Amigo Holdings’ share price is crashing: here’s what I’d do now

first_img “This Stock Could Be Like Buying Amazon in 1997” I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Amigo Holdings’ share price is crashing: here’s what I’d do now The Amigo Holdings (LSE: AMGO) share price has now fallen by 30% from the high seen earlier in March. The stock’s latest fall came after the guarantor loan company revealed that the UK’s Financial Conduct Authority (FCA) is extending its current investigation into Amigo’s business.In addition to investgating Amigo’s past lending practices, the FCA is now also investigating how Amigo has handled the wave of complaints it’s faced over the last year. These have threatened to overwhelm the company, which has suspended new lending.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Amigo shares are down by a relatively modest 16% over the last year, but they’ve lost 95% of their value since the company’s flotation in June 2018. I think it’s safe to assume that this business has serious problems.Spiralling out of control?Amigo specialises in guarantor loans. These are loans where the borrower doesn’t qualify for credit, but a second person offers to guarantee their repayments. With a typical interest rate of 49.9% APR, according to Amigo’s website, it’s an expensive way to borrow money.Despite this, growth was strong when the company floated in 2018. Amigo’s 2018–19 results showed adjusted pre-tax profit rising by 38% to £100m. The group’s loan book increased by 17% to £708m during that year.Amigo’s share price started to slide in August 2019, when the company flagged up the FCA’s growing interest in the guarantor loan sector. With an 80% share of this market, I thought that Amigo was likely to attract further interest.Sure enough, in May 2020, the FCA launched an investigation to make sure Amigo had been checking the affordability of new loans correctly.Around the same time, the number of complaints received by the firm about historic lending began to rocket higher. In June 2020, Amigo estimated that it would need £35m to clear the backlog of complaints. By December 2020, the company was budgeting for a cost of £150m to resolve all of the complaints it had received.Is Amigo Holdings’ share price heading to 0p?Will Amigo survive? I don’t know. The company is currently trying to reach a “scheme of arrangement” that will allow it to pay a fixed amount now to resolve complaints, plus a share of any future profits.In the meantime, Amigo is continuing to collect loan repayments, but isn’t issuing any new loans. As a result, customer numbers fell by 33% last year, while revenue fell 37%.My concern is that as a potential investor, there’s nothing I could use to value the shares as a going concern. Even if the company fixes all of its problems, I suspect that tougher regulation on high-cost credit will make profits lower than in the past.In my view, buying Amigo shares is a pure gamble. I think that the share price could fall to zero or it might double. That’s too speculative for me, so this is a stock I plan to avoid. Roland Head | Tuesday, 16th March, 2021 | More on: AMGO Enter Your Email Address Our 6 ‘Best Buys Now’ Shares Image source: Getty Images center_img Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Roland Head Simply click below to discover how you can take advantage of this. Roland Head has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.last_img read more

