1031 Tax Group files for Chapter 11

1031 Tax Group files for Chapter 11

There are 842 comments on the MySanAntonio.com story from May 16, 2007, titled 1031 Tax Group files for Chapter 11. In it, MySanAntonio.com reports that:

“You've got investors who have millions at stake and investors with $50,000 at stake, and to any of those investors this is a disaster”

A company holding at least $26 million belonging to South Texas real estate investors has filed for bankruptcy. via MySanAntonio.com

Join the discussion below, or Read more at MySanAntonio.com.

Justice Maybe

Como, CO

#670 Jul 18, 2008
Kim S. Watts has been hired by Louis Rogers' new real estate firm, Spectrum. Rogers is an old Ed Okun cohort who was going to be CEO of First Montauk that Okun was trying to purchase in early 2007. Rogers is an attorney who used to be with Hirsch Fleischer in Virginia. This firm was the one who wrote the private placement memorandums for Okun's TIC syndications. Small world that Kim Watts is still employed by an Okun related entity. Wonder if she did know what was going on while at Investment Properties of America? Isn't Lara Coleman her sister?
Interested Party

Schuylkill Haven, PA

#671 Jul 18, 2008
JM....that's very interesting information! I'm definately re-thinking my position. If Laura Coleman is her sister....wow.
Accurate Info

Richmond, VA

#672 Jul 18, 2008
Lara does have two sisters that worked for IPofA and Okun, but Kim Watts is NOT Lara Coleman's sister. Check out the latest on the arraignment today: http://www.inrich.com/cva/ric/news.apx.-conte...
CURIOUS

Miami, FL

#673 Jul 18, 2008
What happened to the money Simone gave Claramonte?
2good2 B true

Richmond, VA

#674 Jul 18, 2008
They're saying on the radio tonight it's scheduled to be a 3 week trial (for Lara and Eddie) here in Richmond. Judge Robert Payne presiding.
It is about time---

Richmond, VA

#675 Jul 18, 2008
Finally, indictments, arraignments, then trial. Justice will be served... It will be about time. They deserve what they get...can't come soon enough.
Measuring Master of IP

Circleville, OH

#676 Jul 18, 2008
I thought this was going to be an interesting blog but there seems to be a real IQ issue here as well as a THE QI Issue, someone said it best not long ago' NOT the brightest candles do blogs' but its the burned out ones who read and beleive them. Blog on ! it will cause weight gain and blindness. But thats what puplic assistance is for. Government bloggers aid 46 billion in 2009
Questioning

Steamboat Springs, CO

#677 Jul 19, 2008
Who is this Louis Rogers that seems to be hiring all of the old Okun employees? Is it true he has started a qualified intermediary?
Accurate Info

Richmond, VA

#678 Jul 20, 2008
Questioning wrote:
Who is this Louis Rogers that seems to be hiring all of the old Okun employees? Is it true he has started a qualified intermediary?
That's ONE of the things that is wrong with this blog ... misinformation! Louis Rogers hired TWO of Okun's former employees, not ALL.
2good2 B true

Richmond, VA

#679 Jul 20, 2008
This is not a blog. This is a chatroom having multiple posters. It's more open than a blog and is likely to have more interesting information.

A blog is a website where only one person posts, usually long-winded, editorial-like posts.

Louis Rogers is an honest guy, very competent. I met him once. Had a highly successful experience investing in one of his TICs.
Previous Employee

Shreveport, LA

#682 Jul 27, 2008
You're right! Only the "legal eagles" are getting money. Anyone know of a investor, employee or vendor that has gotten paid. Hell, I just found out that Crossroads had not been paying our group insurance months before closing. Now I'm out another $800, not much to some but I thought mylosses were over.
yo momma

United States

#683 Jul 28, 2008
Romans 12:19 Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.

I worry not. That's something Johnny C. has to live with. NOT ME!!!!!
San Francisco

Chicago, IL

#684 Jul 28, 2008
An observation wrote:
It looks like we are going to have to get info from Mr. McKale. Maybe he will be more inclined to keep us posted. The committee, which is supposed to be working on the bonds, has not given us the information. What I believe is that they are going forward on the bonds, but (my opinion) you have to have a criminal to get the bonds paid. And in the U.S., one is innocent until proven guilty. So, here we go back to the Justice Department. Get moving on the criminal arrest and prosecution and we may be able to move forward on the rest. One thing I heard is that the bonds we $20M for 1031 Advance, and $10M for all the other companies combined; which is because someone either combined them or didn't pay the bills on the insurance. But, personally that is worth arguing. A good attorney can argue right through that. It should be $20 + 80M for the bonds. DoJ, get moving on this conviction.
where did you get the info on the 20million bonds? i know someone who lost there money in this company....
DC Victim

