To: marcos who wrote (36860 ) 5/22/1999 7:45:00 PM From: PatP Read Replies (2) | Respond to of 43774
Here are some facts about the Realty Money Center deal: All references are to Nevada Corporations and Nevada residents unless otherwise specified. And I don't know how to do the fancy type fonts, so the reading my be a little difficult as I have reprinted portions of press releases as reminders of past "truths". DAVID J. WECHSLER creates Arrow Development Corp. in 1994. In 1995 he forms Mortgage Loan Services, Inc.; in 1997 he becomes the registered agent for REALTY MORTGAGE CORP.; in 1998 he becomes the registered agent for REALTY MONEY CENTER. Dave Williams, the founder of REALTY MONEY CENTER, is really WARREN DAVE WILLIAMS. He uses "Dave Williams" when he wants to set up a short term venture. (Two predecessor short-term entities show up in Nevada with his name, COF, Inc. and MDG, Inc.; both were in the "construction" business.) Warren Dave Williams is the incorporator of MORTGAGE REALTY CORP. The Realty Mortgage Corp. office in Nevada is an independent branch of the parent corporation, back in the midwest. (I doubt the Mississippi folks know what's going on out in Nevada. ) Why was REALTY MONEY CENTER created as a separate entity? You decide.... Everything is a matter of public record. 9/7/95 Realty Mortgage Corporation is formed by Warren D.Williams 3/12/98 Realty Money Center incorporated ...read "created"... 7/28/98 PABN "acquires" Realty Money Center. The information in the PABN press release describes Realty Mortgage Corp., the Mississippi Corp. founded in 1988, NOT Realty Money Center. [excerpt] July 28, 1998--PanAmerican BanCorp/Purewater (PRWT - NASDAQ) has acquired 100% of Realty Money Center for stock and other considerations. Realty Money Center, founded in 1988, is one of the leading mortgage companies in Nevada and is licensed in over ten states including California, New York, Florida and Arizona. Five branches are in Nevada. Realty Money Center is a profitable, full service mortgage banking organization specializing in single family mortgage originations. For 1997, Realty's closings were in excess of 500 Million Dollars. All earnings for 1998 will be accreted to PanAmerican BanCorp's consolidated statement. Realty Money Center founder and president Dave Williams will now head-up all of PanAmerican BanCorp's residential mortgage operations. Realty Money Center has 27 employees. "Our joining PanAmerican is an opportunity for growth and expansion," said Williams. 8/14/98 NRPI gets a $2.5M loan from Realty Money Center... more hype for PABN investors. [excerpt]Aug. 14, 1998--National Rehab Properties Inc. (OTC BB:NRPI) Friday announced that it has received a $2.5 million loan commitment from Realty Money Center, Las Vegas, for the purchase and rehabilitation of homes. 9/11/98 (I particularly like this one...it's a quote from a NRPI press release. Note the confusion, Realty Money Center becomes Realty Mortgage Center. And then Realty Mortgage Corp gets introduced into the picture. ) [excerpt]...[A]s previously announced, the company has a loan commitment of $2,500,000 from Realty Mortgage Center Inc. for its real estate ventures. NRPI has contracted with Realty Mortgage Corp. of Las Vegas to function as a loan production branch office of RMC. RMC is a full service national mortgage lender. NRPI's business is building and rehabilitating homes to be sold to "first time homebuyers" in various markets of the United States. The company expects to be a reporting company by the end of 1998. [DID IT REPORT? I haven't checked] 4/1/99 PABN announces deal with Realty Money Center and its founder Dave Williams is "off", even though it was "acquired....." Most of you know the story from this point. 4/1/99 Realty Money Center corporate status DELINQUENT. April Fools. 4/19/99 Realty Money Center agent Chavez resigns. (He's not connected) jhild is not lying. PM's welcome. Sincerely, PatP