We had reported on the foreclosures in Arizona, and mentioned the fact that municipalities have plenty of reasons to link up with firms that can aid in tax collection. There is an unpleasant but lucrative business opportunity related to unpaid property taxes. Buying for back taxes and selling for more is one way, but beware, without proper title and the derivative, mortgage backed-securites being in question, this could be risky. You might not end up owning what you think you paid for. But that is not for this discussion.
Remembering that the Phoenix Coyotes hockey team was more about land development and not hockey, we have continued to look for connections surrounding business people who have been partnering with Glendale to solve the hockey issue. The question about being a “business reason” to own the Coyotes, where there would be sources of revenue outside of hockey stays prominent in focus.
The Ice Edge boys all gave some interesting tidbits. Daryl Jones said it was a “business reason” to own the Coyotes. Keith McCullough asked ‘who wants to go to a game in Phoenix anyways’. Hence the reasoning to shuffle off a few games to Saskatoon.
Strange for a team looking for a dedicated owner(s). And Anthony LeBlanc had tipped us off that Canadians were snapping up real estate in Arizona. Foreclosures were ripe for the pickins.
The above paints a vague picture that might suggest the business opportunity is related to properties, because, who the heck is really interested in hockey in 105 degree heat? Hmm…
Of course, we now have McCullough who supported the policies of Ben Bernanke in the past supporting the new friend, Hulsizer, who happens to be in a similar business, and would want to keep the Ice Edge boys in action in Glendale with the team. Who wants it? It doesn’t seem to matter. Swallowing pride (gulp), McCullough tells it this way:
Ice Edge chairman Keith McCullough told the Thunder Bay Chronicle-Journal earlier this week that his group had found a partner to help buy the Coyotes.
“Ice Edge would be a minority owner and an adviser,” McCullough said. “That investor is a friend of ours.”
Our last article pointed out that Hulsizer’s firm, Peak6 Investments as supportive of the Feds quantitative easing policy as if it were a good thing. The flavor is the same. No wonder it doesn’t matter who technically takes the team. There is a picture forming.
And, because everybody and his brother is looking at Mubadala today, let’s not forget they could be involved as they were with CityNorth. They could be the bondholders for the Jobing.com arena. But, will we ever know?
What if a City didn’t really care as much about hockey as it did collecting taxes? What if there were a whole bunch of homes that were vacant, and owed taxes for, and mean a double edged sword – no collection, and no future tax prospects.
Food for thought continues:
It seems to be Wall Street vs. everyone else.
Unless the U.S. economy experiences a dramatic turnaround, we are going to continue to see large numbers of Americans get behind on their property taxes, and the big banks will continue to be there to scoop up the tax liens.
Large numbers of poor and elderly Americans that don’t even have a mortgage will lose their homes and it will all be perfectly legal. Executives at the big banks will be having a good laugh about their huge bonus checks as thousands upon thousands of our most vulnerable citizens are dumped out into the street.
And, we must pay close attention to the supporters of policy that support Wall Street. Any players entering the game to bail out the Coyotes must be scrutinized from this important perspective.
Remember, we have a municipality that might just be feeling the pinch from being strapped to a usury bond in Jobing.com arena, on top of a shrinking tax base.
Remembering the first thing the U.S. government might do with quantitative easing is to buy up toxic mortgage debt and pile it onto the taxpayers, there is also the issue of credit default swaps and the nasty business surrounding houses being worth more foreclosed than staying with homeowners.
If JP Morgan is involved with tax lien certificates via newly formed entities to stay off the radar, they might have lots of work for investors looking to tap into the lucrative tax/foreclosure game. After all, they are no strangers to checking things of this nature out:
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Hyperinflation coupled with a falling dollar will mean greenbacks are not as valuable as the collateral that was taken to secure the debt. No wonder the banks want to foreclose:
The horror show playing out before our eyes in the foreclosure markets, is the continuing collapse of perhaps the greatest financial swindle in the history of mankind: the derivatives markets. The story revolves around the way that derivatives were used to create a giant pool of fictitious capital, nominally based on home mortgages, and the way that the banks are now attempting to seize the homes to turn their funny money into hard assets.
It might make a “tax district” seem like a nice diversion from the real tax-related money of unpaid taxes on properties. As Glendale becomes more desperate for relief, the more accomodating they might become.
Hockey might be the least of Glendale’s worries, but might attract help looking to cash in on peripheral opportunities, or to aid and abet the Bilderberg agenda, and the derivative housing scam’s effectiveness. We just need to look at the big picture, follow the money, and put the pieces together.