The Episcopal Church urges peaceful solution to U.S.-Iran conflict

first_img Bishop Diocesan Springfield, IL [Episcopal News Service] The military conflict between the United States and Iran that began when President Donald Trump ordered the assassination of a top Iranian general on Jan. 3 escalated on Jan. 7, as Iran retaliated with missile strikes on military bases housing American troops in Iraq. On Jan. 7, The Episcopal Church released the statement below in response:“Amid escalating tensions between Iran and the United States following the strike that killed Qasem Soleimani, The Episcopal Church continues to be guided by the teaching of Jesus Christ, ‘Blessed are the peacemakers.’ We affirm that ‘It is crucial in this time of instability and threat of violence that our government and our neighbors seek diplomatic and humanitarian solutions rather than violence.’ We pray for wisdom, restraint, and divine guidance for our leaders and decision makers, that they can move us away from violence and conflict and towards mutual understanding.”The statement updates one issued in July 2019 at a time of heightened tension over over attacks on shipping vessels and the shooting down of a U.S. surveillance drone. Middle East Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Tags Submit a Press Release Missioner for Disaster Resilience Sacramento, CA Rector Washington, DC Featured Events Course Director Jerusalem, Israel Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Rector Shreveport, LA An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Featured Jobs & Calls Assistant/Associate Rector Washington, DC Priest Associate or Director of Adult Ministries Greenville, SC Rector Hopkinsville, KY Press Release Service Youth Minister Lorton, VA Posted Jan 8, 2020 Assistant/Associate Rector Morristown, NJ Priest-in-Charge Lebanon, OH Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Rector/Priest in Charge (PT) Lisbon, ME Submit a Job Listing The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Rector Martinsville, VA TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Albany, NY Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Curate Diocese of Nebraska Rector Collierville, TN Curate (Associate & Priest-in-Charge) Traverse City, MI New Berrigan Book With Episcopal Roots Cascade Books The Episcopal Church urges peaceful solution to U.S.-Iran conflict Family Ministry Coordinator Baton Rouge, LA Rector Belleville, IL Donald Trump, Rector (FT or PT) Indian River, MI Cathedral Dean Boise, ID Rector Knoxville, TN Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Director of Administration & Finance Atlanta, GA Canon for Family Ministry Jackson, MS Advocacy Peace & Justice, Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Rector Bath, NC Director of Music Morristown, NJ Assistant/Associate Priest Scottsdale, AZ Associate Priest for Pastoral Care New York, NY The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Rector Tampa, FL Associate Rector Columbus, GA Rector Smithfield, NC Submit an Event Listing Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Rector Pittsburgh, PA Associate Rector for Family Ministries Anchorage, AK Rector and Chaplain Eugene, OR last_img read more

Charities offered free eBay training

first_img Northern Ireland charities who wish to brush up on their eBay selling techniques to raise money are being offered the chance of free training. ‘Basics of selling on eBay’ at the Causeway Enterprise Agency in Coleraine on 13th September is open to all registered charities on a first come first served basis. The eBay training will be led by Michael Hughes who is the only person approved by Ebay to deliver this training in Ireland. “Millions of pounds are raised for charity on eBay each year and it is essential that good causes in Northern Ireland ensure that they bring in as much money as possible from it. When we talked to local groups they told us that they would love to trade online but felt they would need some help to do so,” Mr Hughes said. While the training is free there will be a £25 charge for training materials and lunch. Local charities wishing to enrol should email [email protected] Advertisement Tagged with: Ireland Charities offered free eBay training AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  22 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 5 September 2006 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Councillors welcome rates liability move

first_imgDeputy Tom is fired up for the challenge TAGSCllr Joe LeddinCllr Maria ByrneFine GaelLabourLocal Government Reform BillMusic Limerick Facebook Email A woman well able to fight her corner Sarah’s winning recipe to keep cabin fever at bay Linkedin WhatsApp Twitter NewsPoliticsCouncillors welcome rates liability moveBy Alan Jacques – February 7, 2014 820 center_img Living City review to focus on poor response in Georgian Limerick RELATED ARTICLESMORE FROM AUTHOR CITY councillors have welcomed the new Local Government Reform Bill, which removes rates liability for new commercial tenants.According to Labour councillor Joe Leddin, the approval of amendments in the area of commercial rates arrears liability, will provide a timely boost to small and medium-sized companies looking to relocate and occupy new offices.Sign up for the weekly Limerick Post newsletter Sign Up “Under the previous legislation a new commercial tenant was liable for the rates arrears of the previous tenant up to a maximum of two years and this added financial burden meant many companies simply chose not to relocate despite vacant space and suitable buildings available,” said Cllr Leddin.“Equally as important is the requirement by the owners of commercial property to clear all outstanding rates liabilities prior to the sale of their properties with the rates bill to be deducted from the selling price rather than the rates burden falling on the new owner,” he added.The new Local Government Reform Bill will also allow for local authorities to use their  discretion in determining whether or not to levy the owners of vacant commercial units which previously were charged 50 per cent of overall rates liability.“These changes I believe will help considerably in stimulating economic activity in the city centre where there are many new and existing buildings available for letting to new companies. The reduction in the commercial rates for 2014 makes Limerick the most competitive City now for doing business and these changes will hopefully lead to increased employment across many different sectors,” said Cllr Leddin.Fine Gael councillor Maria Byrne has also welcomed the changes. As a ratepayer, Cllr Byrne said she is well aware of the difficulty that new businesses are facing when starting off.“This is great news for businesses in Limerick, and something they have been seeking for some time. Under the old legislation, which dates back to 1838, tenants who vacated a property with rates due were not be liable and instead the new tenant is forced to pay the rates arrears. It was ludicrous that a law dating from before the Famine was still affecting Irish businesses in the 21st century,” she commented.“This will allow new businesses to take up new premises and existing businesses to change premises without the fear of having a massive rates bill hanging over them after they move in,” she concluded. Advance sale of graves could lead to cemetery ‘apartheid’ Print Homelessness is a real worry in Abbeyfeale Advertisement Previous articleMunster Rugby Ticket LineNext articleMunster name XV to face Cardiff Alan Jacqueshttp://www.limerickpost.ie last_img read more

