Time for some proper due diligence/ independent auditing in our communities

[avromie7]

These pronouns are confusing me.
"They" remaining unscathed is referring to the scammers? Weird terminology

Yes

[aygart]

These pronouns are confusing me.
"They" remaining unscathed is referring to the scammers? Weird terminology

Pronouns are very confusing these days.

We need a thread for aygart typos

[yomo]

And due to investor infighting they were able to thwart any management change for a large portion of the properties and remain unscathed in those.

Is this R and K?

[knowitall]

https://mishpacha.com/the-real-deal-with-yudi-goldfein/

[yfr bachur]

https://mishpacha.com/the-real-deal-with-yudi-goldfein/

Not going to dox him, but he was quite active here once upon a time...

[Danlover111]

Not going to dox him, but he was quite active here once upon a time...

lol

[yelped]

Not going to dox him, but he was quite active here once upon a time...

Seems like part of this article was justed posted here today.

Great article.

[jye]

I’ve seen hundreds of OMs in the last few years. In early 2021, When I saw folks using floating bridge debt, I knew it was high risk, but I knew some people wanted that. Projecting that rates would move up slightly was a reasonable expectation. But I saw the same in 2022, even as the Fed was starting to hike! I saw syndicators underwriting that rates would rise 100bps, while Wall St was expecting 200-300bps. (And now we got 500bps!)

I also saw many predicting 10%+ rent growth year over year, even in the face of a lot of new supply.

In summary, nobody can predict the future, but if you underwrote realistically, nobody can have complaints.

But if you underwrote egregiously, and now you are doing capital calls or giving back the keys (and screwing your unpaid vendors), you should never be taking OPM.

And the sharks are beginning to circle:
https://viceroyresearch.org/wp-content/uploads/2023/11/Arbor-Slumlord-Millionaires-16-Nov-2023.pdf

Of course, they are trying to cash in on their short position in the stock but the narrative is not implausible.

[MiInvstr]

And the sharks are beginning to circle:
https://viceroyresearch.org/wp-content/uploads/2023/11/Arbor-Slumlord-Millionaires-16-Nov-2023.pdf

Of course, they are trying to cash in on their short position in the stock but the narrative is not implausible.

Sounds like another Ningi report.. Meanwhile they announced a $150m share repurchase program today and the stock is up 3.63% now.

[UKinNYS]

As soon as I saw this I was please GD hope it was a NYCHA building (notoriously bad) but NO its mishelanu, hope lessons are learned and chillul Hashem is minimal.
https://www.nytimes.com/2023/12/11/nyregion/bronx-building-collapse.html

[ari3]

And the sharks are beginning to circle:
https://viceroyresearch.org/wp-content/uploads/2023/11/Arbor-Slumlord-Millionaires-16-Nov-2023.pdf

Of course, they are trying to cash in on their short position in the stock but the narrative is not implausible.

Sounds like another Ningi report.. Meanwhile they announced a $150m share repurchase program today and the stock is up 3.63% now.

Insiders buying shares, rating agency affirming their ratings and the company initiating a repurchase program are not thing usually associated with a company in distress. Something isn't adding up.

Additionally shorting a stock with a 12% dividend yield is very costly.

[dealfinder11]

Anyone know what's going on with Meridian?

Lotta rumors flying around. Don't feel comfortable stating them as i have not confirmed them. But wowzers.

[AsherO]

Lotta rumors flying around. Don't feel comfortable stating them as i have not confirmed them. But wowzers.

Beyond what has been posted up thread?

[jye]

Insiders buying shares, rating agency affirming their ratings and the company initiating a repurchase program are not thing usually associated with a company in distress. Something isn't adding up.

Additionally shorting a stock with a 12% dividend yield is very costly.

The insider purchase was all of 400k and the repurchase authorization was just that- an authorization. They don’t have to buy back a single share.
https://www.wsj.com/finance/investing/property-crash-draws-short-sellers-better-late-than-never-66ac7850

[MiInvstr]

The insider purchase was all of 400k and the repurchase authorization was just that- an authorization. They don’t have to buy back a single share.
https://www.wsj.com/finance/investing/property-crash-draws-short-sellers-better-late-than-never-66ac7850

Where do you see 400k? Ivan Kaufman bought over $900k ($912,450) in November from what I see.

[jye]

Where do you see 400k? Ivan Kaufman bought over $900k ($912,450) in November from what I see.

Went by the news article that put the amount at 400. I see you are correct.

[MiInvstr]

Where do you see 400k? Ivan Kaufman bought over $900k ($912,450) in November from what I see.

Having said that. He should have received over 1.5 million dollars in dividends last month. So he didn’t even reinvest all his dividends back into the company.

[dealfinder11]

Beyond what has been posted up thread?

way beyond. Rumor is someone notable was wearing a wire (not a Meridian employee).

[DaasTora]

way beyond. Rumor is someone notable was wearing a wire (not a Meridian employee).

Employer?

[dealfinder11]

Employer?

no