AOL

#685 Jul 29, 2008
Of the four indicted SO FAR, two (Simring and Field) have pleaded guilty to a single count of conspiring to commit mail fraud and money laundering (5 years maximum sentence,$250,000 fine and "restitution" to the victims) and two (Okun (27 counts) and Coleman (26 counts -- all of the Okun counts except lying under oath)have pleaded not guilty and will go to trial Jan 20, 2009. Maximum sentence for each exceeds 200 years (20 years per count in most cases). The sentencing hearings for Simring and Field were postponed until AFTER they have testified at Okun/Coleman's criminal trial. Note that in Federal Court there is apparently no parole -- what you're sentenced is what you serve. "Restitution" obligations continue for 20 years after release and, unlike bankrupcty court, all of the proceeds don't get eaten up by various court functionaries before they reach the victims.(The "admin fees" claimed by bankruptcy court appointed attorneys, accountants, management firms as of the end of Feb 08 were over $17 million, while the maximum proceeds collected on any of Okun's assets (no doubt acquired with the victims funds) was $2.2 million. The Judge approved payment of $3.5 million of those "fees" of which more than $1 million had to have been drawn from the exchangers' fees held by the Colorado IQ -- the only exchange funds Okun wasn't able to get his grubby hands on (despite Simring's efforts) that the Bankrutpcy court itself seized and is now using to pay its own costs. Helluva system, huh?

McHale, the Trustee for the 1031 "bankruptcy" case, is pursuing the insurance policies/bonds.
curious

Richmond, VA

#686 Jul 29, 2008
DC Victim wrote:
Of the four indicted SO FAR, two (Simring and Field) have pleaded guilty to a single count of conspiring to commit mail fraud and money laundering (5 years maximum sentence,$250,000 fine and "restitution" to the victims) and two (Okun (27 counts) and Coleman (26 counts -- all of the Okun counts except lying under oath)have pleaded not guilty and will go to trial Jan 20, 2009. Maximum sentence for each exceeds 200 years (20 years per count in most cases). The sentencing hearings for Simring and Field were postponed until AFTER they have testified at Okun/Coleman's criminal trial. Note that in Federal Court there is apparently no parole -- what you're sentenced is what you serve. "Restitution" obligations continue for 20 years after release and, unlike bankrupcty court, all of the proceeds don't get eaten up by various court functionaries before they reach the victims.(The "admin fees" claimed by bankruptcy court appointed attorneys, accountants, management firms as of the end of Feb 08 were over $17 million, while the maximum proceeds collected on any of Okun's assets (no doubt acquired with the victims funds) was $2.2 million. The Judge approved payment of $3.5 million of those "fees" of which more than $1 million had to have been drawn from the exchangers' fees held by the Colorado IQ -- the only exchange funds Okun wasn't able to get his grubby hands on (despite Simring's efforts) that the Bankrutpcy court itself seized and is now using to pay its own costs. Helluva system, huh?
McHale, the Trustee for the 1031 "bankruptcy" case, is pursuing the insurance policies/bonds.
Just curious, how did you find out what David Field and Richard Simring pled guilty to? Too bad we have to wait until Jan. for the others!
An observation

Fairfield, CA

#687 Aug 1, 2008
http://pacer.psc.uscourts.gov/ Sign up for your own acct to read the public records.
The Fox Firm

Trabuco Canyon, CA

#688 Aug 1, 2008
Here's a new post on Ed Okun's attorney (and indicted co-conspirator) Richard Simring:

http://1031netex.wordpress.com/2008/08/01/the...
An observation

Fairfield, CA

#689 Aug 3, 2008
If this suit was filed in 2003; then probably the relationship between Simring and Okun went back to at least 2002.

Nuko Holdings I, LLC v. Mobile-Mini, Inc., Fla., 13th Jud. Cir. Ct., No. 00-3500, Dec. 19, 2003.

Plaintiff's Counsel:

John A. Guyton III, Tampa, Fla.

*Richard B. Simring, Miami, Fla.

Miami-dadeclerk.com public records shows Judgement creditors Erwin H. Billig and Eugene Stohler satisfied a judgement against them in case 04-CA2234 for $800,000 plus $10125.72 in accrued interest. Case in Hillsborough County, FL, Billig and Stohler vs NUKO Holdings I, LLC, a foreign limited liability corporation, Edward Okun, individually; Richard Simring, individually; Stroock ^ Stroock & Lavan, LLP, a New York Limited Liability Partnership
Book 23706, page 1995 entered 8/23/2005

You can see it listed on the 10-Q SEC Filing, filed by MOBILE MINI INC on 11/14/2002, too.

Simring, you can't hide it as you may have tried.
Lily

United States

#690 Aug 3, 2008
Ed's wifes name is Simone. He bought her a hair salon in Fla.
Lily

United States

#691 Aug 3, 2008
Ed does not have any children with his first wife, as far as I'm concerned- the first wife was screwed also. He is nothing but a cheat and a piece of trash

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