Johnny H that was hilarious and quite scary. The only part of that dancing I could manage would be the standing.

Thank you for the kind shout out to the public on my ongoing 1031 series.

The latest news in the Ed Okun 1031 Tax Group (1031 Advance of San Jose included) is that Okun’s savior JPS Capital partners has decided against a loan that would have paid back investors 75-85% of their monies.

The reason for the bail out by JPS is rumored to be the Houston based West Oak’s Mall bankruptcy filing. The West Oaks Mall complex was the centerpiece commercial property controlled by Okun. This property was a major reason why JPS was going to fund his bail out.

Another very bad indication that things are going terribly wrong for the investors seeking their monies? The “secured creditors” (aka investors) committee appointed by US Bankruptcy court is a small group investors whose job it is to overseen and evaluate the Okun proposed settlement.

The bad sign? 3 these investors resigned from the group once they inspected the settlement plan and what Okun deemed his back up plan. Of those 3 investors that bailed out, 2 have “sold” their rights to any settlement to investment companies.

In essence the 2 investors bailed out feeling that pennies on the dollar were better than nothing at all. A very very sad situation is forming as we speak.

Thanks again John but I don’t have the legs or the stomach for the job!

dean