Silicon Investor - tmrt/tmrte 2themart.com

[cuemaster] Dominic Magliarditi owns lightstone. banks are so stupid.

cuemaster — 3/24/2014 9:13:39 PM

[cuemaster] steves new swindle?

cuemaster — 3/24/2014 9:10:51 PM

[StockDung] In 2007, when Dominic Magliarditi bought a Las Vegas property, it cost him $30.2...

StockDung — 11/28/2012 3:14:45 PM

In 2007, when Dominic Magliarditi bought a Las Vegas property, it cost him $30.2 million. Just four years later, that same property would be sold for a song, at the low low price of $4.4 million.

When Magliarditi was forced to foreclose on his property to National City Bank, the bank promptly sold the property for the bargain price of $4.4 million to Lightstone Acquisitions, Vegas Inc. reports. That equals a four-year decline of approximately 85 percent.

huffingtonpost.com

Las Vegas Property Sells For $4.4M After Being Bought For $30M In 2007

Huffington Post James Sunshine First Posted: 06/13/11 11:28 AM ET Updated: 08/10/11 06:12 AM ET

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In 2007, when Dominic Magliarditi bought a Las Vegas property, it cost him $30.2 million. Just four years later, that same property would be sold for a song, at the low low price of $4.4 million.

When Magliarditi was forced to foreclose on his property to National City Bank, the bank promptly sold the property for the bargain price of $4.4 million to Lightstone Acquisitions, Vegas Inc. reports. That equals a four-year decline of approximately 85 percent.

In 2005, just before the peak of the U.S. housing market, few would have imagined such a dramatic decline in any real estate holding. But since the market began its free-fall, and with prices now declining for 57 months straight, there seems to be little chance of that soon turning around. During just the first quarter of 2011, for instance, housing prices fell by 4.1 percent, according to Standard & Poor's/Case-Shiller Home Price Indices.

Las Vegas, and the Nevada area more generally, have been hit especially hard by the housing collapse. Just under 13 percent of Nevada homes were in "serious delinquency" in the final quarter of last year, more than twice the national average, reports the Las Vegas Review-Journal. And just in the year leading up to March 2010, real estate prices in Las Vegas fell by 5.3 percent alone.

An increasing number of homeowners find that what they thought were their safe mortgages are underwater, meaning that they owe more on their mortgages than what their home is actually worth. The increasing number of foreclosures, which help drive down surrounding property values, is only exacerbating the problem.

Approximately 28 percent of all American mortgage holders are underwater, reports Zillow.

That, in turn, has added to foreclosure crisis that has created a mass inventory of empty homes in the United States. By May 2011, close to 13 percent of all homes in the U.S. were vacant, according to the Census Bureau

But now that the market is bust, Nevadans are having to deal with an entirely new economic reality. "There's virtually no construction in the valley," said John Stater of Colliers International.
Indeed, with the state's housing and construction industries going bust, the state has one of the highest unemployment rates in the country at 11.9 percent., according to the Bureau of Labor Statistics. Nevada's unemployment rate has not been in the single digits since December 2008.

[StockDung] Hotel bankruptcy sign of San Diego's future? [Posted: Jun 28, 2010 10:53 PM EDT...

StockDung — 11/28/2012 1:56:17 PM

Hotel bankruptcy sign of San Diego's future?
[Posted: Jun 28, 2010 10:53 PM EDT Updated: Jul 07, 2010 1:18 PM EDT

By News 8's Craig McKee

What's going on behind closed doors at 5th Avenue Partners LLC, owner and operator of Se San Diego, has many wondering what the future holds for this upscale hotel.

Steven Rebeil, Managing Member of 5th Avenue Partners, filed Chapter 11 bankruptcy before a court hearing Monday due to a $67 million default on outstanding loans. According to court papers, the filing blocks the bank from taking receivership of the hotel.

In a release from the Public Relations Department of 5th Avenue Partners, the Hotel remains open and will continue operating to the highest level of standards. The statement goes on to say that a number of factors played a role in this decision, one of which dated back to 2007, while the hotel was still under construction.

By December 2007 the general contractor was significantly over budget and in trouble. By April 2008 the general contractor had abandoned the project and removed all of its employees and equipment. In May 2008 Highland Partnership was terminated by 5th Avenue Partners. The company was able to re-contract with most of the sub-contractors to finish the project but this required the company funding nearly 30 million dollars that was the financial responsibility of the general contractor. Aside from the dramatically increased cost of construction the hotel opened for business in late December 2008, nearly a full year later than the original and intended opening date of December 2007.

