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Originally Posted by John Mercier
She failed to complete another one.
When you lose the special financing and grant deals
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What "special financing and grant deals"?
Quote:
Originally Posted by John Mercier
rely on the ''generosity'' of just the anchor investor.
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What "anchor investor"? She talked about one, but never named one. Can you name one?
This was hogwash from the start. Shen never had the money, and never had a lender commitment .... at least not one without a boatload of unobtainable contingencies. She couldn't possibly do this land development deal under any sort of "Opportunity Zone" program, because that program requires that you hold the asset, not sell homes, condos, or lots.
The whole snowmobile trail thing was a red herring to delay the deal. She was just hoping to find a bunch of naive 1031 trade investors to buy the land, and pay herself a management fee out of the investor proceeds. It won't surprise me if the State is investigating her because she has already spent investor money to hire her "spokesperson", get some concept plans done, and pay herself a "developer's fee". If she told investors it was an Opportunity Fund, and she spent the $, those investors will not only lose their investment, but will likely also lose the tax benefit they anticipated when they handed her a check. They may be out more than they invested
Total scam, and the State should have seen it the second she mentioned Opportunity Zone.