Blogburst.com: Syndicating Dreams One Blog at a Time

blogburst-30-day-activity

Blogburst.com is a blog content syndication service that helps bloggers create more exposure for their blogs, helps legitimize their writing, and it provides the opportunity for mass media awareness of your message. You have to be chosen for membership into blogburst; I am happy that I was lucky enough for selection.

Recognition and Reality

The graphic above is a screenshot of my blogburst dashboard which shows my Top 10 Publishers for the Past 60 Days. The real takeaways to consider:

  • I am not part of the mass media in the traditional sense
  • I want to be recognized by the traditional mass media
  • I want to partner with the traditional mass media
  • I want the traditional mass media to survive with my help
  • I would like the traditional mass media to embrace bloggers
  • I want the traditional mass media to embrace the paradigm shift to Internet as Platform
  • I would like the traditional mass media to embrace my friends, colleagues, and partners in the blogosphere

Wall Street Journal: Pen Envy?

For all of the page views, click throughs, comments, accolades, brush back sniper shots, and brushes with fame, I would trade them all for the chance to appear in the Wall Street Journal. The WSJ to me is the Yankee Stadium, the Gawden, and the Golden Dome in Indiana icon of all mass media outlets. I have my 1 (one) page view for an article that never provided me with a link–just a nice visual

Has A New Ed Okun Arrived On The 1031 Exchange Scene: Vesta Strategies LLC Staggers From Wall St. Journal Story

In another apparent blatant rip off of 1031 exchange investor funds, Vesta Strategies of San Jose, California “has closed its doors, leaving investors scrambling to recover millions and pointing to flaws in the largely unregulated industry” according to the Wall Street Journal report “Behind the Boom and Bust of Real- Estate Player Vesta.”

Do we have another Ed Okun 1031 Tax Group on our hands?

The Founders

Chicago businessman John Terzakis and partner Robert Estupinian were the principles at Vesta Strategies. They founded Vesta in 2004 amid a firestorm of legal problems

History

According to WSJ’s Kris Hudson’s report:

“Mr. Terzakis had a history of failed real-estate deals and soured relationships — information Mr. Terzakis isn’t required to disclose to potential clients. Now the two men are accusing each other in separate lawsuits of diverting millions of dollars from Vesta for personal use.”

The Losses Sound Familiar

Christina Pappas a California investor, a familiar story to the “Trainwreck Victims of Ed Okun”, is out $2.5 million she handed to Vesta in April 2008 from the “sale of a property.”

When Ms. Pappas found a replacement property, another building, to purchase within the IRS’s 180 day exchange period, she requested her funds be wired in order to close the deal. To her utter horror, but familiar to the people following this industry, Ms. Pappas maintains that the “Vesta representative failed to wire her money to complete the property exchange by the June 16 closing, and still hasn’t done so”

The Numbers

According to WSJ story, Mr. Estupinian was quoted as saying that “Vesta Strategies held $10 million to $30 million in client money at any one time.” Okun like no, but no small sum of money in any case

Vesta Infighting And Meltdown

In a scene worthy of Ed Okun, the two principles Terzakis and Estupinian ended up in court with Terzakis initiating the legal action.

Mr. Terzakis allegations included

1. Estupinian misappropriated several million dollars of Vesta’s money for his family’s use

2. $96,000 salary for Mr. Estupinian’s wife, who allegedly did little work for the company

3. Expenditures on a $1.3 million house

4. A $160,308 oceanfront apartment in Long Beach

5. $50,000 for a pair of dogs-doesn’t everyone have $50,000 twin dogs?

6. $42,795 in tuition toward Mr. Estupinian’s doctorate degree-education is expensive

The Countersuit by Mr. Estupinian

1. Embezzlement of about $25 million and the following quote by Mr. Estupinian:

“Beginning as far back as 2000, John Terzakis has been treating the client funds as his own personal piggy bank in order to fund his many personal business and development projects”

Final Final

If this does not sound like the Okun case it certainly sounds like a close facsimile to it. The bottom line for Ms.Pappas and fellow investors serviced by Vesta Strategies could be the same fate suffered by Okun victims: no return on investment, IRS nightmare tax bill, and the prospects of a lost retirement fund spent in a lavish lifestyle befitting a crook