The hotel opened with much fanfare, but in a time where the country's worst recession in decades was gaining momentum, the hotel was in the right place at the wrong time. The down economy, lack of business and tourism, the hotels bottom line began to hurt. And the bank began knocking on their door.

After being open for business for just five months the company's three-year construction loan with West LB AG bank matured and became due in full in May 2009. After opportunities to re-finance the construction loan became nonexistent, West LB AG filed a Notice of Default on the construction loan in March 2010, some 10 months after the loan expired.

The financial struggle of 5th Avenue Partners could be a sign of what's to come for many San Diego businesses. Chief Economist for San Diego Association of Governments or SANDAG, Marney Cox says, what happened in the housing market is starting to pop up in our commercial market, to include the hotel industry.

"You can take a look at hotel occupancy rates and throughout this recession they've continued to decline. They're usually in the mid seventies and today they're in the mid sixties and so they've lost ten percent occupancy that's across the board," he explained.

With lower numbers of room occupancy, the laws of supply and demand don't play out in the hotel's favor.

"We've seen a lowering of the room rates. Fewer people and lower room rates less revenue to the hotel," Cox said.

While some hotel investors may have enough cash in reserves to get their property through the recession, Marney says companies not prepared find themselves in bankruptcy in the near future.

"The similar trends that took place in the residential market look like they're beginning to unfold in the commercial market, including hotel, office, retail space," Cox says. "If they can't get some kind of relief from whomever holds the debt outstanding, the next step is to sort of reorganize."

The issue will not be solved by next year, or the year after that, Marney says. He believes it could take three to five years to get things back to peak prior to the recession. He adds that the slow rebuild could have positive effects on everyone across the board, forcing both consumers and businesses to change the way they do business and how they handle credit in general

[StockDung] Bankrupt 5th Avenue Partners LLC, Owners of the Sè San Diego Hotel Along with A...

StockDung — 11/28/2012 1:53:12 PM

Bankrupt 5th Avenue Partners LLC, Owners of the Sè San Diego Hotel
Along with Adjacent Building Housing the House of Blues,
Could be Put up for Sale

Estimates Claim Could go for $50 million, Significantly Less than the $150 million Development Cost

By Lori Weisberg, The San Diego Union-Tribune
January 7, 2011

The financially troubled owner of the tony Sè San Diego hotel, dogged by controversy since before it opened two years ago, wants to put the downtown high rise up for sale.

The upscale boutique hotel, along with an adjacent building in which the House of Blues is located, could fetch up to $50 million, according to one Southern California broker, although that is significantly less than the $150 million cost to develop the high-profile project

The owner, 5th Avenue Partners LLC, which filed for bankruptcy protection last June, is awaiting court approval to hire the brokerage firm, CB Richard Ellis, to handle the sale. However, it must first overcome objections raised by creditors who argued in a court filing this week that they had not been properly consulted on the sale process, which they say should occur as part of a bankruptcy reorganization plan.

The Sè San Diego hotel opened in December 2008 in the middle of a souring economy that ultimately forced the developer into bankruptcy.

In the meantime, 5th Avenue Partners remains hopeful that they can start marketing the Sè for sale this month.

“We feel (the creditors’ objection) is meritless on so many levels,” said attorney Marc Winthrop, who represents 5th Avenue Partners. “They’re feeling petulant they were left out of the decision. This property is worth far less than the amount of debt against it, so the proceeds from a sale could be paid to the lender, and there’d be no money left over, so what kind of reorganization plan could you do?”

Opposing attorney Ali M.M. Mojdehi pointed out that a suit aleady has been filed against the hotel lender on behalf of the creditors committee and many of the construction companies that worked on the Sè to establish priority over the bank once available funds are distributed.

“The debtor has sold out to the bank,” said Mojdehi, who represents the creditors committee. “We are not for sale and intend to push fror a sale process fair to all creditors, not just the bank.”

