GoToby.com thinks the survey is more about gathering declarations from potential future plaintiffs than about customer service. Read about why.
In a multi-billion dollar lawsuit filed in Federal Court in Idaho dubbed the "Loan to Own," Credit Suisse and Cushman & Wakefield are being sued on behalf of property owners from four luxury resorts (Ginn sur Mer, Lake Las Vegas, Tamarack Resort, and Yellowstone Club), all of which borrowed hundreds of millions from a lender group represented by Credit Suisse or their affiliates. The loans were supported by Cushman & Wakefield appraisals that allegedly did not conform to FIRREA and USPAP federal and state appraisal standards, most of which were designed to prevent fraudulent and inflated appraisals. Although numerous other claims are brought by Plaintiffs in the Gibson Federal Idaho case, the alleged claims of deliberately inflated appraisals are at the centerpiece of this suit.Florida Attorney and GSM property owner Dana Ballinger represents several individual GSM property owners in a handful of lawsuits against Ginn/Lubert-Adler entities. She also defends several in foreclosure actions brought against them. Her latest complaint filed in Flagler County alleges that Bahama Sales Associates, a Ginn-LA entity, used non-compliant appraisals to support lot prices and loans for lot purchases at GSM. The complaint states that the loans were not 80% loan to value. In fact, the loans averaged "286% more than market value for the mortgaged premises." The similarity between the Cushman & Wakefield appraisals and those used by BSA are not lost on me. The GSM lot appraisals seem to bring the Cushman & Wakefield tactics down to the individual lot level.Drew Dillworth, Bankruptcy Trustee for the consolidated Chapter 7 Bankruptcy of Ginn’s Tesoro and Quail West communities, sued Bobby Ginn and Lubert-Adler for Breach of Fiduciary Duty. The suit stems from the nearly $330 million Ginn-LA took as a distribution directly from a $675 million Credit Suisse loan. Tesoro and Quail West were used, along with Laurelmor (another Ginn-LA community in N.C.), to cross-collateralize the $675 million loan, which was supported by the Cushman & Wakefield appraisal of GSM. When the loan defaulted, Tesoro and Quail West assets were sold for pennies on the dollar at the foreclosure sale.
I would not sign a general release
I would require that BSA provide proof that they owned the note and would indemnify me against any future claims by a third party.
I would not complete the survey because I am skeptical any data provided could be used to mitigate any future claims I may have against the defendants. I would want to preserve my options. If the Loan to Own lawsuit is granted class certification, I could become a plaintiff.
Note: I will be reporting this unfolding story in more depth soon but wanted to get this timely message out as soon as possible. Please feel free to contact me at 386-931-7124 or at Toby@GoToby.com