What we mean when we talk about Paul McKee’s tactics

I want to spotlight these two comments left on my previous post by neighbors, to make sure they get read. They are important.

“On September 22, 2009 at 12:11 pm ribkaw Said:
A local realtor called me last night about one of her clients who is a victim of Land Baron Paul McKee’s, land banking scheme. Evidently McKee entered into a purchase agreement w/this gent on a 6-plex located in the condemnation zone. McKee gave the gentleman a few thousand $$$$ upfront and was supposed to finalize the deal in 12 mos. The condition of the sale was that the property, that was fully occupied, had to vacated. The gentleman cleared his building of all tenants. Well, Mr. McKee ran out of money and couldn’t complete the sale. The gentlemen has a mortgage on the property, it is now stripped and in foreclosure. As soon as the building was emptied within weeks the scrap bandits had stripped the properties. The property owner is now in financial ruin and pissed to high heaven at McKee who will answer none of his calls. The property owner will be at the Save Our Communities Rally this evening; and, TIF Hearing. I’m sure there are many more McKee property owner victims out here. Hopefully once this gentleman comes forth others will follow suit.”

“On September 22, 2009 at 2:01 pm barbara_on_19th Said: |Edit This
Doing door-to-door outreach in the community to make sure everyone knows this is happening, I have run into several people holding open contracts, at least one of which did the same. Evicted their own tenants on the promise of a contract that then did not close. Roberta de Fiore, Bridget Calcaterra, Harvey Noble and khaki pants lady from last night — I predict they are all going to burn in some dusty old circle of hell reserved for the lackeys and toadies without whom fascism would fail.

On the finance side, McKee did admit to his dire straits last night. Graham Lane from the ONSLRG board asked him about selling his ONSL properties. He said “as soon as I get my tax credits I can maybe sell these off in the spring” (paraphrase). Graham said, what if you don’t get the tax credits? McKee said “well someone else will be here talking to you, not me” (paraphrase). I think that is as clear an admission that he is hanging by a thread that I have heard so far. The $14M he owes the FDIC for the failed Corn Belt Bank & Trust loans is going to bring him down if he does not get the loans brought up to “saleable loan” condition, if you know what I mean. FDIC can’t sell them, has been holding them since February, how much longer are we taxpayers going to wait on McKee’s aspirational DALATC money with the FDIC taking a beating every Bank Failure Friday.”

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One CommentLeave a comment

  1. What impact has Land Baron Paul McKee’s land banking scheme had on the foreclosure crisis in the NS? A group is working w/us to compile a listing of every foreclosure in the Impact Area. We’ll then contact the owners to determine if they’ve been a victim of Paul McKee’s land banking scheme. They’re out there and we’re going to find them. Is this Civic RICO?


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