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Thriving in an Economic Bubble during Anarchy

7. The Christian Succession – Everything is Bubbling

There are times I wonder if the Demented Marxists (DM) are serious about their opinions or a comedy act. The Bible talks about the foolish becoming obvious. Consider the following:

1. The Biden Administration has announced there are 76 different genders. Anything more than male and female is an example of out of control bureaucrats. Does the DM “Infrastructure Bill” include hiring “gender police”?

2. It wa reported that Eric Dean Wilson, supposedly a graduate student at City University in New York was quoted in a Time magazine article that air conditioning will destroy the planet Earth. Obviously, he is too young to remember life without air conditioning. I consider AC a blessing. If Mr. Wilson wants to sit in a non-air-conditioned domicile, he should feel free to do so. Not me.

3. Have you seen the videos about the crime in California resulting from passage of Proposition 47 entitled “Safe Neighborhoods and Schools Act” which reduced the penalties for felony crimes, allows the release of violent criminals, changed some felonies to misdemeanors, and allows thieve to steal up to $950 per day in property without prosecution, and I believe eliminated bail bonding. In broad daylight thieves are walking off with armfuls and containers full of merchandise from stores while the police ignore the calls from the merchants because the police cannot do anything. Eventually the exit of retailers from LA and San Fran etal will increase from a trickle to a flood leaving California cities as retail deserts except for the dope selling on the corner. Now that is Progressive Pride!!!

4. So Black Lives Matter came out in support of Cuba’s oppressive government. Who is surprised? The founders openly claim to be Marxists trained by China. I am not sure which is funnier, the formerly ranked #1 US Womens soccer team openly supporting Black Lives Matter and then getting whipped by the 5th ranked team or all those who got sucked into the whole “Social Justice” faux issue. This is Biblical!

5. Tom Brady tried making a joke with Biden about the faux election. The experience proved that Brady is a great quarterback but a lousy comedienne.

6. 177 days into the DM’s Coup, the Vote Fraud pot is beginning to boil. Texas has joined the increasing parade of states demanding a forensic audit. VoterGA reported significant vote fraud in Fulton County, the home of the suitcase ballots. There were more reports of confirmed vote fraud in Michigan and demands for audits. Trump released a letter from a former U. S. Attorney who said he was ordered by Attorney General Barr NOT to pursue voter fraud in the November 2020 election. Keep watching the Arizona audit. Pray for the patriots in Michigan, Pennsylvania, Georgia, Arizona, …for Patriots across the USA. Where are the Virginia Republicans????

7. This forensic audit demand wave will and should continue. Every election needs to be subjected to a forensic audit. That should not be even a topic of discussion since honest elections are the basis of our society. The only parties against forensic audits are those afraid of what a forensic audit will reveal. This will be an epic show to watch.

In the world of economics, many folks are throwing around terms without any real understanding of them, the AOC approach. She claims to have minored in economics in college but her talking points demonstrate a lack of any real knowledge. Her business experience consists of being behind a bar providing drinks to customers, obviously her Peter Principle.

In a capitalistic society when there is more demand for a good or service than supply, prices increase. The prices will increase until the supply is equal to demand. The increased price attracts investment into producing more of those goods or services resulting in prices for that good or service declining. The price declines until the producers have satisfied the last profitable customer (marginal revenue). When prices go below the cost of producing the good or service, production is cut back so that prices will increase to the level at which they make a profit again. Otherwise, the producers go bankrupt. Sometimes bankruptcy is a part of getting price back up by eliminating producers.

This can be seen in the lumber market this spring. Demand for lumber surged above supply, prices soared distorted by speculation. Once supply and demand were back in balance the price declined as more supply arrived to the market. Timberland owners howled that the price they received from selling timber did not participate in the lumber bubble. The bubble simply did not endure long enough to affect the downstream market. The bubble will have a lingering effect on the retail price of lumber (Home Depot, Lowes, etc.) and hence buyers of homes, construction projects until the bubble priced lumber is consumed.

The lumber retailers will work off their bubble price inventory but then the price will be determined by their desire to increase how rapidly they can turn their inventory. A lower price and their inventory will turn faster. All of this is the normal functioning of capitalism. This is the reason The Fed believes the price increases will be transitory.

