When a Stranger Calls: Rumors, Innuendos, and Whispers What is Going On With the 1031 Disasters?

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Search Engine Optimization is a wonderful concept when you become a blogging “citizen journalist.” All that the wonderful Web 2.0 revolution offers an amateur writer like myself is the opportunity to be noticed, read, and contemplated. Obviously I have hit a cord with the people who have been victimized by the Ed Okun 1031 Tax Group scandal, hit a cord with people within the 1031 industry too afraid to voice their opinion for fear of reprisal or loss of job, and I have hit a cord with one mysterious caller.

That is right! I have made my “journalistic” bones. Tony Soprano would be proud, “Tommy” would be ready to fold under questioning, and “Chili Eye Charlie” would fully approve of the nerves I have been hitting with my coverage of the Ed Okun and Donald McGhan scandals.

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On this bright, sunny California Saturday afternoon I received a mysterious phone call and message. The message was short but to the point. The caller was “tipping me off” to the next move in the Ed Okun trial. The caller claimed, without siting any evidence, that JPS Capital Partners “will not fund” the outstanding 1031 debts that Ed Okun’s 1031 Tax Group is responsible to fund.

The mystery caller sounded like a man in his 30′s or 40′s, I did not perceive him to be a professional within the legal community, he did not sound like somebody who had been victimized by the 1031 Tax Group. No instead my impression was that this guy reminded me of a east coast hustler or street guy. Why did I get this impression from a voice message left on my cell phone? I lived on the east coast for 7 yrs between Baltimore and Washington D.C.. I spent considerable time in Philly and the Apple and when you get the feel for the east coast mentality-then you know what I mean!

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So the question is simple: has Ed Okun’s knight in shining armor, JPS Capital Partners, decided against bailing him out of his debts? Have the God’s of 1031 Past decided to rear their collective heads and leave the entire mess up to the courts?

As I have stated in the past, I am but one man with a small voice in a vast empire that is the world wide web. I bare no grudge, bare no burden, seek no retribution. I simply wish to see the truth in this episode of American history come to a positive conclusion for so many who have been so very deeply hurt by the actions of so few individuals.

What comes around goes around? All that glitters isn’t gold? A day late and a dollar short? It ain’t braggin if you can do it? Money talks and bulls_it walks? American proverbs one and all. May we find more than lip service in our quest to understand this sordid mess.

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10 thoughts on “When a Stranger Calls: Rumors, Innuendos, and Whispers What is Going On With the 1031 Disasters?

  1. People have not been paying close attention to this mess.
    There is a big meeting on Oct 18 in Judge Glenn’s court.
    Everyone who is in striking distance should be there to show Olun and his lawyers that we will not take these delays anymore.
    We need for them to know that 6 months of legal bills [that will be paid out of our $$$$] is not ok. Stop milking this and get on with it. If necessary send Olun to jail and then deal with his estate.
    Remember there is power in numbers. Show them we are not complacent.

  2. Shadow,

    Your warning would be much more compelling to those who have lost their life savings and await the fate of the courts if you did two things:

    1. The man you refer twice as “Olin” is actually Edward Okun-not Ken Olin the actor from “30 Something” fame. People understand 1 typo but spelling Okun’s name wrong twice might lead to credibility issues.

    2. Give them more to go on. What else do you know? Do you know something that has not been made public?

    dean

  3. I have attended every hearing. Okun is playing with us and if we want anything to be done we must not rely on others but must make ourselves be heard. Only a few lawyers have been pro active and after 6 months are finally being taken seriously.
    Do not let the committee and Drier feed you the boogie man message. We do not have to settle for crumbs and let Okun walk away with his toys and homes and assets. We do not need to give him a pass for just talking to us.
    Put up or shut up and go to jail.
    The Shadow

  4. Shadow,

    That was a strong effort! Would you give us more details as to what you perceive to be the best “next step” for victims of this mess? Would you also consider naming any of the attorneys who you perceive to be on the side of the investors in this case?

    Finally, Shadow was it you that called me from a cell phone from Miami,Florida this past Saturday afternoon?

    dean

  5. Under Plan A which is the JPS-type funding plan for $300 million, Mr. Okun is fully exposed because he has to sign a personal guarantee. The JPS term sheet called for a maturity in 18 months with only one 6 month extension. Under Plan B, Mr. Okun signs a $147 million loan and is released from all creditor liabilities and any claims which could have been asserted in the bankruptcy. Plan B is much more favorable to Mr. Okun than Plan A. The best move for the creditors is to push for Chapter 7 liquidation. Failing that, push to have the same guarantees under Plan B that Plan A has.

  6. Robert,

    Would you care to tell us your position or stake in the Ed Okun proceedings? It would really help to understand what you may be going through personally in this mess. Many people have voiced their anger, opinions, and hardship on this blog. Please come back and let us know your story!

    Dean

  7. Pingback: “The Mystery Caller”: Say It Loud And Clear My Friend « DeansGuide

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