THOR EQUITIES SCOOPING UP VALUABLE PROPERTIES FOR NEXT TO NOTHING… JONA RECHNITZ AND JSR CAPITAL… WHAT’S THEIR YIELD????
WE ARE GOING ON A THEORY:
Tell us…
What happens to a building when it is leased or sold at below market rates?
The value of that building and all of the units in that building fall, drop, sink, use your word of choice.
What happens then?
Well… An Equity firm goes in and saves the day, buying 70 units for far below market value.
So, did Jona Rechnitz ruin market efforts or did he purposely sabotage marketing efforts so that the building would be worthless?
And, who owns the building anyway…???
In our view, Jona Rechnitz is nothing if not very, very predictable. We believe that the news articles that follow in large part missed the point. Jona Rechnitz did not ruin a building because he failed. Quite the contrary, he succeeded. Thor Equities got a steal…. And, if Rechnitz was involved, there is money behind the deals closed to sink the value of the units in that building.
What commonalities can we find?
we are looking…
Jona Rechnitz ruined marketing efforts at the Apthorp: report
For his son’s bar mitzvah in 2008, hedge-fund manager Murray Huberfeld chartered a JetBlue plane and invited hundreds to an oceanfront party in Palm Beach, Fla. An Orthodox pop star known as the “Jewish Elvis” entertained the guests, who Mr. Huberfeld says included investors in his fund.
Intimate ties and fundraising inside a close-knit world of observant Jewish businesspeople in New York, Florida and Israel are central to the $1.25 billion hedge-fund firm Mr. Huberfeld has helped lead, Platinum Partners. Now those ties are being tested as two sets of federal prosecutors as well as securities regulators delve into Platinum’s operations.
In early June, Mr. Huberfeld was arrested in connection with an alleged scheme to bribe a union leader to funnel $20 million to Platinum. Later in June, federal agents raided Platinum’s New York offices.
An issue for investigators now, according to those familiar with their probe, isn’t just alleged bribery but the integrity of Platinum itself: It is also a fraud investigation.
Platinum has recorded some of the most impressive numbers in the hedge-fund world, double-digit average annual returns for over a decade.
Beginning around 2012, however, with some investors wanting their money back, Platinum began borrowing heavily. According to documents reviewed by The Wall Street Journal and people familiar with the firm, Platinum borrowed hundreds of millions of dollars, some of it at double-digit interest rates.
In one instance, it paid interest to a lender part-owned by family-member trusts of Mr. Huberfeld and Mark Nordlicht, Platinum’s founder and chief investment officer.
In June, Platinum suspended redemptions from its flagship fund and stopped giving performance updates. It moved to liquidate the fund and discussed plans to repay investors but didn’t commit to giving to them cash matching the full investment gains the firm has reported. Last week, Platinum said it would also liquidate the rest of the firm.
Investigators now are looking into whether, before the suspension, Platinum had been paying some reported investment gains to exiting investors with money from incoming ones, according to people familiar with the probe.
They also are scrutinizing the firm’s service providers, including auditors who certified its figures.
Platinum has invested in exotic assets that can be hard to value, such as loans to struggling companies and annuities linked to ill patients’ lives. Among questions investigators seek to answer is whether Platinum misstated values of some holdings, the people familiar with the probe said.
Platinum spokesman Montieth Illingworth defended the firm’s auditing and valuation methods and said it stands behind its performance record.
On specific investigative points, he said, “It is incorrect to imply that past payouts to investors were specifically made with new allocations.”
He also said money wasn’t borrowed to meet redemptions. “Past redemptions were paid out of cash gains from the positions we invested in,” Mr. Illingworth said.
Platinum said it expects to begin repaying investors in 2017. A person close to the firm said it hopes eventually to pay back all $1.25 billion, or more, with further investment gains.
Under investigation in addition to the firm is Mr. Nordlicht, said people familiar with the probe. The spokesman said they are cooperating with investigations. No one other than Mr. Huberfeld has been accused of wrongdoing.
EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims on Behalf of Investors in Platinum Partners Funds
NEW YORK –(BUSINESS WIRE)
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of investors in Platinum Partners’ funds resulting from allegations that Platinum Partners may have issued materially misleading business information to the investing public.
On June 8, 2016 news outlets reported that a manager at Platinum Partners, Murray Huberfeld, was arrested for allegedly bribing a union leader in exchange for an investment in Platinum Partners. According to the criminal complaint, Huberfeld is a founder and part owner of Platinum Partners and he may have been playing a leading role at Platinum Partners that was not publicly acknowledged by the firm. On June 22, 2016, agents from the FBI and the U.S. Postal Inspection Service raided the headquarters of Platinum Partners. On July 25, 2016, The Wall Street Journal reported that federal agents are not only investigating alleged bribery at the fund, but are investigating the fund for fraud. According to The Wall Street Journal, federal agents are probing whether Platinum Partners misstated values of some of its holdings, probing the firm’s service providers, including auditors who certified its figures, and probing whether, before Platinum Partners suspended redemptions of its main fund, Platinum Partners Value Arbitrage Fund, Platinum Partners had been paying some reported investment gains to exiting investors with money from incoming investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered from investors in Platinum Partners funds. If you invested with Platinum Partners please visit the firm’s website athttp://rosenlegal.com/cases-924.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email atpkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
US Attorney Preet Bharara’s corruption probe into the dealings of two shady businessmen and donors to Mayor de Blasio has expanded to Westchester County, The Post has learned.
