FEDERAL GOVERMENT OF CANADA / UNDER ASSIGNMENT TO THE QUEEN AND SUCCESSORS HEIRS AND ASSIGNS agent of influence LEHMAN TRANSFORMED SOURING REAL ESTATE INVESTMENTS INTO SECURITIES•
LEHMAN FOUNDERED BECAUSE OF RISKY REAL ESTATE BETS AND TOO MUCH DEBT, ACCORDING TO A REPORT BY BANKRUPTCY EXAMINER ANTON VALUKAS. SOME OF ITS PROPERTIES ARE PLEDGED TO INVESTORS AS BACKING FOR SECURITIES, ACCORDING TO COURT FILINGS.
ONE DEAL, CALLED FENWAY COMMERCIAL PAPER, ALLOWED LEHMAN TO TRANSFORM SOURING REAL ESTATE INVESTMENTS INTO SECURITIES
OTHER LEHMAN REAL ESTATE, SUCH AS PROPERTIES CLAIMED BY SUNCAL COS., AN IRVINE, CALIFORNIA-BASED DEVELOPER, REMAIN TANGLED IN BANKRUPTCY COURT DISPUTES.
“THERE’S GOING TO BE EXTENSIVE LITIGATION OVER THE PLANS,” SAID PAUL COUCHOT, A NEWPORT BEACH-BASED ATTORNEY WITH WINTHROP & COUCHOT PC, WHO REPRESENTS SUNCAL IN A DISPUTE OVER 20 BANKRUPT CALIFORNIA HOUSING PROJECTS. THE PROJECTS ARE VALUED AT AS MUCH AS $461.5 MILLION, ACCORDING TO COURT DOCUMENTS. THE MOST VALUABLE OF THE SUNCAL PROPERTIES ARE MARBLEHEAD IN ORANGE COUNTY AND RITTER RANCH PROJECT IN NORTHERN LOS ANGELES COUNTY, COUCHOT SAID. MARBLEHEAD, PERCHED ON ONE OF THE LAST UNDEVELOPED STRETCHES OF SOUTHERN CALIFORNIA OCEANFRONT, PLANNED FOR 308 RESIDENCES ON 247 ACRES (100 HECTARES). THE RITTER RANCH PROJECT CONSISTS OF 10,625 ACRES IN THE CITY OF PALMDALE ENTITLED FOR DEVELOPMENT OF AS MANY AS 7,200 HOMES.
TO CONTACT THE EDITOR RESPONSIBLE FOR THIS STORY: KARA WETZEL AT [email protected]. http://www.bloomberg.com/news/2011-03-15/lehman-said-to-seek-partner-for-residential-property-development-projects.html
Sino-Forest Corp. (TRE)‘Top Manager’ “Over the past five years Paulson has been considered the top hedge fund manager in the industry,” said Don Steinbrugge, managing partner of Agecroft Partners LLC, a Richmond, Virginia- based firm that advises hedge funds and investors. “This mistake in his portfolio will show he is not infallible, but he will still maintain the reputation of being one of the top players.”
The hedge-fund manager has been betting on an economic recovery by 2012, which is why he’s been bullish on U.S. banking stocks. Citigroup, Paulson’s third-largest stock holding according to a regulatory filing, has declined 19 percent this year, and Bank of America Corp., the firm’s fifth-largest stake, is down 21 percent.
Paulson told investors in a letter in late 2009 that Bank of America may almost double over the next two years. The stock has lost about a third of its value since then.
John Paulson, president of Paulson & Co. Inc. Photographer: Jin Lee/Bloomberg
John Paulson’s $37 billion hedge fund sold its entire stake in Sino-Forest Corp. (TRE), the Chinese tree-plantation owner accused of overstating timber holdings, dealing investors a potential C$705 million ($720 million) loss.
Paulson & Co., which held 34.7 million shares of Sino- Forest as of April 29, said in a filing yesterday that it had disposed of the stake as of June 17. The New York-based firm’s holding was worth C$815.80 million when it was disclosed. It’s value had dropped to C$110.69 million by the end of last week.
The investment is a public misstep for Paulson, 55, who’s betting on an economic recovery after making $15 billion for his backers in 2007 wagering against subprime mortgages. His largest fund lost about 13 percent in the first half of June, bringing declines this year to about 20 percent, as bets on Sino-Forest and U.S. bank stocks soured, two investors said last week.http://www.bloomberg.com/news/2011-06-21/paulson-dumping-sino-forest-may-deal-clients-720-million-loss.html
The Government spends billions of dollars improving, building and elevating weapons systems, and often defense related equipment and facilities. A majority of the defense contract work is performed through contracts made with private companies in the United States and throughout the world.
Examples of defense contract fraud include:
Inflating the cost of the project.
Changing one product for another without notifying the government of the change.
Contractors misrepresent labor and material costs on different contracts.
Using and constructing substandard or poorly made materials.
Charging the Government for materials, labor or research that is not part of the project.
Without the information provided by qui tam whistleblowers filing a claim under the federal and state false claims act, construction fraud would go undetected by the government.
If you have knowledge and proof of fraudulent or false claims for payment made by a company or entity hired by the Government to perform work in connection with a defense contract project, a qui tam lawsuit may be filed. Contact the qui tam attorneys at Levy Phillips & Konigsberg, LLP, 1.888.FRAUD.USA, to assist you with your possible case.
This information is for educational purposes. It is not offered as and does not constitute legal advice or legal opinions. You should not act or rely upon this information without seeking the advice of an attorney.
Pentagon scare suspect ID'd as Marine
Pentagon scare suspect ID'd as Marine reservist
source told CBS News that the man detained in the discovery of a suspicious vehicle outside the Pentagon Friday morning has been identified as a lance corporal in the U.S. Marine Corps Reserve.http://www.cbsnews.com/stories/2011/06/17/national/main20071998.shtml
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA ORLANDO DIVISION In re ... to Proceed in Forma Pauperis (the "Application") presented for filing by JaniceWeeks-Katona