controlled companies in Texas. JJ calculated approximately $27 million in commercial real estate loans were issued by Texas banks and two Mississippi banks after reviewing deeds of trust. 19 loans were issued, 11 are now in foreclosure. The loans now in foreclosure proceedings are calculated to be $16,488,370 as more notes go unpaid. When the original post was made about the loans in Texas, only $12 million were in foreclosure.

See sidebar for a collection of all posts on the Evans case.

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