Owen Glen Subsidary of United Community Bank

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Smells Fishy 2 me

Dawsonville, GA

#1 Sep 29, 2010
Okay so Ivy Log Development whose officers were
Jack Lance
Paul Thompson
Charles Hill
Wade Hartley
Joseph Wiltrout

*Let this property go back to Lienholder (United Community Bank) in April 2009.

http://qpublic3.qpublic.net/ga_display.php...

*Then United Community Bank starts a subsidary calling it Owen Glen, Inc.

http://yahoo.brand.edgar-online.com/EFX_dll/E...

*Owen Glen Inc. is incorporated with the SOS on 7/24/2009 with officers:
David Schearrow
Alan Kumler

*And now you can buy with "low interest bank financing" ...Isn't that special.
I bet there are alot of other businesses in Union County that wished that UCB would take over their business ventures and keep them going!

http://www.owenglen.com/
johnny

Blairsville, GA

#2 Sep 29, 2010
Smells Fishy 2 me wrote:
Okay so Ivy Log Development whose officers were
Jack Lance
Paul Thompson
Charles Hill
Wade Hartley
Joseph Wiltrout
*Let this property go back to Lienholder (United Community Bank) in April 2009.
http://qpublic3.qpublic.net/ga_display.php...
*Then United Community Bank starts a subsidary calling it Owen Glen, Inc.
http://yahoo.brand.edgar-online.com/EFX_dll/E...
*Owen Glen Inc. is incorporated with the SOS on 7/24/2009 with officers:
David Schearrow
Alan Kumler
*And now you can buy with "low interest bank financing" ...Isn't that special.
I bet there are alot of other businesses in Union County that wished that UCB would take over their business ventures and keep them going!
http://www.owenglen.com/
Wasn't it a foreclosed property? Foreclosures have low interest bank financing. Check with the bank. Not special at all, if the property is bank owned.
Reb

Dawsonville, GA

#3 Sep 29, 2010
johnny wrote:
<quoted text> Wasn't it a foreclosed property? Foreclosures have low interest bank financing. Check with the bank. Not special at all, if the property is bank owned.
NO it was Fox Lake that for foreclosed on.
the mountains voice

Dawsonville, GA

#4 Sep 29, 2010
ICBI also owns a lot of property under subsidiary UCB North Georgia, mostly commercial, some of it is the bank offices. Found a lot scattered throughout several north georgia counties.

In regards to the Owen Glen development, looks like the bank is getting into the development and real estate business, or their is a shadow loan. Easiest way to check is go to GSCCCA.org , get an account, and search on deeds and title for "Owen Glen". It's a $9.95 fee tosetup a GSCCCA account.

Last time I saw a bank getting "into real estate", and setting up "Shell Companies & Subsidiaries" was Appalachian Community Bank. Want to guess what the end result of that was? I'll give you the short answer: Bank officers were doing a hell of a lot of illegal things to supposedly make the books look better, andstae off the FDIC. Now I am seeing a lot of UCBI subsidiaries with HUGE real estate holdings.(By the way, the link to Owen Glen in the tax assesor page at top of thread, is just tip of iceberg. Owen Glen had about 5 or 6 tract transfered to them via UCBI last year.

The bottom line is that UCBI is getting very creative lately, and in directions that banks don't normally head in. MAYBE they are just creative geniuses. Or MAYBE what is just coming to light, is the beginning of what is going to be a long and interesting drama,similar to wht happened with APAB. A story of illegal foreclosure, insider trading, profiteering, hiding toxic assets, etc. Iknow that with APAB, most of the transfers were structures as "Bulk Property secured by a deed that matures in one year." Much of intentioned as a way to keep toxic assets temporarily out of the eye of the FDIC It would be interesting to know the details of the deeds used to transfer that property.
the mountains voice

Dawsonville, GA

#5 Sep 29, 2010
"David Schearrow"... Interesting, I must say that this fellow looks to resemble creative genius based on quick research. But perhaps pushing the boundaries of "creative" a bit to the limit.

Here's a quote by a news source from earlier this year, one of many similar quotes from industry insiders....

<<< One of UCBs lawyers, James W. Stevens at Kilpatrick Stockton, referred to the complex deal as a new, new thing its a new form of transaction. >>>

http://www.dealwatchblog.com/post/2010/05/12/...

Above is the story link. When you read the story it is almost too good to be true. I know that I personally have learned via life experience that when something looks too good to be true, it usually isn't.

I think if any wrong doing does surface, which very well might if anyone does any research and makes the findings public, it will ultimately be found that perhaps TOO MUCH creativity has been used to dodge/delay an FDIC shutdown of the bank, whitewash toxic assets off the books, etc.