Inflation is different than the price for a good increasing due to demand being in excess of supply which entices more production. When the consumer experiences inflation, they are actually experiencing a devaluation of their currency. Increased production is not going to address the increase in price.

There are similarities between hyperinflation in Germany in 1918 – 1923 and the high inflation in USA in the late 1970’s when Carter was President. In both cases the central banks were making money readily available so that everyone had money to spend. Incomes rose and the interest paid to savers was below the rate of inflation so anyone saving money in a bank account looked foolish. Therefore, the consumers bought anything and everything. Retail sales were impressive. Prices for good rose because demand seemed to exceed supply constantly. The stock market soared. But the buying power of the currency actually constantly declined. Is this sounding familiar? Look around.

Over the last week, every conversation with builders and contractors had the same theme – prices are rising consistently. Everyone is trying to handle business equal to 150% of their capacity. Some of the increases are due to distorted markets – demand surging faster than supply can be created coming off the shutdown. Some prices are increasing because the manufactures feel they have “pricing power”.

What The Fed is ignoring is that the labor market is constrained by the increased federal unemployment so increasing productivity is very difficult. The federal unemployment payments are due to phase out in September. At the same time, the Demented Marxists (DM) want to shove through more stimulus euphemistically called “infrastructure” but actually is just the DM’s not wanting to waste a crisis in order to pursue their Marxist agenda. An over stimulated economy with money everywhere chasing everything because there is no incentive to hold cash is a recipe for inflation. That accurately describes the situation here in the USA today.

Expensive and unreliable electricity, tax increases, higher interest rates, higher energy prices, the DM’s focus on culture wars not supported by the vast majority of Americans, are all indications of miserably led country with an economy so out of balance as to be wobbly. The non-infrastructure Infrastructure Deal will only increase inflation and bubbles will continue to occur and burst. Bubbles always burst and when this one blows it will redefine the word “Ugly”.

A portfolio must have some cash but a great piece of land remains The Best investment long term. Capitalism builds wealth, Marxism/Socialism consumes it in self destruction. Pray for a return to honest and audited elections in the USA. God is in control. Men make plans, but God ALWAYS wins.

“We do not want you to be unaware, brothers and sisters, of the affliction we experienced in Asia; for we were so utterly unbearably crushed that we despaired of life itself. Indeed, we felt that we had received the sentence of death so that we would reply not on ourselves but on God who raises the dead. He who rescued us from so deadly a peril will continue to rescue us; on him we have set our hope that he will rescue us again,”

(2 Corinthians 1: 8-10) New Revised Standard Version, Oxford University Press)

Stay healthy,

Ned

July 21, 2021

Copyright Massie Land Network. All rights Reserved.

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[dani-qrt]

Credit Suisse nears $360 million deadline in fraud suit built on a…

CHICAGO (Reuters) – When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG, which arranged the financing and appraisals for the project.

FILE PHOTO: The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich’s Oerlikon suburb, Switzerland July 27, 2017. Picture taken July 27, 2017. REUTERS/Arnd Wiegmann/File Photo

Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit Suisse faces a July 18 court deadline to pay Highland $360 million or appeal to the Texas Supreme Court.

The victories to date have enhanced the reputation of a fledgling Texas law firm, and legal experts say they are likely to encourage other investment funds to take big banks to court.

“This case shows the big banks can’t hide behind disclaimers when they know certain facts,” said Carol Gilden, a lawyer who represents pension funds and other institutional investors in financial and securities disputes.

Global banks have settled dozens of lawsuits by governments and shareholders over financial crisis misconduct, but until the Highland suit, it was unusual for an investment fund to pursue tough-to-win fraud actions – especially against a major trading partner, as Credit Suisse was for Highland.

Highland, however, has a reputation for being more legally aggressive than many funds, and its general counsel, Scott Ellington, had a strong hunch that something was amiss with the deal.

“When something is wrong I like to right it,” Ellington told Reuters in an interview.

The company had trouble finding someone willing to take the case, he said, in part because the legal firms it approached thought Ellington’s suspicions would be tough to prove. Then, in 2010, Ellington met with Reid Collins & Tsai LLP, a newly-formed practice in Austin, Texas specializing in complex commercial disputes. The firm agreed to take the case on contingency.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, walks on a treadmill in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Caglin/File Photo

Many in the industry were surprised when Reid Collins & Tsai went on to win the case in 2015 and that a Dallas appeals court in February upheld the $287.5 million judgment. Since 2015, interest has accrued at an annual 9 percent.

