February 16, 2009

            We flew back last night Jack asked me what I knew about our Corporation. I know only what you told me. Jennie has not mentioned it and I haven't asked. You traded without knowing anything about it? You told me the terms and I took your word, I trust you Jack. Ok a guy I know bought four hundred and sixty acres west of Miami it is covered with palm trees and waterways. Most of the lots had water access. He put in several bridges, streets, curbs, and gutters, street lights and street signs and all the underground utilities. He paid five million several years ago then he spent eleven million getting it to the point where I described to you. He had a partner for awhile But the partner lost everything in the stock market last year and forfeited his share, he failed to pay his half to the partnership investment and it broke the first partner. They put all the creditors off several times and they completed four homes for models and started ten more homes. They hoped to sell their way out. Now they had more debts to pay. The court  wants three  million in twenty four hours or its federal prison. I was in court on another matter and I had just heard all of his case. The Judge asked the guy if he could come up with the money and he said he had tried everything and there was no way he could. The Judge told the bailiff to take him to custody, I stood up and ask the judge if I could speak to him I may find the money for him. Ok five minutes. I told him if I paid the three million he signs it over now in front of the judge. He said Ok. I gave the court a check and the judge signed the property to me free and clear.
             At the property I found a realtor in one of the models and for sale signs everywhere. They had several offers for the lots and the models he heard the company was going broke. So he was there trying to close a deal. I told him I was the new owner and I just paid cash for the tract and everything on it. I showed him the papers from the court and he was very humble to me and was willing to do anything to help me. We are not selling lots at all, only completed homes. I had him send me plans for everything to New York. I asked him to have the contractor contact me and he did. Sally and Jennie each put in three million and we completed the ten houses and have sold six for three million and the four models for two million. There are one hundred and seventy six lots left to build on. You own two thirds If you sell everything in the next two years you could make around forty million and Jennie could make around twenty million. Is that not fair to everyone. We all make our own mistakes. It's called business. Never look back, only forward. Jennie knows that very well. She will be very happy with it any way it turns out. She has her initial investment back already and every thing else is pure profit.
             Today is a good day, I am a little tired from the flight. I called Jennie and asked her if she has seen the Florida property and she said no. Would you like to go with me to see it. Sure she said when? whenever you can get us tickets. She laughed and said she would let me Know when.........KB
 

 

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