Houston Updates Building Codes in Floodplain

first_img Share Save According to the National Hurricane Center, Hurricane Harvey caused $125 billion in damage during its rampage in August 2017. The storm killed damaged 203,000 homes and destroyed 12,700. Eight months after the storm, the recovery continues—and that recovery is about more than just rebuilding, it’s about reexamining the systems in place to ensure future storms take less of a toll.The Texas Tribune reports that the Houston City Council has passed a new ordinance designed to retool and strengthen building codes for areas within the city’s floodplain. The measure skated through with a vote of 9-7 and will go into effect at the beginning of September.The ordinance requires new buildings constructed within the city’s 500-year floodplain to be elevated two feet above the floodplain. That’s an increase over the current one-foot rule, and the new ordinance will also encompass more homes overall. The previous law required an elevation of one foot for homes falling within the 100-year floodplain. Those homes were also required to have flood insurance. In addition to any new homes inside the affected regions, the new ordinance will also apply to any existing homes that are “expanded by 33 percent or more.”The Tribune reports that some city council members voted against the proposal due to concerns that using the 500-year floodplain as a basis for regulation was overreaching. Homes within the 500-year floodplain have been damaged during previous floods, but homes within that floodplain are supposed to face only a 0.2 percent chance of flooding each year, according to the Tribune.“We’ve only looked at 5,000 houses in the 500-year floodplain,” said City Council Member Greg Travis. “There’s not enough data. Nobody here is saying, ‘Don’t do anything,’ we’re saying, ‘Do the right thing.’”Houston Mayor Sylvester Turner, who originally proposed the ordinance, told the Tribune that, “To do nothing is not an option, and this is one time that we must rise above the voices that say do nothing and do what is in the best interest of the people who placed us here. Because frankly, I think the public is no longer tolerant of us not doing anything.”While the months that followed Hurricane Harvey’s landfall unsurprisingly saw some increases in delinquencies within the affected areas, the Texas housing market has weathered the storm remarkably well. The Texas Association of Realtors recently reported that home sales volume and home prices in the Lone Star State reached all-time highs for the third year in a row last year. Whether Houston’s new legislation will prove to be a boon or a boondoggle for the Texas housing market may only be determined after the next inevitable hurricane rolls through. Demand Propels Home Prices Upward 2 days ago Previous: Full Speed Ahead with Mortgage Tech Next: Ranking Reverse Mortgage-Backed Securities Issuance Related Articles Servicers Navigate the Post-Pandemic World 2 days ago 100-year floodplain 500-year floodplain building codes Flood Insurance floods Houston hurricane harvey 2018-04-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: David Wharton April 5, 2018 3,384 Views  Print This Post Subscribecenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Houston Updates Building Codes in Floodplain Tagged with: 100-year floodplain 500-year floodplain building codes Flood Insurance floods Houston hurricane harvey Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Journal, Loss Mitigation, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Houston Updates Building Codes in Floodplainlast_img read more