Bharara has subpoenaed the offices of Westchester County Executive Rob Astorino about dealings with de Blasio financial backers Jona Rechnitz and Jeremy Reichberg, who have been linked to recent city pay-to-play scandals.
FBI agents also recently quizzed politically wired cabby advocate Fernando Mateo, who introduced Rechnitz and Reichberg to Astorino, according to a source familiar with the inquiry.
Reichberg, a Brooklyn resident who had no known previous ties to Westchester County, was named a volunteer county police chaplain in June 2013.
A few days later, entities tied to his pal Rechnitz donated $25,000 to Astorino’s re-election campaign.
Preet Bharara
During a recent visit to Mateo’s Irvington home, the FBI grilled him about the businessmen’s ties to Astorino as well as de Blasio, according to a source familiar with the interrogation.
“The FBI agents wanted to know everything they could about the Astorino relationships with Rechnitz and Reichberg,” the source said.
Mateo, a Latino civil leader, supported Astorino’s re-election in 2013 and was appointed to the Westchester County Police Advisory Board.
Mateo also is in hot water after admitting to The Post that he secretly bundled campaign money to the de Blasio campaign through an unemployed Brooklyn woman.
Mateo declined to comment on the probe.
Astorino confirmed his office has been blitzed with subpoenas from Bharara’s office.
“Yes. Informational subpoenas were issued to the county executive, the county police, and the county itself, which is no surprise given the need to get all available background
in an investigation involving so many city figures,” said Astorino spokesman Bill O’Reilly.
“Everything requested was turned over in a timely manner, and we’re happy to be helpful in any way going forward.”
Astorino claims he has done nothing wrong.
But the fact that Bharara’s probers are snooping around Westchester is not welcome news to the pol.
Astorino was the Republican Party’s nominee for governor in 2014, losing to the Democratic incumbent, Gov. Cuomo. He is considering running for governor again in 2018.
Reichberg was indicted in an NYPD scandal, in which he allegedly provided cops cash, free trips and even a prostitute for a Super Bowl bash.
Rechnitz has become a government cooperator in the case that has ensnared and disgraced a growing number of top-ranking cops in what has become the worst corruption scandal to hit the department in decades. Four officers have already been charged.
Norman Seabrook, the troubled ex-head of the NYC correction officers’ union, pleaded not guilty Friday to an alleged bribery scheme even as the government announced it has collected wiretaps in the corruption case in three languages: English, Spanish and even Yiddish.
“Absolutely not guilty, sir,” Seabrook told Manhattan federal Judge Andrew Carter. Seabrook’s alleged co-conspirator, hedge fund manager Murray Huberfeld, also pleaded not guilty Friday.
Seabrook, former president of the Correction Officers’ Benevolent Association, was arrested in June, along with Huberfeld, for allegedly directing union money to Huberfeld’s hedge fund, Platinum Partners, in exchange for a cut of the profits.
Norman Seabrook, former head of COBA.Photo: Brigitte Stelzer/New York Post
The men were indicted on two counts and face a maximum of 40 years in prison.
“We will be vindicated. God is good God,” a swaggering Seabrook told a throng of reporters and other spectators outside the Manhattan federal courthouse.
Minutes earlier, prosecutor Russell Capone told Carter that the government has collected wiretaps from four cellphones in English, Yiddish and Spanish — as well as thousands of emails from Seabrook, Huberfeld and other co-conspirators.
The government tapped the phones of Orthodox Jewish businessman Jeremy Reichberg and Spanish-speaking former restaurant owner Hamlet Peralta, both of whom were associates of Seabrook’s, sources said. The government also tapped the phone of Reichberg’s former pal, real estate investor Jona Rechnitz, who began cooperating with the government in multiple corruption probes this past spring, sources said.
PLATINUM PARTNERS AND ITS FAMILY PRINCIPALS GETTING WEALTHY BY DIVERTING ASSETS- THE IMPORTANCE OF UNDERSTANDING FRAUD AND THE FINANCES INVOLVED…
Lost Messiah, July 21, 2016
Platinum Partners is in the process of liquidating one of its funds. We maintain that the company is insolvent and is in the process of bilking investors out of millions, an opinion based upon months of research. We maintain that hundreds of people have lost money – lifetime investments – in schemes like Black Elk and others. We maintain that the NYC scandal runs far deeper than event the most seasoned investigators imagine. We believe that the key to it all rests in understanding Fraud from its basest atomic elements – like the periodic table. Below you will find the New York Post Atricle referencing the liquidation. We begin, however, as follows:
Dear Bart M. Schwarts:
You will need to do your research before you begin “overseeing a total investigtion” and verifying assets. They are not where you think they are. The numbers will likely look clean on the face. The men involved in Platinum Partners are not stupid now, nor were they in the past. Rather, they are savvy business men, players in a market where everything goes, able to justify their wealth because it was manna from heaven – mainly within the Chabad community. These men are not simply charitable philanthropists but rabidly aggressive opportunists. The money is going to be where you least expect to find it.
Be mindful of the FRAUD TRIANGLE:
Dear Readership:
There remains a story to be told about Platinum Partners, Black Elk, Oil Wells, Diamond Mines, “Event Driven Investments,” and more. It is long and detailed and has been promised to you. It will be forthcoming.
In the meantime, we can illustrate simply by following the money, the assets and the investments: Platinum Partners has assets which have been undoubtedly distributed to the principals: Murray Huberfeld, Mark Nordlicht, David Bodner, the trusts of both the Bodner family and the Huberfeld family, the wives of each of these men who are sisters, and many other parties.
LOSTMESSIAH 