For the rest of the story including detailed property information please visit:
http://www.signonsandiego.com/news/2011/jan/05/bankrupt-downtown-hotel-may-be-put-up-for-sale/

Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA 92102
619-293-2251
lori.weisberg@uniontrib.com

	Visit AboutUs.org for more information about STEVEREBEIL.NET AboutUs: STEVEREBEIL.NET

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	5th Avenue Partners
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	rudy@watermo.com
	4300 Campus Drive
	Suite 214
	Newport Beach, CA 92660
	US
	Phone: 949-717-2800

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	Record created on 03-Aug-2007
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	NS47.WORLDNIC.COM	205.178.190.24
	NS48.WORLDNIC.COM	206.188.198.24

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	Visit AboutUs.org for more information about STEVEREBEIL.NET AboutUs: STEVEREBEIL.NET

	Registrant:	Make this info private
	5th Avenue Partners
	4300 Campus Drive
	Suite 214
	Newport Beach, CA 92660
	US

	Domain Name: STEVEREBEIL.NET

	Promote your business to millions of viewers for only $1.25 a month! Learn how you can get an Enhanced Business Listing here for your domain name. Learn More


	Administrative Contact , Technical Contact :
	5th Avenue Partners
	rudy@watermo.com
	4300 Campus Drive
	Suite 214
	Newport Beach, CA 92660
	US
	Phone: 949-717-2800

	Record expires on 03-Aug-2015
	Record created on 03-Aug-2007
	Database last updated on 04-Jun-2012

	Domain servers in listed order:	Manage DNS

	NS47.WORLDNIC.COM	205.178.190.24
	NS48.WORLDNIC.COM	206.188.198.24

	Show underlying registry data for this record

[cuemaster] lol !! steverebeil.net

cuemaster — 11/28/2012 10:38:08 AM

[cuemaster] Posted: Mon Jul 09, 2007 1:32 pm Post subject: STEVE REBEIL BAD PRESS [graph...

