2009-01-11 — iht.com
Perhaps the most obscure member of the group is Silar Advisors, a New York firm founded in 2006 that invests in distressed assets. Its principal is Robert Leeds, yet another Goldman Sachs alumnus.
...
more details about Silar have emerged in a lawsuit filed against it in U.S. District Court in Nevada in 2007. The plaintiffs are a group of individual investors who hold loans on commercial properties taken over by Silar... According to the lawsuit, Silar financed a bid by Compass Partners to take over the loan portfolio in 2007 for $67 million, a big discount to its estimated value of $150 million to $500 million.
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michaelsblomquist at 07:43 2009-01-12 said:
Here it comes! Friday's "BIG" story was how Citigroup supported the cram down bk provision. Similar to the investors in the story; Citigroup does not own the loans and will more than make up losses on servicing by late and other ancillary fees. Thanks Gretchen! Permalinkmortgagemess at 08:43 2009-01-12 said:
Which means..God help those homeowners who are in trouble and go under the umbrella of these new owners of Indymac..kiss your property goodbye! Permalinkadd a comment | go to forum thread
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