Dakota Hits Back at a Resident Who Claimed Bias

my spoon was probably just a regular old spoon, but it had mescaline in it

sometimes your one-up-man-ship really pisses me off, AH. i had to look up salvia, i was just about to excoriate (i love that word) you for your getting saliva wrong. damn.

trust me...you don't want to know from salvia.

> i was just about to excoriate

Did you mean expectorate?

Why? It's just common sage, delicious sizzled in butter and tossed into pasta with a bit of salt.

that's what i thought.

>that's what i thought.

Don't be so quick. How about we start a "lengthy dialogue"?

Hfscomm1

columbiacounty, when you went to your aunt's 100th birthday, were you afraid that you'd have to live that long?

Hedge Funder Buddy Fletcher Is Selling His Connecticut 'Castle' For $8.85 Million

Read more: http://www.businessinsider.com/hidden-valley-2013-8?op=1#ixzz2dyfEZkKV

One of his law firms is suing him for $2.3 million in unpaid legal fees: http://www.nylj.com/nylawyer/adgifs/decisions/092413complaint.pdf

To sum up this case: a lawyer accuses Dakota board members of lying when they say his client's co-op purchase was denied due to weak/fake finances. And despite a fairly detailed analysis of the financial irregularities the board considered, the lawyer spent over $3 million dollars claiming the board really rejected his client's purchase due to racial discrimination.

Then 1-1/2 years later, the lawyer finds the client can't pay $2.3 million in his legal bills.

It's this kind of karma that makes me believe in a higher being.

But but but Bernie, er I mean Buddy is such a great guy, he went to Harvard after all.

Bernie Madoff didn't go to Harvard. He considered himself an underdog and an outsider.

Well, for those who don't want to read the first 200 posts on this thread, I've 1) known Buddy for 30 years and 2) dislike when professional service providers don't get paid.

That said, if Buddy owns Asset A, and is denied the right to buy Asset B -- presumably, in my mind because someone who owns Asset C also wants Asset B, but you don't have to grant that part of the hypothesis -- he suffers a financial harm.

or rather, is denied the chance for a financial gain.

If that gain is on the order of $1 mm -- I haven't run the comps so I'm just guessing here -- how do the attorneys run up more than $2 mm of bills on the case?

Note that I'm still saying they should be paid; I just have this side question about the Bleak House magnitude this is starting to assume.

ali r.

I far preferred the Dakota when it was nearly all black. Then they had to go and sandblast the facade, and now it looks all Epcot or something.

But I always love reading Bleak House references.

Carl Ichan and Tim Cook to grow some nads and discuss a management buyout of APPLE given $150B in cash, no respect from public equity mkts and Bernie's free money!!!!

2nd on agenda. Apple to open amazon like shop for everything/internet portal and skim 10%. Just like iTunes.

3rd on agenda. Apple to introduce rice covered iphone to combat Samsung blatant copying of iPhones.

4th on agenda. Apple to give away reading glasses for older iphone users and 3lb weight for people worried about the small form factor!

http://streeteasy.com/nyc/talk/discussion/28012

you told us of your fellow harvard alum years ago, when buddy first played (again) the scummy, laughable race card with the dakota board. you said that, given how well you knew buddy, you couldn't imagine him engaging anything as disingenuous as was brewing in the media about him.

well as bad it was speculated to be back then, we all know it was worse, given today's information. buddy is a cheap con thief, who was able to run it big for a while. there'a good chance buddy will face criminal charges by the time this is over. shit like the disappearance of >100mm$$ from one of his funds should interest prosecutors.

thanks, tho, the info on you and your harvard buddy!

perhaps the lawyers he owes 3mm to for his case against the dakota are reacist too?

your buddy grew up quite privileged and advantaged, by standards of most americans--black, white or whatever.. it's doubtful his being black ever hurt him, and it may well have resulted in favored status for him. he is a disgrace to any of the important, urgent efforts made to root out racism.

but hey, he's your buddy.

