Friday, December 25, 2009

Paul Koenig Fails To Respond On The Record To Three Simple Questions About Pamiko Properties Scandal...

Photo By John Hoff

In the photo above, Jeff Skrenes--The Hawthorne Hawkman--uses bar glasses to demonstrate a point about Paul Koenig and two lines of credit covering many of the same properties. Not shown in photo: me losing consciousness as Jeff makes his scintillating observations about interest rates. 

In any case...

In the last couple days, Paul Koenig--whose Pamiko Properties fiasco has been exclusive blog candy for JNS readers lo, these many days and now Christmas, too, woo hoo--spoke to a third party about the oh-so-negative coverage he has received recently right here on Johnny Northside Dot Com. This third party assumed informal intermediary role between this blog and Paul Koenig. It seemed for a while like Koenig wanted to tell things from his side...

Well, this blog is always happy to print the responses of individuals and/or corporations which this blog has criticized, either in a blog post or by providing a fair, reasonably open comments forum. So if Paul Koenig would only make some kind of PUBLIC response, I'd be happy to publish it.

Well, word comes about how Paul Koenig DID respond to my email and three pointed questions, however, he forwarded the response to the third party with great big OFF THE RECORD caveats on the lengthy email. Well, what am I supposed to do with THAT, Paul, you horse-hugging slumlord dirt bag? I prefer to not even tread near something that would involve violating "off the record" confidentiality.

Anyway, dear readers, here is the email I forwarded to Paul Koenig yesterday with the three questions he refuses to answer ON THE RECORD.

Let the reader judge whether this man is a bad character who has victimized our neighborhood.
Dear Paul Koenig via (name of third party)

My understanding is you will get answers to these questions back to me by noon tomorrow. I will publish the questions and answers verbatim, without commentary within that individual blog post. (Of course, readers are still free to add their commentary)

If you don't answer the questions, that's fine, I will just publish the unanswered questions and say what I will. Nor is this email itself secret or confidential. I'm NOT going "off the record" with you.

But Paul, I will be very happy to publish your side of things, verbatim. Frankly, it's good and informative blog content, even if I may personally disagree with or doubt what you're saying. Plus I'm sincerely interested in your side of things, and so are my readers.

Here are the questions. They are easy. There are only three.

1.) Tell me your side of things, in detail, at length.

2.) Why is there so much crossover between these various properties and on
the lines of credit?

3.) Why do we see this pattern of a foreclosure only a few months after
modification and increase in the credit line?

So that is where things stand, with Paul Koenig refusing to respond on the record, and the questions hanging in the air like a joke which falls flat.


Anonymous said...

Sounds like someone was trying to skim some equity, or maybe skim some appearance of equity? Neighbors and banks and taxpayers will pay for this. Appears that Koenig enjoys horsey-set lifestyle at others' expense.

NoMi Homie said...

It is funny because I remember Paul being extremly judgemental about people who drink, but he is the one with a problem - a gambling addiction. I believe Michelle is equally calpable as Paul, so if there is justice both of them will go to jail and be fined. Paul went from bankruptcy to living in a 1.1 million dollar home in less than 10 years, very suspicious. This is bigger than Maxwell. So, the victims appear to be us on the Northside and his children. It is their world will come crashing down once they are exposed for the criminals they are.

Anonymous said...

To anon @ 11:12pm - "Neighbors and banks and taxpayers will pay for this." You are so right about this! Paul is someone who complains incessantly about the welfare fraud, etc. But, he is going to end us costing the taxpayers more than 50 welfare scammers on the Northside.

1915bung said...

And collecting section 8 Housing reimbursement for these dumps isn't welfare fraud?

Anonymous said...

The real problem will be in the discovery necessary to prove enough unlawful wrong-doing to entice a DA with jurisdiction to prosecute.

More than likely, most lenders involved have already written-off (their books) the loans in question and have moved-on. And they'd inevitably be the place to start.

The only other direction to head in would be to get the property appraisers that were involved with establishing the values (for the loans) involved in the discovery, as I'd be willing to bet that because of the nature of the loans, the values of the properties were inflated way beyond what would be considered acceptable "market value".

Commercial lines of credit against properties typically have a lower LTV ratio than do "normal" residential mortgages. Especially any loan made after say 06/2007.

Believe me I know. A good friend of mine that's worth about $30mm (usd) became cash-flow "poor" on a $10mm residential build-out he had halfway completed on with his own money in Palm Beach in June 0f 2007 and the most HE could get was 50% LTV ($5mm usd) on a credit line.

Find a way to open a small "seam" on this guy with a young loan officer (eager to make a name for themselves and move-up) at one of the banks that made a loan later than 06/2007 and an aggressive DA with jursidiction to prosecute.

Anonymous said...

in the post of documents the bankruptcy docs use an SSN, think before you post such.... I have not researched but its something you might want to take off the e-record...

Johnny Northside said...

It's a public document. If the government sees fit to leave it in the document, well, it's a public document. That SSN might help the contributing blog sleuths look up more information about Paul Koenig so, well, there it is.

Anonymous said...

FYI, While the SSN was included in its totality early on when the bankruptcy court filings went live on the internet, the social security number now is partially redacted. Now only the last 4 digits are included on court filings. The bankruptcy court did not redact closed cases after the new rule went into effect.


Johnny Northside said...

Yes, and that was the decision of the government to not redact the old cases. Heck, I am told that SSNs can be found on certain old death certificates, though I have not confirmed it firsthand.

The government made a decision to keep that info public, and it was not provided to me confidentially, so the info can stay as it is.

Anonymous said...

Yeah, what is someone gonna do, steal the good credit rating of Paul Koenig?


Anonymous said...

I wasn't arguing for or against the decision to publish the documents "as is," I was just providing background. The amount of work involved to locate, download and post the documents is considerable, so thanks for that.