Credit Suisse, which has consistently denied liability for Highland’s losses, “respectfully disagrees” with the court decisions and is seeking to appeal, spokeswoman Nicole Sharp said in a statement. The bank noted that it won an unrelated legal dispute with Highland in New York, and that another in Texas was dismissed.

‘OASIS’ OR MIRAGE?

Lake Las Vegas, billed in promotional materials as “an oasis in the desert,” was one of several ill-fated, high-end real estate projects for which Credit Suisse arranged syndicated loans during the run-up to the 2008 credit crisis.

The development was to include a luxurious golf community and resort with 9,000 homes and condominiums, two hotels, a casino, a shopping village and a 320-acre man-made lake.

Funds managed by Highland lent $250 million to the $540 million project in June, 2007 after being solicited by Credit Suisse, which agreed to provide an independent appraisal. That appraisal valued the property at $891 million.

When Lake Las Vegas filed for bankruptcy a year later, the liquidation value of the property was set at $23 million. The project has since been partially built by new developers, but early lenders like Highland lost their entire investment in the bankruptcy.

In the aftermath, Ellington said, he couldn’t stop thinking about the original appraisal and wondering how a property could so quickly have lost so much value.

“When we got the case in 2010, we thought there was some reason to believe the appraisal was bad, and zero proof that we could pin Credit Suisse,” Reid Collins & Tsai founding partner William T. Reid IV told Reuters.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, poses in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Cagle/File Photo

BUILDING A CASE

As a first step, the law firm filed a lawsuit accusing the appraiser, CBRE, of artificially inflating land values and sales projections. In discovery, the firm obtained Credit Suisse’s communications about those appraisals.

Highland settled its lawsuit against CBRE, which did not admit liability, in 2013, but materials obtained during discovery emboldened the company to also sue Credit Suisse.

An original, lower appraisal by CBRE had been changed after pressure from Credit Suisse, Highland alleged.

The assertion was based in part on communication between CBRE appraiser William Acton and Credit Suisse’s Arik Prawer, one of the Credit Suisse bankers involved with the deal.

“I reran the numbers as requested,” Acton wrote in one email after a call with the Credit Suisse banking team. Highland maintained the emails showed Credit Suisse had manipulated the process and then took an overstated appraisal to lenders like Highland to convince them to back the loan. Acton died in September, 2007.

Credit Suisse argued that it was not responsible for verifying CBRE’s appraisal and that disclaimers in the credit agreement barred Highland from pursuing claims.

Credit Suisse faces long odds in getting its case heard by the Texas Supreme Court. In the past five years, the court has only accepted 11.2 percent of the cases brought to it, according to annual statistical reports for the Texas judiciary analyzed by Reuters.

Of the cases the court does take, however, the justices reverse about 82 percent of the time, according to a 2012-2016 study by appellate lawyer Pamela Stanton Baron.

Meanwhile, a separate $350 million Highland lawsuit accusing Credit Suisse of fraud and breach of contract in six other land deals is still pending in New York.

Reporting by Tracy Rucinski; Editing by Lauren Tara LaCapra and Sue Horton

The post Credit Suisse nears $360 million deadline in fraud suit built on a… appeared first on World The News.

from World The News https://ift.tt/2L5ICWN via Online News

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Credit Suisse nears $360 million deadline in fraud suit built on a…

CHICAGO (Reuters) – When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG, which arranged the financing and appraisals for the project.

FILE PHOTO: The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich’s Oerlikon suburb, Switzerland July 27, 2017. Picture taken July 27, 2017. REUTERS/Arnd Wiegmann/File Photo

Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit Suisse faces a July 18 court deadline to pay Highland $360 million or appeal to the Texas Supreme Court.

The victories to date have enhanced the reputation of a fledgling Texas law firm, and legal experts say they are likely to encourage other investment funds to take big banks to court.

“This case shows the big banks can’t hide behind disclaimers when they know certain facts,” said Carol Gilden, a lawyer who represents pension funds and other institutional investors in financial and securities disputes.

