UPDATE: To Mr. "EastCoastInvestor@yahoo.com" -- KISS MY ASS, BITCH! "Highly unlikely" doesn't cut it with me, Smart Guy. And I am CERTAINLY not the problem. The pension managers and the person who "lie, cheated and stole" M.M. into bankruptcy is the problem, crybaby. And next time, use you REAL email address. ;)
Meruelo Maddux is having a big meeting tomorrow (Friday). Downtown's big real estate operator, owned by Richard Meruelo, the TOP CAMPAIGN CONTRIBUTOR TO LOS ANGELES MAYOR ANTONIO VILLARAIGOSA (when he was first elected mayor in 2005) has already declared bankruptcy and announced it's creditors would not be getting paid. (Darn!)
So tomorrow's big meeting should be about "receivership" and how to cover asses.
This is another shoe for Antonio Villaraigosa to be worrying about. HIS TOP CAMPAIGN CONTRIBUTOR (ONE OF THE BIGGEST DOWNTOWN DEVELOPERS AND REAL ESTATE OWNERS) goes completely, 100% bankrupt -- leaving investors with pennies on the dollar at the end of it all?
Well if Meruelo Maddux was his BIGGEST campaign contributor, I'm sure it wasn't completely philanthropic. I WONDER IF VILLARAIGOSA'S GENIUS PENSION INVESTORS (OR BOND INVESTORS) HAD MONEY INVESTED IN M. MADDUX?
Wonder how much CRA money was pushed into these bankrupt projects?
Seriously, I have been told that there may have been a HUGE fallout between Villaraigosa and M. Maddux, so maybe it was because Villar was NOT investing in the company's projects and maybe THAT'S why it went under.
But I think this quote has a lot to do with the problem: "You can only lie, cheat and steal for so long."
I wonder how much money (property taxes and revenue generated by the commercial retail properties) will no longer be coming into the city as expected?
I AM HERE TO TELL YOU, the downfall of Meruelo Maddux is SHADY and FRAUDULENT as HELL, y'all...Bernie Madoff style, on the realest, dough! And although the owner of M.M. was Antonio's biggest single campaign contributor when he was elected mayor , is no reason any of the corruption and almost CERTAIN FEDERAL INVESTIGATION (SEC?) will tie back to Villaraigosa and his pals.
But it wouldn't surprise me if it were discovered that Villaraigosa's investment wizards (the ones currently being investigated and resigning), the ones who lost $7 Billion in pension money last year; the ones holding campaign fundraisers for Jack Weiss (until they were caught) were messing with this stuff, too.
BUT, I am told that this is not the case. I am told that pension and bond money WAS NOT invested into M. Maddux. AGAIN, maybe that is what the Meruelo/Villaraiogsa fallout was over. And again, maybe that is why the real estate moguls entire scheme went under. Either way:
IT'S OVER! THE MONEY IS GONE!
JAN PERRY!!! What do YOU know about this? It IS your district!
BREAKING NEWS: Pension Adviser Charged as Cuomo Inquiry Grows
via NYT > Business by By DANNY HAKIM on 4/30/09The inquiry into corruption at the New York State pension fund widened on Thursday when a top consultant was charged with a fraud-related felony by State Attorney General Andrew M. Cuomo.