cuemaster — 11/28/2012 10:35:31 AM

Posted: Mon Jul 09, 2007 1:32 pm Post subject: STEVE REBEIL BAD PRESS

Unpaid child support has reached astounding levels. The amount of unpaid child support in the United States is now estimated to be over 100 billion dollars! While a great deal of child support may never go collected, there is much that could be collected. Unfortunately, government child support enforcement agencies are all too often spread too thin. In many states, less than half of parents court ordered to receive child support, ever see any of it. NEW ARTICLE ON REBEIL IN YESTERDAY'S SAN DIEGO UNION TRIBUNE. NEW REBEIL ARTICLE FOUND IN TODAY"S SAN DIEGO UNION TRIBUNE http://www.signonsandiego.com/news/business/20070708-9999-1b8rebeil.html Success, lawsuits mark developer's past Rebeil plans condo-hotel in downtown San Diego By Penni Crabtree UNION-TRIBUNE STAFF WRITER July 8, 2007 The market for condo hybrids is trending down, experts say The Diegan, a 23-story downtown condominium-hotel slated for completion at the end of the year, is being marketed as the ultimate in ?decadent opulence? with ?over-the-top? residential units. Yet for sheer color and verve, the luxury high-rise may be hard-pressed to top its Orange County developer, Steve Rebeil. The 45-year-old entrepreneur made a fortune as a home builder and casino developer in Las Vegas. Yet his success is shadowed by a history of checkered real estate dealings, numerous lawsuits filed by former partners, contractors, shareholders and lovers, and a tax-related felony conviction. Nevada regulators deemed Rebeil to ?lack good character, honesty and integrity? when they denied him a gaming license in 1997. Now Rebeil is concentrating on the steel-and-concrete shell on Fifth Avenue that is to be transformed into 185 condo-hotel residences. The project is reportedly to be renamed the Setai San Diego, after the New York-based Setai Group that is to operate it. In a May 3 news release and interviews, Rebeil touted the project's planned ?sleek, regal decor? and attributes that include eco-friendly ?green? features. The units are being offered from the $400,000s to $3.8 million. ?The Diegan will raise the bar and set a new benchmark for the condo-hotel market nationwide," said Rebeil, a 75 percent stakeholder in 5th Avenue Partners, the company that is developing The Diegan and has a partnership interest in the nearby House of Blues entertainment complex. Yet on June 19, Rebeil indicated that the status of the condo portion of the project is uncertain. At that time, he testified under oath at an Orange County Superior Court hearing that The Diegan will likely convert to traditional hotel use because the ?condo market has tanked.? He testified that about half of The Diegan units have been presold for condo use and about $3 million to $4 million in deposits collected, but he indicated that the deposits will probably be refunded. Rebeil was testifying in a child support dispute with a former girlfriend who is the mother of his 6-year-old son. Rebeil, who lives in a multimillion-dollar home overlooking the ocean in Laguna Beach, maintains his $8,066 monthly child support is too high because he technically has no income, living instead on ?cash flow? that circulates through his wife's bank account, various companies and trusts associated with Rebeil or family members. Orange County officials maintain that Rebeil is not in compliance with a 2004 court order and owes more than $200,000 in back child support. An Orange County judge is expected to rule on the case this month. Rebeil did not respond to a list of questions about his development projects, lawsuits, the felony conviction or child support case. Derek Clark, a Rebeil partner and 7 percent stakeholder in 5th Avenue Partners, acknowledged that Rebeil is ?controversial? but maintains he is also ?above board? and ?very forthcoming.? ?Steve is a guy . . . (to whom) 'no' does not mean no. . . . He made a lot of money as a young guy, got cocky and got spanked at the end of the day,? said Clark, an Orange County hedge fund manager. ?But Steve has learned from his mistakes, and I think he is a different guy than he was 10 years ago.? Some former partners have taken a less upbeat view of Rebeil. In 2005 Larry Job, Rebeil's partner in Crossroads Retail Center, sued Rebeil, alleging that he attempted to sell their Nevada property without Job's knowledge. Job drove by the property on Feb. 11, 2005, and discovered it was listed, then called the real estate agent and learned it was in escrow at a sale price of $2.25 million, according to the lawsuit. A Nevada judge granted Job's request for the appointment of a receiver for Crossroads and ordered Rebeil to turn over $150,000 he'd already received. Rebeil didn't comply, and on April 18, 2005, the judge found Rebeil in contempt and issued a warrant for his arrest. The money was delivered the next day, and the warrant was quashed. Rebeil countered that Job, who had a 26 percent stake in the property, failed to contribute funds to maintain it, so his interest was diluted or extinguished. The case was settled, with Job getting his 26 percent share of the proceeds, according to court records. Stanley Hanson, an Orange County developer who was Rebeil's partner in five deals, including the House of Blues/The Diegan complex, also had a falling out with Rebeil, according to court documents. The partners reached a settlement in 2002, which included a buyout of Hanson's interest in The Diegan. ?According to terms of our settlement, I cannot make disparaging remarks about Mr. Rebeil,? Hanson said. He declined to comment further. In an unrelated 2005 court case, in which Rebeil was a central figure but not a party, Hanson described Rebeil as an ?out-of-control? partner who hired contractors without consulting with him, allowed liens to build up on the San Diego project, and threatened to ?crush? him, according to the transcript of a hearing in the 4th District Court of Appeal. In a counterclaim filed with the American Arbitration Association, Rebeil contended that Hanson refused to contribute his share of money to the project and aimed to take over Rebeil's interest at a depressed price. Rebeil