The trustee liquidating Fletcher Intl just came out with a damning report. It doesn't look like investors will get much, if anything back. The trustee seems to imply he has a catch-22 in that the legal costs of going after the money are too great relative to the remaining assets. Looks like the Louisiana pension funds are going to be out of luck. From the report:

"In many ways, the fraud here has many characteristics of a Ponzi scheme..."

"FILB did not make a single profitable investment after August 31, 2007 and none of the investments since then came close to realizing the valuations FAM placed on those investments - indeed many are now virtually worthless."

"..the investigations shows that .... Their investors were victims of a fraud perpetuated by AF (Alphonse Fletcher, Jr.) and others at FAM which enabled them to divert investor funds for AF's own benefit.."

"For example, not only was $27 million of investor money diverted to AF's personal benefit...., nearly $8 million was later diverted to fund a movie being made by his brother."

"Between 2007 and 2012, the Funds paid approximately $32 million in unwarranted fees..."

"One example of inflated values,....On March 15, 2010, FILB invested $1.5 million in ANTS......On March 30, 2010 , FAM marked uo this investment to...$17.3 million (a 1,053% gain in 16 days) even though at the same time ANTS 2009 audited financials were released raising 'going concern' issues.."

http://online.wsj.com/public/resources/documents/1127fletchertrustee.pdf

Happy Thanksgiving Louisiana Pensioners.

Thanks, Goldie. That report was worth a morning's reading, and the WSJ link saved me $29 in PACER fees.

Last month, the bankruptcy trustee sued Buddy's first Dakota-case lawyer (the one looking for $2.3M more) to get back the $975K, saying it was paid by Fletcher International and so belonged to the creditors. I.e., it was a fraudulent conveyance. One of the lawyer's answers was that Buddy and the corporations were, or will be found to be, one and the same.

so alison,

based on your closeness with your harvard classmate mate, bernie, i mean buddy--will you get the listing for his dakata apartments? theyd certainly represent bump-up quality listings for you, no?

incredible the pos stole the money he used to pay his lawyers in the digraceful discrimination suit he filed against the dakato.

but hey ali, he's your bernie, i mean buddy--damn it gets confusing. you should write a column about him.

There's a long list of people and institutions cheated and tricked by Buddy, but yikes thinks Ali should have been the one to figure it all out. First, Ali doesn't do anything unless paid. Second, yikes, does your ex wife and do your ex colleagues think you are as standup as you pretend to be, picking on such an easy target as Buddy in retrospect?.

NWT:

1. the Third Circuit had a Bankruptcy Code section 549(a), section 550(b)lawyer
fee recoupment case and found for the attorneys

2. I think the name of the attorneys was Bressman

3. the key is whether the attorneys had reason to believe that they were being
with property of a debtor's bankruptcy estate

4. if not, the lawyers will win

thanks rb345

Fletcher's case against the Dakota has been dismissed. Google the news.

Meanwhile, the guy who bought the Nureyev apartment in 1999 is suing. He wanted to convert the half-basement level to bedrooms, but that hasn't worked out, and he hasn't moved in. Search eCourts for it.

interesting turn of events

Oops, it's not the Nureyev apartment. It's another former private dining room on the first floor. The previous owner had had it from 1963 to 1999.

Maybe he should have used a better trial lawyer?

No, he's on his fifth set of lawyers, including the one with a $2.7 million judgement against him. The Dakota is only on its second set. All the chopping-and-changing wouldn't have helped, as each new set has to get up to speed....

The apartments should hit the market soon, as earlier this month an Order of Attachment was filed for $50,000,000. (That was another case, the pension funds, etc., against him personally.) The lawyers with the $2.7 judgement have first dibs.

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=/pbbAOtdVtBkyERk1rNLSA==&system=prod

good catch up on an old tale...thanks!

Does he still live there or did he finally say farewell? http://streeteasy.com/talk/discussion/21960-farewell

He's in an apartment in San Francisco. His lawyer says he can't afford to travel back: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=akJeW0gwm6utS6N/g78Gzg==&system=prod

In another few years, it should be all wrapped up: http://www.wsj.com/articles/forced-sales-set-for-apartmentsat-the-dakota-1442537723

Even A. Ready's Brick Underground now talks about the Dakota: http://www.brickunderground.com/blog/2015/09/dakota_story