Global banks have settled dozens of lawsuits by governments and shareholders over financial crisis misconduct, but until the Highland suit, it was unusual for an investment fund to pursue tough-to-win fraud actions – especially against a major trading partner, as Credit Suisse was for Highland.

Highland, however, has a reputation for being more legally aggressive than many funds, and its general counsel, Scott Ellington, had a strong hunch that something was amiss with the deal.

“When something is wrong I like to right it,” Ellington told Reuters in an interview.

The company had trouble finding someone willing to take the case, he said, in part because the legal firms it approached thought Ellington’s suspicions would be tough to prove. Then, in 2010, Ellington met with Reid Collins & Tsai LLP, a newly-formed practice in Austin, Texas specializing in complex commercial disputes. The firm agreed to take the case on contingency.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, walks on a treadmill in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Caglin/File Photo

Many in the industry were surprised when Reid Collins & Tsai went on to win the case in 2015 and that a Dallas appeals court in February upheld the $287.5 million judgment. Since 2015, interest has accrued at an annual 9 percent.

Credit Suisse, which has consistently denied liability for Highland’s losses, “respectfully disagrees” with the court decisions and is seeking to appeal, spokeswoman Nicole Sharp said in a statement. The bank noted that it won an unrelated legal dispute with Highland in New York, and that another in Texas was dismissed.

‘OASIS’ OR MIRAGE?

Lake Las Vegas, billed in promotional materials as “an oasis in the desert,” was one of several ill-fated, high-end real estate projects for which Credit Suisse arranged syndicated loans during the run-up to the 2008 credit crisis.

The development was to include a luxurious golf community and resort with 9,000 homes and condominiums, two hotels, a casino, a shopping village and a 320-acre man-made lake.

Funds managed by Highland lent $250 million to the $540 million project in June, 2007 after being solicited by Credit Suisse, which agreed to provide an independent appraisal. That appraisal valued the property at $891 million.

When Lake Las Vegas filed for bankruptcy a year later, the liquidation value of the property was set at $23 million. The project has since been partially built by new developers, but early lenders like Highland lost their entire investment in the bankruptcy.

In the aftermath, Ellington said, he couldn’t stop thinking about the original appraisal and wondering how a property could so quickly have lost so much value.

“When we got the case in 2010, we thought there was some reason to believe the appraisal was bad, and zero proof that we could pin Credit Suisse,” Reid Collins & Tsai founding partner William T. Reid IV told Reuters.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, poses in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Cagle/File Photo

BUILDING A CASE

As a first step, the law firm filed a lawsuit accusing the appraiser, CBRE, of artificially inflating land values and sales projections. In discovery, the firm obtained Credit Suisse’s communications about those appraisals.

Highland settled its lawsuit against CBRE, which did not admit liability, in 2013, but materials obtained during discovery emboldened the company to also sue Credit Suisse.

An original, lower appraisal by CBRE had been changed after pressure from Credit Suisse, Highland alleged.

The assertion was based in part on communication between CBRE appraiser William Acton and Credit Suisse’s Arik Prawer, one of the Credit Suisse bankers involved with the deal.

“I reran the numbers as requested,” Acton wrote in one email after a call with the Credit Suisse banking team. Highland maintained the emails showed Credit Suisse had manipulated the process and then took an overstated appraisal to lenders like Highland to convince them to back the loan. Acton died in September, 2007.

Credit Suisse argued that it was not responsible for verifying CBRE’s appraisal and that disclaimers in the credit agreement barred Highland from pursuing claims.

Credit Suisse faces long odds in getting its case heard by the Texas Supreme Court. In the past five years, the court has only accepted 11.2 percent of the cases brought to it, according to annual statistical reports for the Texas judiciary analyzed by Reuters.

Of the cases the court does take, however, the justices reverse about 82 percent of the time, according to a 2012-2016 study by appellate lawyer Pamela Stanton Baron.

Meanwhile, a separate $350 million Highland lawsuit accusing Credit Suisse of fraud and breach of contract in six other land deals is still pending in New York.

Reporting by Tracy Rucinski; Editing by Lauren Tara LaCapra and Sue Horton

The post Credit Suisse nears $360 million deadline in fraud suit built on a… appeared first on World The News.

from World The News https://ift.tt/2L5ICWN via News of World

[dragnews]

Credit Suisse nears $360 million deadline in fraud suit built on a…

CHICAGO (Reuters) – When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG, which arranged the financing and appraisals for the project.