And if it is anything like the APAB situation, it might be found that in the middle of a bunch of "Good People" trying sincerely to save the bank, that a few sacks of cash/accidental profit "slipped" into their pockets along the way. Ooopsie!

I reckon time has a way of uncovering the facts.
Really

Dawsonville, GA

#6 Sep 29, 2010
Smells Fishy 2 me wrote:
Okay so Ivy Log Development whose officers were
Jack Lance
Paul Thompson
Charles Hill
Wade Hartley
Joseph Wiltrout
*Let this property go back to Lienholder (United Community Bank) in April 2009.
http://qpublic3.qpublic.net/ga_display.php...
*Then United Community Bank starts a subsidary calling it Owen Glen, Inc.
http://yahoo.brand.edgar-online.com/EFX_dll/E...
*Owen Glen Inc. is incorporated with the SOS on 7/24/2009 with officers:
David Schearrow
Alan Kumler
*And now you can buy with "low interest bank financing" ...Isn't that special.
I bet there are alot of other businesses in Union County that wished that UCB would take over their business ventures and keep them going!
http://www.owenglen.com/
Is this the same Jack Lance that is running for political office?
nope

Blairsville, GA

#7 Sep 29, 2010
Really wrote:
<quoted text>
Is this the same Jack Lance that is running for political office?
It's his father.
nope

Blairsville, GA

#8 Sep 29, 2010
Wonder if this is a wholly-owned subsidiary of UCBI or if the original owners are part owners in the subsidiary.
Really

Dawsonville, GA

#9 Sep 29, 2010
nope wrote:
<quoted text>
It's his father.
I hate to hear about this. I have never met him but everyone seems to think he is a really nice, honest man.
Info

Dawsonville, GA

#10 Sep 29, 2010
Smells Fishy 2 me wrote:
Okay so Ivy Log Development whose officers were
Jack Lance
Paul Thompson
Charles Hill
Wade Hartley
Joseph Wiltrout
*Let this property go back to Lienholder (United Community Bank) in April 2009.
http://qpublic3.qpublic.net/ga_display.php...
*Then United Community Bank starts a subsidary calling it Owen Glen, Inc.
http://yahoo.brand.edgar-online.com/EFX_dll/E...
*Owen Glen Inc. is incorporated with the SOS on 7/24/2009 with officers:
David Schearrow
Alan Kumler
*And now you can buy with "low interest bank financing" ...Isn't that special.
I bet there are alot of other businesses in Union County that wished that UCB would take over their business ventures and keep them going!
http://www.owenglen.com/
For your information. The people you mentioned above are like a whole lot of people in this community. They lost everything. UCB took it over, just like they did on peoples houses, but the people you have named will not benefit at all from any sales of the property.
Truth

Dawsonville, GA

#11 Sep 29, 2010
the mountains voice wrote:
"David Schearrow"... Interesting, I must say that this fellow looks to resemble creative genius based on quick research. But perhaps pushing the boundaries of "creative" a bit to the limit.
Here's a quote by a news source from earlier this year, one of many similar quotes from industry insiders....
<<< One of UCBs lawyers, James W. Stevens at Kilpatrick Stockton, referred to the complex deal as a new, new thing its a new form of transaction. >>>
http://www.dealwatchblog.com/post/2010/05/12/...
Above is the story link. When you read the story it is almost too good to be true. I know that I personally have learned via life experience that when something looks too good to be true, it usually isn't.
I think if any wrong doing does surface, which very well might if anyone does any research and makes the findings public, it will ultimately be found that perhaps TOO MUCH creativity has been used to dodge/delay an FDIC shutdown of the bank, whitewash toxic assets off the books, etc.
And if it is anything like the APAB situation, it might be found that in the middle of a bunch of "Good People" trying sincerely to save the bank, that a few sacks of cash/accidental profit "slipped" into their pockets along the way. Ooopsie!
I reckon time has a way of uncovering the facts.
Truer words have never been spoken. Better watch it though....you may not like the facts that are uncovered. I know someone that is probably not going to be a happy Eagle Scout if the mud starts slinging.
the mountains voice

AOL

#12 Sep 29, 2010
johnny wrote:
<quoted text> Wasn't it a foreclosed property? Foreclosures have low interest bank financing. Check with the bank. Not special at all, if the property is bank owned.
http://www.georgiapublicnotice.com/pages/full...

Above is one of two foreclosure notices given for the property(s) back in early 2009, just before the bank took it back. Interesting thing is that the tax assessor website lists it as a bankruptcy at a $0 value. Then the transfer to "Owen Glen" is listed as a BANK SALE at $0.

