Monday, October 17, 2011

The almost TCI bankruptcy of the day

Here is another bankruptcy filed by several subsidiaries of Transcontinental Realty Investors' sister company, American Realty Investors (ARL). The two companies are publicly traded but have the exact same management and engage in the same practices.

In this case, Far East Bank loaned $28.7 million to ARL and several subsidiaries. The subsidiaries quit making their payments and filed bankruptcy petitions on July 19,2010. Far East Bank had some smart lawyers and unlike other lenders who were stiffed by TCI and their subsidiaries, Far East went after only American Realty in Nevada state court. Well, what do you think American Realty tried to do? Remove it to, you guessed it, bankruptcy court where its subsidiaries filed their petitions.

Far East Bank fought the transfer and won. The bankruptcy judge ordered it back to state court. The state case is now tied up on legal issues and is on appeal to the state supreme court although it has not been adjudicated at the trial court level. Far East thus is still trying to collect its $28 million. Does any of this sound familiar?


Far East motion. Background of case is nice read.
Far East Bank exhibit

Posted by Kingfish at 8:13 AM
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7 comments:

Anonymous said...

Wait until all of this shakes out. The mastermind is Gene Phillips of Dallas. He is very smart and very personable but he ALWAYS ends up with all the marbles. If the Jackson City Council, Harvey and JRA think they can match wits with him it will be a blood bath. It won't matter in the end as Jackson is doomed anyway but it will be great theater.

October 17, 2011 at 11:40 AM
Anonymous said...

I would like to contact "kingfish"

January 5, 2013 at 10:39 AM
Anonymous said...

Anonymous said...
I would like to contact "kingfish"

January 5, 2013 10:39 AM

If you posted on here and can't figure out how to do that, might I suggest the Jackson Free Press?

January 5, 2013 at 2:45 PM
KaptKangaroo said...

Take me to your leader...beep...beep..

January 5, 2013 at 3:55 PM
Anonymous said...

If you look further into it, the mastermind is'nt Phillips, it is Louis Corna. This is the "Secretary, and Legal Counsel" for ALL of the companies that Phillip "advises?". Phillips is smart enough to seperate himself from being responsible for anymore "wrong-doing" on his behalf, and Corna has put "buffers" in place incase there is any inquiries.

February 16, 2013 at 11:23 AM
Anonymous said...

It's interesting that Gene Phillips of Dallas is named in Dallas Lawsuits for Fraud Issues ...

Gene Phillips made generous "Campaign Donations" to Dallas Judge Carlos Cortez along with holding a fundraiser for Judge Cortez at his home..

July 14, 2014 at 2:51 AM
Anonymous said...

Gene Phillips of Dallas who is named in Lawsuits for FRAUD, Racketeering and Bribery (which is readily available all over the Internet including commercial loan fraud lawsuits and breach of contracts) was allowed to have a HUGE Fundraiser at his Dallas Estate for Presidential Candidate Ted Cruz.

Gene Phillips had also made a $125,000 campaign donation to Rick Perry.

What favors does Gene Phillips expect in return for his generous campaign donations to powerful Politicians?





April 5, 2016 at 9:48 PM

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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.