FILE PHOTO: The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich’s Oerlikon suburb, Switzerland July 27, 2017. Picture taken July 27, 2017. REUTERS/Arnd Wiegmann/File Photo

Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit Suisse faces a July 18 court deadline to pay Highland $360 million or appeal to the Texas Supreme Court.

The victories to date have enhanced the reputation of a fledgling Texas law firm, and legal experts say they are likely to encourage other investment funds to take big banks to court.

“This case shows the big banks can’t hide behind disclaimers when they know certain facts,” said Carol Gilden, a lawyer who represents pension funds and other institutional investors in financial and securities disputes.

Global banks have settled dozens of lawsuits by governments and shareholders over financial crisis misconduct, but until the Highland suit, it was unusual for an investment fund to pursue tough-to-win fraud actions – especially against a major trading partner, as Credit Suisse was for Highland.

Highland, however, has a reputation for being more legally aggressive than many funds, and its general counsel, Scott Ellington, had a strong hunch that something was amiss with the deal.

“When something is wrong I like to right it,” Ellington told Reuters in an interview.

The company had trouble finding someone willing to take the case, he said, in part because the legal firms it approached thought Ellington’s suspicions would be tough to prove. Then, in 2010, Ellington met with Reid Collins & Tsai LLP, a newly-formed practice in Austin, Texas specializing in complex commercial disputes. The firm agreed to take the case on contingency.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, walks on a treadmill in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Caglin/File Photo

Many in the industry were surprised when Reid Collins & Tsai went on to win the case in 2015 and that a Dallas appeals court in February upheld the $287.5 million judgment. Since 2015, interest has accrued at an annual 9 percent.

Credit Suisse, which has consistently denied liability for Highland’s losses, “respectfully disagrees” with the court decisions and is seeking to appeal, spokeswoman Nicole Sharp said in a statement. The bank noted that it won an unrelated legal dispute with Highland in New York, and that another in Texas was dismissed.

‘OASIS’ OR MIRAGE?

Lake Las Vegas, billed in promotional materials as “an oasis in the desert,” was one of several ill-fated, high-end real estate projects for which Credit Suisse arranged syndicated loans during the run-up to the 2008 credit crisis.

The development was to include a luxurious golf community and resort with 9,000 homes and condominiums, two hotels, a casino, a shopping village and a 320-acre man-made lake.

Funds managed by Highland lent $250 million to the $540 million project in June, 2007 after being solicited by Credit Suisse, which agreed to provide an independent appraisal. That appraisal valued the property at $891 million.

When Lake Las Vegas filed for bankruptcy a year later, the liquidation value of the property was set at $23 million. The project has since been partially built by new developers, but early lenders like Highland lost their entire investment in the bankruptcy.

In the aftermath, Ellington said, he couldn’t stop thinking about the original appraisal and wondering how a property could so quickly have lost so much value.

“When we got the case in 2010, we thought there was some reason to believe the appraisal was bad, and zero proof that we could pin Credit Suisse,” Reid Collins & Tsai founding partner William T. Reid IV told Reuters.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, poses in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Cagle/File Photo

BUILDING A CASE

As a first step, the law firm filed a lawsuit accusing the appraiser, CBRE, of artificially inflating land values and sales projections. In discovery, the firm obtained Credit Suisse’s communications about those appraisals.

Highland settled its lawsuit against CBRE, which did not admit liability, in 2013, but materials obtained during discovery emboldened the company to also sue Credit Suisse.

An original, lower appraisal by CBRE had been changed after pressure from Credit Suisse, Highland alleged.

The assertion was based in part on communication between CBRE appraiser William Acton and Credit Suisse’s Arik Prawer, one of the Credit Suisse bankers involved with the deal.

“I reran the numbers as requested,” Acton wrote in one email after a call with the Credit Suisse banking team. Highland maintained the emails showed Credit Suisse had manipulated the process and then took an overstated appraisal to lenders like Highland to convince them to back the loan. Acton died in September, 2007.

Credit Suisse argued that it was not responsible for verifying CBRE’s appraisal and that disclaimers in the credit agreement barred Highland from pursuing claims.

