Wednesday, February 24, 2010

Long-Awaited Pamiko Investigation May Be A Reality...

Stock photo and blog post by John Hoff

According to a highly-placed, creditable government source, there is a serious investigation going on regarding Mr. Paul Koenig of Pamiko Properties, LLC, the slumlord entrepreneur whose story of mismanagement, greed and high roller lifestyle choices managed to kill a forest of newsprint today in both City Pages and the Star Tribune.

My source says the bank involved in the funding of many of his properties has been cooperative and has notified the proper regulatory authorities regarding his activities. The bank has turned over records pursuant to subpoena.

I do not have further details at this time--including whether this subpoena was in a state or federal court--but I can tell you both the Star Tribune and City Pages are chasing the story.

In a matter which may be closely related to the investigation--or may, in fact, be completely peripheral--the same source tells me there is a court appointed receiver, (possibly) pursuant to an order issued by Judge McShane in Hennepin County District Court and that receiver has a budget and is committed to addressing health, safety and other living conditions in the properties under its control.

(Do not click "Read More")

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