OSPREY NEWS:  Foreclosure and a $2 Billion "loan"

My News and Views...
Opinions by Ron Birckhead

Published October 7, 2010

Recently I came across a newly filed two billion dollar lawsuit.  Yes, you read that correctly...but I had to read the complaint a second and third time to believe it.  It was not something you find every day.

I showed it to the friend that was sitting next to me most of that day.   The friend, who works for The Lakeland Ledger, was equally surprised when reading the amount of $2 BILLION.  Of course, it appeared in The Lakeland Ledger after that.  If you have not already read it, it is about Lawrence T. Maxwell or Todd Maxwell a central Florida residential and commercial property developer and banker (CenterState Bank).  

One of his developments is Deer Creek RV and Golf Resort in Davenport, Florida.  Until just recently Maxwell was president of Century Reality Funds (CRF) and Deer Creek, Inc.  This article is about him and a "facilitator" and begins with "Larry says he was duped into paying this ‘facilitator’ $183,000 for a $2 billion loan."  Just click to read this fascinating story....wonder how it ends...?

Paid $183,000.00 to a "facilitator"... (nice work if you can get it in this economy!)

Lakeland Real Estate Executive Alleges Scam in $2 Billion Loan

Another day, another foreclosure hearing or receivership in this case.  Bartow Courthouse Friday morning I was there to watch the BB&T bank proceedings on Cypress Creek Plaza, which is a Lawrence T Maxwell, et al, commercial shopping center.  With very competent representation by CRF, it was all over in less than 45 minutes.  I had expected to hear something about Chapter 11, but I did not hear a word about that.  In less than 45 minutes after it began, Judge Karla Wright turned the responsibility to run Cypress Creek Plaza over to a receiver, as foreclosure proceedings were already agreed to between the parties on what was described by the attorney "as not making a profit."

It’s starting to feel a bit like Fall here finally.  Drier and highs in the 80s...with plenty of sunshine.  Seems like lots are things are falling.  Like housing prices in Polk County .

10,747 foreclosures cases were filed in Polk County in 2009.

So many foreclosures each day.  To help with the sales, a new online system that enables you to bid from your computer was created September 21...

click here to see the new foreclosures online site for Polk county

Today's quote worth re-quoting..."One cannot serve God and wealth."  (Matthew 6:24)

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