Remote Work Boosts Black Renters’ Ability to Buy Homes

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago November 25, 2020 905 Views Demand Propels Home Prices Upward 2 days ago Homeownership remote work Renting 2020-11-25 Cristin Espinosa Related Articles Remote Work Boosts Black Renters’ Ability to Buy Homes Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: Homeownership remote work Renting Previous: The Best of DS5: Inside the Industry – Part 2 Next: Top 5 U.S. Cities Experiencing Drops in Affordable Homes  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily center_img in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Remote Work Boosts Black Renters’ Ability to Buy Homes Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Andy Beth Miller Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. According to a recent report published by Zillow, the recent rise in remote work, which has resulted from COVID-19, has affected the housing industry in interesting ways. Zillow data shows that among American renters, Black renters are 29% more likely than other renters in large metro areas to “be able to buy their first home in a less expensive area,” thanks to the rise in remote work opportunities.Zillow arrived at this conclusion based on careful analysis, which was based on criteria including telling factors such as household income, the makeup of local industries, and geography, among others.The Zillow report showed that almost 2 million American renters who are able to take advantage of increased remote work opportunities could now afford the current monthly payments on homes in more affordable areas outside of their current cities. Among these 2 million telecommuting renters, Black renters appear to have more opportunities to purchase starter homes in affordable areas due to “having relatively low income levels, pricing them out of where they currently live,” yet still earning enough to afford homes in less expensive metros with the help of telecommuting jobs.However, the opportunities for remote work depends on the market. In Baltimore, Black households earning $30,000 to $40,000 annually have an edge because their primary breadwinners are more likely to work in industries that are considered to more remote-friendly, such as educational services and public administration.The Zillow report also states, however, that white and Asian renters are much more likely to work in more remote-friendly industries like finance, insurance, and technology. For these renters, their incomes usually allow them to purchase homes in their current metro areas. While remote work may create more opportunities for Black renters to purchase homes in affordable locations, there is still a huge housing affordability issue that people of color must face.Jonathon Holloway, a federal employee and Maryland renter who recently made an offer on a home in Louisiana, shared his own personal experience with this homebuying trend driven by greater remote work options: “Teleworking has opened up more options for my family. We’ve made a life here in Maryland, but with two small children being able to purchase a home back in Louisiana and be closer to my parents and our extended family is just what we need.”Holloway added, “With everything that has happened this year, it makes you stop and realize what is really important. And for us, that’s family. Without the ability to telework, we might not have been able to make this transition.” Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

How Affordable Housing Impacts the Neighborhood

first_imgHome / Daily Dose / How Affordable Housing Impacts the Neighborhood The idea that the country could use more affordable homes is widely accepted, however, homeowners and community groups often rebuff proposed low-income housing within their own neighborhood, believing, among other things, that such developments could drag down the price on their property.A Redfin study of more than 220,000 home sales provided data that researchers analyzed to determine whether such concerns are justified.What they found is that low-income housing developments “had no consistent impact on the sale prices of nearby homes.” In some metros, houses around the affordable addition even went up in price. In just four of the examined areas did prices dip following the introduction of low-income housing. The study’s authors looked at 26 metro areas from 2007-2019.In 18 of the 26 metro areas studied, no significant difference was detected in the prices of nearby homes sold before and after the construction of a low-income housing development, when compared with similar homes farther from the development but within the same neighborhood.In four of the eight metro areas where significant differences were detected—Boston, Philadelphia, Washington, D.C., and Charlotte, NC—homes near low-income housing developments sold for more after the development was constructed. In the remaining four metro areas—Chicago, Las Vegas, Phoenix and Warren, MI—homes sold for less after low-income housing developments were built nearby.”For children in low-income families, living in a neighborhood with less poverty can have a big impact on mental and physical health as well as long-term earnings throughout their life,” Redfin Senior Economist Sheharyar Bokhari said, citing a separate study. “But economically integrated neighborhoods—those with low-income housing near homes for middle- and high-income households—are so rare because development of low-income housing often faces strong opposition from neighbors who are concerned that the project will lower their home values. These perceptions have made socio-economic segregation even more pervasive throughout the United States, further exacerbating social, racial and housing inequalities.”Across the board, the more expensive the homes in a neighborhood, the more likely it was that the addition of a low-income housing development resulted in an increase in home prices in the neighborhood, the study found.“The data suggests that it can be a win-win to put low-income housing in expensive neighborhoods, benefiting both current homeowners and low-income residents,” Bokhari said. “Because these projects are being built by private developers, they often have an incentive to identify places that have good prospects for growth. On the flip side, they’re also less likely to plan projects in areas that are less desirable.”Redfin analyst Tim Ellis concludes, “There are still many unknown factors, but overall this study supports the idea that low-income housing does not degrade property values.”The full study is available at Redfin.com. How Affordable Housing Impacts the Neighborhood in Daily Dose, Featured, News Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago February 10, 2021 13,131 Views Subscribe Affordable Housing Redfin 2021-02-10 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img  Print This Post Share 2Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: Most Valuable Company Profile: Auction.com Next: Tackling Bankruptcy Challenges for the Betterment of All Parties The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordable Housing Redfin Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Executors of Jeffrey Epstein estate say they’re running low on funds