Credit Suisse faces long odds in getting its case heard by the Texas Supreme Court. In the past five years, the court has only accepted 11.2 percent of the cases brought to it, according to annual statistical reports for the Texas judiciary analyzed by Reuters.

Of the cases the court does take, however, the justices reverse about 82 percent of the time, according to a 2012-2016 study by appellate lawyer Pamela Stanton Baron.

Meanwhile, a separate $350 million Highland lawsuit accusing Credit Suisse of fraud and breach of contract in six other land deals is still pending in New York.

Reporting by Tracy Rucinski; Editing by Lauren Tara LaCapra and Sue Horton

The post Credit Suisse nears $360 million deadline in fraud suit built on a… appeared first on World The News.

from World The News https://ift.tt/2L5ICWN via Today News

[newestbalance]

Credit Suisse nears $360 million deadline in fraud suit built on a…

CHICAGO (Reuters) – When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG, which arranged the financing and appraisals for the project.

FILE PHOTO: The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich’s Oerlikon suburb, Switzerland July 27, 2017. Picture taken July 27, 2017. REUTERS/Arnd Wiegmann/File Photo

Highland ultimately convinced a Texas court that Credit Suisse had breached its contract and aided and abetted fraud in the deal, and the decision was upheld on appeal. Now, Credit Suisse faces a July 18 court deadline to pay Highland $360 million or appeal to the Texas Supreme Court.

The victories to date have enhanced the reputation of a fledgling Texas law firm, and legal experts say they are likely to encourage other investment funds to take big banks to court.

“This case shows the big banks can’t hide behind disclaimers when they know certain facts,” said Carol Gilden, a lawyer who represents pension funds and other institutional investors in financial and securities disputes.

Global banks have settled dozens of lawsuits by governments and shareholders over financial crisis misconduct, but until the Highland suit, it was unusual for an investment fund to pursue tough-to-win fraud actions – especially against a major trading partner, as Credit Suisse was for Highland.

Highland, however, has a reputation for being more legally aggressive than many funds, and its general counsel, Scott Ellington, had a strong hunch that something was amiss with the deal.

“When something is wrong I like to right it,” Ellington told Reuters in an interview.

The company had trouble finding someone willing to take the case, he said, in part because the legal firms it approached thought Ellington’s suspicions would be tough to prove. Then, in 2010, Ellington met with Reid Collins & Tsai LLP, a newly-formed practice in Austin, Texas specializing in complex commercial disputes. The firm agreed to take the case on contingency.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, walks on a treadmill in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Caglin/File Photo

Many in the industry were surprised when Reid Collins & Tsai went on to win the case in 2015 and that a Dallas appeals court in February upheld the $287.5 million judgment. Since 2015, interest has accrued at an annual 9 percent.

Credit Suisse, which has consistently denied liability for Highland’s losses, “respectfully disagrees” with the court decisions and is seeking to appeal, spokeswoman Nicole Sharp said in a statement. The bank noted that it won an unrelated legal dispute with Highland in New York, and that another in Texas was dismissed.

‘OASIS’ OR MIRAGE?

Lake Las Vegas, billed in promotional materials as “an oasis in the desert,” was one of several ill-fated, high-end real estate projects for which Credit Suisse arranged syndicated loans during the run-up to the 2008 credit crisis.

The development was to include a luxurious golf community and resort with 9,000 homes and condominiums, two hotels, a casino, a shopping village and a 320-acre man-made lake.

Funds managed by Highland lent $250 million to the $540 million project in June, 2007 after being solicited by Credit Suisse, which agreed to provide an independent appraisal. That appraisal valued the property at $891 million.

When Lake Las Vegas filed for bankruptcy a year later, the liquidation value of the property was set at $23 million. The project has since been partially built by new developers, but early lenders like Highland lost their entire investment in the bankruptcy.

In the aftermath, Ellington said, he couldn’t stop thinking about the original appraisal and wondering how a property could so quickly have lost so much value.

“When we got the case in 2010, we thought there was some reason to believe the appraisal was bad, and zero proof that we could pin Credit Suisse,” Reid Collins & Tsai founding partner William T. Reid IV told Reuters.

FILE PHOTO: Attorney William Reid, who represents the hedge fund Highland Capital in its lawsuit against Credit Suisse, poses in his office in Austin, Texas, U.S., May 30, 2018. REUTERS/Tess Cagle/File Photo

BUILDING A CASE

As a first step, the law firm filed a lawsuit accusing the appraiser, CBRE, of artificially inflating land values and sales projections. In discovery, the firm obtained Credit Suisse’s communications about those appraisals.

