St. Pete Beach finding out that Florida Hometown Democracy does not mean power to the people. Palm Coast, Florida – October 8, 2008 – In 2006, St. Pete Beach became the only city in Florida to adopt a local Hometown Democracy (HD) measure, requiring voter approval for all comprehensive plan changes. Since becoming an HD test […]
Lenders agree to advance an additional $1.1 million to Bobby Ginn for Laurelmor Palm Coast, Florida – October 8, 2008 – Public filings again give us a view into the complex Ginn and Credit Suisse credit facility currently in default. A document dated September 8, 2008 and filed in Watauga County, NC Septembrer 23, 2008 […]
Eight co-defendants accused of helping defraud numerous financial institutions in South Florida TALLAHASSEE, FL – October 8, 2008 – Attorney General Bill McCollum today announced that his office has filed criminal charges against an active mortgage fraud ring in South Florida. Nine individuals, including the previously convicted Boca Raton ringleader, are charged with criminal racketeering, conspiracy […]
Lenders advance Ginn another $979,500 for Tesoro and Quail West Palm Coast, Florida – October 7, 2008 – A document dated September 8, 2008 and filed September 26, 2008 in Collier County, Florida reveals that the $675 million Credit Suisse credit facility had been modified to allow Ginn affiliated entities to borrow an additional $979,500. […]
S&P amends report after GoToby.com questions discrepancy between S&P report and Ginn Company’s disclaimer. Palm Coast, Florida – October 6, 2008 – Several GoToby.com readers sent me a copy of a Standard & Poor’s report which announced the withdrawal of its recovery rating on the $675 million Ginn-LA/Credit Suisse debt. The stated reason for the […]
B of A settlement with 11 State Attorneys General will offer mortgage payment options for those who with sub-prime or adjustable rate mortgages from Countrywide. Palm Coast, Florida – October 6, 2008 – Floridians who purchases their homes with sub-prime or ARM mortgages from Countrywide may be in for some relief. Through an agreement reached […]
Like the eye of a hurricane, this weekend’s Hammock Beach Member/Guest Golf Tournament showed little sign of the surrounding turbulence in the GINNdom. Palm Coast, Florida – October 5, 2008 – There are storm clouds in Bobby Ginn’s real estate GINNdom. A $675 million credit facility with Credit Suisse is in default. A September 29th […]
A flood of emails and phone calls today signal big happenings in the GINNdom Palm Coast, Florida – October 1, 2008 – Since the Ginn Company went into default on a $675 million Credit Suisse credit facility June 30, Ginn watchers have been anxious about the outcome. Inquiries have been politely answered with "negotiations are […]
For the second time, SeaGate Homes picks up building lots at another builder’s expense. Palm Coast, Florida – September 26, 2008 – Palm Coast, Florida home builder SeaGate Homes recently closed on the purchase of 55 Palm Coast lots from Holiday Builders, Inc. of Florida LLC. The purchase signals confidence in Palm Coast’s long term housing […]
ICI Homes Chairman announces buyout of partnership holdings including Plantation Bay and land in Deltona, Palm Coast and Flagler County Palm Coast, Florida – September 24, 2008 – ICI Homes Chairman and CEO, Mori Hosseini, has announced that his company just completed a transaction with his longtime partner and friend, L. Gale Lemerand, to acquire […]