first_imgKuzma/iStockBy JAMES HILL, ABC News(NEW YORK) — Lawyers for the co-executors of sex offender Jeffrey Epstein’s estate contend that the attorney general of the U.S. Virgin Islands is “crippling the administration” of the $655 million estate and jeopardizing its ability to pay operating expenses and legal bills, according to court records in St. Thomas.An estate bank account dwindled to about $240,000 last month, estate lawyers wrote, and argued that unless the attorney general released additional funds, the estate would be “unable to meet its imminent financial obligations” for staff payroll and utilities at Epstein’s U.S. and French properties, appraisals of those properties for eventual sale, and maintenance and parking for Epstein’s idled planes and helicopters.“In the event that the Attorney General’s intransigence continues, the Estate’s Co-Executors will no longer be able to continue to administer the Estate,” wrote Christopher Kroblin, counsel for the estate’s co-executors in a letter to a probate court judge last month. “The residential properties will quickly deteriorate, the aircraft and other assets will fall into disrepair, its assets will remain unsold, and legal proceedings will be defaulted.”The island territory’s attorney general, Denise George, has exerted strict oversight of the estate’s purse strings since January, when she sued the estate’s co-executors and a host of related corporations, alleging that Epstein’s network of corporate entities were part of a criminal enterprise used to fund and conceal the trafficking of women and girls in the Virgin Islands.As a result, the attorney general placed criminal-activity liens that effectively froze all of the estate’s holdings worldwide.Since then, the attorney general has frequently questioned the estate’s expenditures and operating expenses and demanded that her office be provided with documentation to justify the costs.But in a statement Tuesday to ABC News, the attorney general’s office contended that the estate has been “unwaveringly unwilling” to provide such information.“The Attorney General has consistently reminded the Estate that the Government is willing to release funds to pay for the Estate’s documented expenses, including any emergency expenses to preserve the Estate,” the statement said.“Absent verification that funds are being used for legitimate and appropriate purposes, and consistent with her duty under Virgin Islands law, the Attorney General cannot and will not release additional funds.”One recent dispute, according to court records, arose when the attorney general’s office learned the estate was paying the legal expenses of an immigration attorney the government “has reason to believe was retained to seek immigration status for victims of Epstein’s and others’ sexual abuse.”“Payments to defend this lawyer are not appropriate expenditures of Estate funds, and these payments suggest that Estate funds are being used even now to conceal and protect participants in Epstein’s criminal enterprise,” an attorney for the government wrote in a court filing.Lawyers for the estate countered that some people who have been subpoenaed by the Virgin Islands government cannot afford counsel and have requested assistance from the estate.“It is deeply troubling that a government law enforcement agency contends that affording individuals the opportunity for legal representation in the face of a scope-less law enforcement investigation constitutes an act of concealment,” Kroblin wrote in a letter submitted to the court.The estate’s attorneys have moved to dismiss the government’s lawsuit and have asked a court to lift the liens.In a recent court filing, they claimed the estate’s operating costs included $180,000 a month for staff and expenses at Epstein’s properties, and $83,560 for maintenance and parking of his aircraft. The estate also owed $4 million dollars in legal fees associated with defending lawsuits against the estate, including more than two dozen filed by alleged victims of Epstein’s abuse.Attorneys for the estate were not immediately available for comment.Copyright © 2020, ABC Audio. All rights reserved.last_img read more