Highland settled its lawsuit against CBRE, which did not admit liability, in 2013, but materials obtained during discovery emboldened the company to also sue Credit Suisse.

An original, lower appraisal by CBRE had been changed after pressure from Credit Suisse, Highland alleged.

The assertion was based in part on communication between CBRE appraiser William Acton and Credit Suisse’s Arik Prawer, one of the Credit Suisse bankers involved with the deal.

“I reran the numbers as requested,” Acton wrote in one email after a call with the Credit Suisse banking team. Highland maintained the emails showed Credit Suisse had manipulated the process and then took an overstated appraisal to lenders like Highland to convince them to back the loan. Acton died in September, 2007.

Credit Suisse argued that it was not responsible for verifying CBRE’s appraisal and that disclaimers in the credit agreement barred Highland from pursuing claims.

Credit Suisse faces long odds in getting its case heard by the Texas Supreme Court. In the past five years, the court has only accepted 11.2 percent of the cases brought to it, according to annual statistical reports for the Texas judiciary analyzed by Reuters.

Of the cases the court does take, however, the justices reverse about 82 percent of the time, according to a 2012-2016 study by appellate lawyer Pamela Stanton Baron.

Meanwhile, a separate $350 million Highland lawsuit accusing Credit Suisse of fraud and breach of contract in six other land deals is still pending in New York.

Reporting by Tracy Rucinski; Editing by Lauren Tara LaCapra and Sue Horton

The post Credit Suisse nears $360 million deadline in fraud suit built on a… appeared first on World The News.

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Bankruptcy Lawyer | Bankruptcy Attorney High Desert CA

The firm handles complaints from a Bankruptcy lawyer in high desert CA of wrongful termination Bankruptcy attorney in high desert CA was for the most part.

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Best Bankruptcy Attorney and Lawyer Victorville | High Desert

At the Heather Hinton Law Offices for bankruptcy attorney High Desert. We reputable and best bankruptcy attorney and lawyer Victorville

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Bankruptcy Lawyer Victorville

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 Divorce and litigation are stressful processes. Combining the two can seem overwhelming for spouses and their children. Fortunately, an effective option exists for California individuals who want to avoid courtroom stress when their marriage ends. At Heather Hinton Law Offices in Victorville, I deliver professional mediation services during divorces and other family law matters. Using the knowledge I’ve gained as a California lawyer, I offer comprehensive guidance through this alternative dispute resolution process to help parties settle issues such as custody, child support, alimony and property division. Bankruptcy Attorney High Desert

 CERTIFIED NEUTRAL MEDIATOR SAVES DIVORCING SPOUSES TIME AND MONEY

 Whether you’re close to a marital settlement agreement or far apart on divorce terms, a certified mediator helps you dissolve your marriage while avoiding unnecessary problems. There are significant advantages to the mediation process, including: Bankruptcy Lawyer Victorville

 Control. Instead of working on the court’s schedule and dealing with their procedural requirements, spouses decide when to talk and what needs to be discussed.

 Cost savings. Litigation costs can mount at a frightening speed, potentially causing financial problems that last long after the marriage has concluded. Best Bankruptcy Attorney Victorville During mediation, parties can limit what they spend.

 Privacy and stress relief. A public courtroom is an uncomfortable place to discuss the personal issues often associated with divorce. As a mediator, I allow clients to speak openly in a private, dignified setting.

 Many states have recognized how useful mediation is when a married couple breaks up, so they require mandatory divorce mediation. Whether you’re seeking assistance on your own or at the court’s behest, I have the experience and knowledge to provide valuable support.

 BANKRUPTCY ATTORNEY VICTORVILLE

 Chapter 7 is the number one bankruptcy chapter filed in the United States and is commonly known as liquidation bankruptcy. Through liquidation, consumers are able to discharge most of their debts. However, there are also some debts that are non-dis chargeable (student loans, taxes for the past three years, lawsuits when they are based on fraud, etc…). As such, it is important to have an attorney to guide you through the process. Bankruptcy Attorney High Desert

 One of the primary purposes of bankruptcy is to discharge certain debts to give an honest debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property. Bankruptcy Lawyer Victorville

 Do you feel like there is no way out of debt? Call us, we can help you. Protect yourself and your family from harassing creditors. Call to start your process today.