cut his entrepreneurial teeth in Las Vegas, where he operated a successful home-building business, Gem Homes, and branched into casino development. Yet by 1995, numerous lawsuits had begun to bring Rebeil heightened scrutiny. The Las Vegas Business Press noted in a story that year that Rebeil or his associated companies had numerous active lawsuits against them, most from subcontractors who alleged he hadn't paid his bills. From January 1994 to May 1995, about 77 complaints against Gem Homes were also filed with the Nevada State Contractors Board, according to the newspaper. Meanwhile, Rebeil was battling legal problems over his casino projects. In 1995, Bryan and Dawn Hafen sued Rebeil and his lawyer-partner, Dominic Magliarditi, over a venture to develop a casino in Mesquite, Nev. Rebeil and the Hafens formed a company called Gem Mesquite to develop the casino on 45 acres of farmland owned by the Hafens. In exchange for the land, the Hafens received a 10 percent stake in Gem Mesquite; Rebeil, with a 90 percent stake, paid off debt and agreed to provide development funds. Days before incorporating Gem Mesquite, Rebeil and Magliarditi created another company, Gem Gaming. Without the Hafens' knowledge, Rebeil, representing himself as sole owner of Gem Mesquite, negotiated a deal to sell the land to casino developer Players International, the lawsuit said. Rebeil told the Hafens that Players purchased the land for 253,968 shares in stock, worth about $5 million at the time, according to the lawsuit. The Hafens, who had appraisals on their land as high as $6.7 million, received stock worth about $500,000, the lawsuit said. The Hafens learned later that Rebeil's Gem Gaming kept an additional $5 million in cash, a note for $3.2 million and warrants to purchase more Players stock, according to the lawsuit. In a 1997 affidavit, Rebeil argued that Gem Gaming earned the additional $8.2 million compensation from Players for ?development activities? and supplying ?data,? and characterized the Hafens' lawsuit as ?sour grapes.? Rebeil and Magliarditi settled the case in 1999, agreeing to pay $5.8 million, not including interest, to the Hafens, according to the Nevada court clerk's minutes, or notes, in the case. Rebeil's other casino project, The Reserve, also became mired in legal squabbles. In 1996, Rebeil and Magliarditi sold Gem Gaming to publicly traded Ameristar Casinos in a deal valued at more than $100 million, according to a newspaper account. In March 1997, Ameristar began arbitration proceedings, alleging breach of contract. The case was settled, with Rebeil and Magliarditi agreeing to give up Ameristar stock in return for about $33 million, according to Securities and Exchange Commission filings. Rebeil's troubles didn't end there. In 1997, regulators rejected Rebeil's application for a gaming license after an investigation concluded that he'd orchestrated a credit ?scheme? involving his Gem Homes business, according to a transcript of a meeting before the Nevada Gaming Control Board. Testimony before the board indicated that Rebeil had contractors inflate their bills on various housing projects he was involved in, diverting hundreds of thousands of dollars that were used as ?credits? to supply labor and materials to build his own Las Vegas home. One of Rebeil's Nevada partners, Siefert Development, sued Rebeil, Magliarditi and Rebeil-associated limited liability companies for fraud, alleging that the credit scheme was a form of ?sophisticated embezzlement? of projects jointly owned by Siefert and Rebeil. In 2001, the case was settled with an exchange of interests in properties and a minimum payment of $400,000 to Siefert, according to the court clerk's notes in the case. In 2004, Rebeil pleaded guilty to one felony offense of filing a false income tax return for 1994. Federal prosecutors said Rebeil accrued up to $1,000 in credits on each house that subcontractors provided services, amounting to about $622,200 in unreported income. Rebeil was imprisoned for five months in 2005 for the offense, according to court records. Jorge Burtin, an Orange County artist and neighbor of Rebeil's who became a partner in The Diegan development group, said of Rebeil's ?challenges? in Las Vegas that he ?took a fair stand.? ?Sometimes people are unreasonable and that's why we have a court system,? said Burtin, who has an 18 percent stake in 5th Avenue Partners. By December 1998, Rebeil and Magliarditi had embarked on a new enterprise ? the creation of 2TheMart.Com, an Irvine-based Internet company. The company, which went public in January 1999, declared it would launch an auction Web site to compete with Internet giant eBay. Rebeil served as company chairman. In a Jan. 19 news release, 2TheMart said the company's Web site was in ?final development? and expected to be active by the second quarter of 1999. That statement helped propel 2TheMart's stock to a peak of $50 within days. Yet 2TheMart had its skeptics. On Jan. 22, 1999, the Los Angeles Times published an article on 2TheMart's business plan; it consisted almost entirely of paragraphs that appeared word for word in filings that eBay submitted to regulators the previous year. 2TheMart's stock plunged as more disclosures emerged, including that the proposed auction Web site was not in final development, according to shareholder lawsuits and SEC filings. In June 1999, the company announced the Web site launch would be delayed, and in August the company's auditor warned its survival was in doubt. By March 2000, 2TheMart had collapsed amid shareholder lawsuits alleging fraud. The company settled the securities litigation for $2.7 million in 2002; by then, Rebeil was involved in the House of Blues/The Diegan project. Penni Crabtree: (619) 293-1237 ; penni.crabtree@uniontrib.com Reader comments Comments containing threats, foul language or thinly disguised foul language will be deleted. Keep it civil, stay on topic and your posts will remain online. Terms of Use By Sky173 on 07/08/2007 This guy will fit right in with all the other unscrupulous developers here in San Diego. Seems like we attract all the shady developer and political types. Should we expect Bush & Co. anytime soon?