Do you have an “Open Exchange Contract” with the 1031 Tax Group LLC or one of it’s subsidiaries? If you are one of the unfortunates, and you have yet to see the following information, please pay attention. Before you peruse the rest of this article, consider taking a serious look at “1031 Exchange Companies are not Regulated” at Transparentrealestate.com. and “1031 Exchange Risks” by John Harper.
The 1031 Tax Group LLC restructuring web site has 4 sections for consumers to find answers to their questions. How accurate these answers are remains a mystery to me and possibly many of you. The following are the 4 sections contained in this web site:
1. 1031 Exchange Tax Group “Restructuring” information: This is the general announcement that the 1031 Exchange Tax Group, 1031 Advance (San Jose), Atlantic Exchange Co. (Boston), Investment Exchange Group (Denver), National Exchange Services (San Antonio), Real Estate Exchange Services (Tampa), and Security 1031 Services (New York City) all filed Chapter 11 in New York on May 14, 2007.
2. Restructuring Part Deux: This section offers a Hotline number 888 804.1031; Press Release of the May 14 Chapter 11 Filing; Frequently Asked Questions section; and a Industry Links section.
Most interesting of all is the last two sections for “Customers with Open Exchange Contracts” The first choice is a link to an email address to “send an email requesting a 45 Day Property Identification form.” The second choice is a similar link to an email address in order to “send an email requesting copies of documents or have documents signed. Please include your name, telephone number, and a description of your request.”
3. And 4.: The May 14, 2007 Press Release in it’s entirety.
5.-8. Frequently Asked Questions.
I hope that some of this information is helpful in getting answers to those consumers desperate to learn more. Best of luck to all involved; if you have a story about this fiasco, please share it with us!