A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
It’s this thinking that helped coin the phrase, "easy come, and easy go".
Can you call this a "Fire Sale" in Ocean and Monmouth Counties- New Jersey Real Estate scandal ?!!!!!http://www.app.com/apps/pbcs.dll/article?AID=/20060615/NEWS03/606150406"Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million- amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire"---Offers on Dwek property top $109MAmount is a third of claims against empirePosted by the Asbury Park Press on 06/15/06BY JASON METHODSTAFF WRITERFREEHOLD — Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million, the Superior Court's fiscal agent said Wednesday.The amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire. The claims came in a legal and financial scramble after Dwek, 33, of Ocean Township was accused by PNC Bank of bouncing a $25 million check in April.The highest price offered so far is $6.5 million for a commercial property off Monmouth Road, West Long Branch. That property is owned by Dwek's company, WLB Center LLC, which paid $5.25 million for the 13.7-acre tract in May 2005.Donald M. Lomurro, the court-appointed fiscal agent reviewing Dwek's assets, predicted that bids on the properties will lead to "bigger and better numbers." He said the offers so far are considered valid because they equal or exceed the amount Dwek paid for the properties.Beyond the lawsuit, Dwek has been charged by the FBI with criminal bank fraud. He is free on $10 million bond.Superior Court Judge Alexander D. Lehrer froze Dwek's assets last month and has said he intends to see if selling many of the properties can satisfy all of the claims.Lomurro said investors in Pennsylvania, Ohio, Connecticut and elsewhere continue to inquire about the properties. Many of Dwek's properties are held by limited liability companies that have other owners, who can buy out Dwek's interest in the firms.Nearly half of the money is offered by Deal Property Acquisitions LLC, which proposed spending $45.6 million dollars to buy just 13 of the properties. Those properties include commercial properties in Dover Township, Red Bank, Ocean Township, North Carolina and Pennsylvania.Nothing could be learned about the identity of that company Wednesday.
Speaking of work...Check out on Amazon.com "Doing Nothing:a history of slackers,loafers." by Tom LutzWhy Work.orgIdle Theory.orgHey, "hard work" helped to create the housing bubble!!
I'm really bummed about this Screech thing--I mean, it would be bad enough if it were Mark-Paul Gosselaar or Mario Lopez.The housing bubble is coming to a screeching halt.
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