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Criminal Attorney Victorville | Criminal Attorney Hesperia

                               Heather Hinton Law Offices

Dedicated California Attorney Fights For Clients’ Rights

Best Bankruptcy Attorney Victorville At the Heather Hinton Law Offices, we are here to help when you are facing criminal, traffic or drunk driving charges in Victorville. We understand this is a difficult time for you and your family and we want to do whatever is necessary to get your life back to normal after being charged with a crime in Hesperia. Criminal Attorney Hesperia

West Coast Lawyer Represents Criminal Defendants And Family Court Litigants Aggressively

Family Attorney Victorville At the Heather Hinton Law Offices in Victorville, CA, I concentrate on defending the rights of citizens facing felony or misdemeanor charges, as well as the rights of individuals going through separation, divorce or other family matters. I investigate each case thoroughly and treat it with the attention it deserves. The legal advice I give is objective and reliable, with a view toward your best interest, based on a prudent and thorough analysis of the facts and the law. Family Attorney Hesperia

what makes heather hinton law offices the right choice?

Criminal Attorney High Desert We understand that trust is the key to our success, and earn your confidence with an unrivaled attention to detail, courtesy, and professionalism that reflects our commitment to your cause. Best Criminal Attorney Victorville

Knowledgeable Advocate Helps West Coast And Inland Empire Clients

Criminal Attorney Victorville The Heather Hinton Law Offices in Victorville, CA represents individuals facing felony, misdemeanor, juvenile, DUI charges, and Criminal Attorney Victorville and Criminal Attorney Hesperia. I will vigorously represent you and use all available tools to mount a thorough defense for your case. I know how to bring out my clients’ character and the positives of the case through witness interviews and police interviews, working with professional investigators, and analyzing documents presented by the prosecution. Bankruptcy Attorney High Desert

Do Not Settle For A Lawyer Who Does Not Concentrate In Criminal Defense

Bankruptcy Lawyer Victorville As a dedicated criminal defense attorney Victorville, I have first-hand knowledge of the strategies used to prosecute a case. My wide practice in criminal law allows me to build on this core knowledge, effectively representing my clients in the following types of cases:

DUIs — If charged with driving under the influence, you do not have to accept what the police put on the DUI report. They are only human, and they make mistakes. I read the report thoroughly and look for any inaccuracies or mistakes that may form the basis of a legal challenge.

Family Attorney High Desert Felonies — These charges carry stiff penalties and need to be defended aggressively by a firm that believes in its client. I have experience in defending theft, assault and other felonies.

Misdemeanors — At my law firm, traffic violations and other minor charges are taken as seriously as felonies. I defend these cases to their fullest extent, often with dismissal as the result. Best Family Attorney Victorville

Attorney for Bankruptcy Victorville Probation/Parole — I will assist with all issues relating to your parole, probation and supervision, working to achieve the most favorable terms attainable.

Juvenile Law — Young offenders should be represented by competent counsel to ensure their entire future is not ruined by youthful mistakes. I take pride in helping these clients to get their lives back on track.

Divorce Attorney Victorville Through my experience with the San Bernardino and Riverside County Courts, I am thoroughly familiar with the criminal docket and processes and with the district attorneys, judges and officials who make the courts function. These professional relationships help me guide you through the system as efficiently as possible.

you are a part of the team at hinton law

Bankruptcy Attorney Victorville At the Heather Hinton Law Offices, I make sure that every criminal client is informed at every stage of the case. My office policy is to return every call the same day. I understand that defendants’ input is essential to understanding the case and building the best defense.

Knowledgeable criminal attorney in California will look out for you

Bankruptcy Attorney Hesperia

If you have a criminal matter on the West Coast or in the Inland Empire, do not allow yourself to be represented by a court-appointed attorney or one who does not concentrate in criminal law. Call the Heather Hinton Law Offices at 442-267-6124 or contact me online for a consultation.

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Best Family Attorney for Bankruptcy  Victorville | High Desert

Heather Hinton Law Offices dedicated to fighting for your family law rights Victorville. Best family attorney and attorney for bankruptcy Victorville