Biden’s $1.9T package would extend eviction ban, boost rent relief

first_imgEmail Address* Full Name* Message* Biden hopes to get bipartisan support for his wide-ranging package. But it received immediate criticism from both parties for being too much and not enough, the Washington Post reported.“Unity is not some pie-in-the-sky dream. It’s a practical step to get any of the things we have to get done as a country, get done together,” Biden said in an evening speech in Wilmington, Del.Biden’s proposal is focused on providing funding for a few key areas: $400 billion to fight the coronavirus with vaccines and testing, while reopening schools; more than $1 trillion in direct relief to families; and $440 billion for aid to communities and businesses.Of that, $350 billion would be delivered as emergency funding to state, local and tribal governments. It would provide grants to more than 1 million small businesses.The bill would also include $1,400 checks for individuals and increase federal unemployment benefits to $400 per week from $300.[Washington Post, MarketWatch] — Sasha JonesContact Sasha Jones Share via Shortlinkcenter_img TagsPoliticsReal Estate and FinanceReal Estate and Politics Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink President-elect Joe Biden’s relief plan focuses on the coronavirus and opening schools. (Getty) President-elect Joe Biden on Thursday outlined a $1.9 trillion emergency relief plan that would have major consequences for real estate and the economy at large.The proposal would extend a national moratorium on evictions and foreclosures to Sept. 30. The moratorium is set to expire Jan. 31, according to MarketWatch.Biden is also calling on Congress to come up with $30 billion for emergency rental, energy and water assistance for hard-hit families, as well as $5 billion in assistance for those experiencing homelessness.“While the $25 billion allocated by Congress was an important down payment on the back rent accrued during this crisis, it is insufficient to meet the scale of the need,” the Biden team noted in a fact sheet on the aid package, MarketWatch reported.Tenant advocates and some landlords had been hoping for more. New York City residents alone owe about $2 billion in back rent, a landlord group estimated this week.Rent-stabilized tenants owe landlords more than $1BRead moreWalmart cuts off cash to pols who opposed election certificationNational Association of Realtors among biggest donors to “sedition caucus”Buttigieg hints at ripping up urban highwayslast_img read more

Grainger continues breakneck expansion into rental sector

first_imgLeading build-to-rent player Grainger plc has received planning permission for its latest development in London, a 163-home site called Apex House in Seven Sisters, North London, it has announced today.This will bring its total units under management to some 3,600 homes once Apex House is completed. The development is due to start construction next year, cost £60m to build and be ready to rent out in 2020. It will have an initial yield of 6.5% and rental revenues of £3m per annum.Last year the company launched its first purely commercial build-to-rent development in Barking called Abbeville Gardens and also recently bought a 600-unit development in Salford Quays, Manchester. Grainger has also built and managed residential developments for several councils including Kensington & Chelsea in London.It now has operations in Newcastle, London, Manchester and Birmingham and has said it aims to be the largest residential landlord in the UK by 2020. It already owns developments worth £2.7 billion and has also launched a new strategy that will see exit operations in overseas markets and participation in the UK equity release sector.As part of its trading statement for September, chief executive Helen Gordon (pictured) said: “We have seen a strong and resilient performance despite the changes to stamp duty legislation and the EU referendum, and we look forward to providing further details on strategic progress at our full year results in December.”Letting agents may be less impressed with this performance, nevertheless. Grainger plc, like most build-to-rent operators in the UK, deals directly with tenants and manages repairs and building maintenance using its own teams, rather than employing outside suppliers.But agents are still used to gain tenants and for example Bairstow Eves, Currell and other letting agents have been playing a central role in renting out much of the company’s Abbeville Gardens apartments in Barking.   October 11, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Grainger continues breakneck expansion into rental sector previous nextHousing MarketGrainger continues breakneck expansion into rental sectorNew site in North London announced as PLC sets sights on PRSNigel Lewis11th October 20160935 Viewslast_img read more