It is obviously a subsidiary controlled by the bank, but they setup a similarly named "Owen Glen Realty" company at same time (See Georgia Corporation search). An earlier poster's question about whether or not it is a wholly owned subsidiary becomes interesting. If not, who is the 2nd party. What also becomes very interesting, and of relevance, is what security deed if any was used to transfer the property? Was it really a $0 transfer between divisions of the bank? Or was it listed as sale, with a note backing it up that the bank could then turn around and show bank regulators as a "transaction" that took this "non performing toxic asset" and turned it miraculously into a "performing loan"??

Because it looks like this entire deal is valued at somewhere between $4 Million to $10 Million dollars.(sort of fuzzy, but you can read all the revisions and modification notes in the foreclosure notice). And a hit of that magnitude is the sort of thing that looks really bad on the balance sheets, and can threaten the banks stability, viability, and stock value.

So it is very curious that instead of just claiming the property on it's normal foreclosure listing, it goes through this creative process of setting up a "Shell subsidiary".
the mountains voice

Dawsonville, GA

#13 Sep 30, 2010
I think there is another aspect to this story that is perhaps even more upsetting. It really starts stinking of a lot of things that former Appalachian Bank Officers / Directors were engaged in, which is unfair competion & conflict of interest.

Whether it is ultimately determined that this whole "Owen Glen" setup is legal or not, one fact is clear.....

By setting up "Owen Glen" as an active and marketed real estate development, the bank has formally entered into competition with it's own loan customer base, much of which is local builders and developers.

Down APAB way we have seen a lot of allegations made by builder / developers that were shutdown by APAB amidst cries of foul play and intentional elimination of the competition.

If you are a bank, be a bank. But if you are a bank AND a real estate developer, and your real estate development competition is also your loan cutomer base, whose finances you have complete power over, then I think that is getting way too far into the conflict of interest category.

If I were a builder / developer, and my notes were being called in, not renewed, or very stringent & tough term being offered to me in order to keep my business afloat....

.... and then i found out that the same bank was financing it's own ventures (my competition) at a heck of a lot better term than I personally was being offered, well, I think I would be a bit pissed off.

The terms of the financial structure of the "Owen Glen" deal starts to look important.
Wondering

Hayesville, NC

#14 Sep 30, 2010
Do you think the "former" owners have profited from this "sweet" arrangement? I guess if you have the last name Lance anything is possible.
Interesting

Dawsonville, GA

#15 Sep 30, 2010
nope wrote:
<quoted text>
It's his father.
Funny that Daddy is foreclosed on leaving the bank holding millions and he is able to finance an elaborate and expensive campaign for his son?????
upset in union

Dawsonville, GA

#16 Sep 30, 2010
Really wrote:
<quoted text>
I hate to hear about this. I have never met him but everyone seems to think he is a really nice, honest man.
a wolf in sheeps clothing maybe? sure is fiancing his young son whose has no experience doing anything ...union county at work
Informed

Hayesville, NC

#17 Sep 30, 2010
Interesting wrote:
<quoted text> Funny that Daddy is foreclosed on leaving the bank holding millions and he is able to finance an elaborate and expensive campaign for his son?????
Why are you people so hell bent on trying to bring Jack's Dad into this? Do you people really want to go there?? I can tell you for a fact, that the Lance campaign is wanting to keep this clean. However, they have never been known to back down from a fight.
Voter

Hayesville, NC

#18 Sep 30, 2010
upset in union wrote:
<quoted text> a wolf in sheeps clothing maybe? sure is fiancing his young son whose has no experience doing anything ...union county at work
I thought Stephen Allison was calling for "civility" in his campaign?
What happened? I am an Allison supporter, but that can change.
Flix

Jefferson, GA

#19 Sep 30, 2010
I agree with Voter. I was tending to side with Allison's campain but it is weird to me how this issue is brought up right before the election when the dates show April 2009? Are there not more important issue Allison can beat Lance on? If not, sounds like just mud slinging.
Reb

Dawsonville, GA

#20 Sep 30, 2010
This is about UCB and Owen Glen. I don't believe anyone intentionally brought the Rep. race into it. It was just a logical question of how Jack Sr. could finance Jack Jr.'s race and I think the answer is that he isn't. Jack's family members each have money and are able to help with his campaign. Grapevine says Jack Sr. was pretty well wiped out by the downturn. We have all faced a lot of problems in this economy. A lot of the money for the campaign is from special interest groups in town and I think we all know who the special interest in union county are.

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