Junk Bond Daisy Chain Frauds
The Denver Illuminati Zionist Connection:
By Stew Webb Federal Whistleblower
Full Edition with Confidential Timeline Connections
Imagine a Global Fraud network with corporate fronts and straw men stretching around the world. This complex and ongoing financial debacle goes back to the Savings & Loan frauds of the 1980s, and it has cost American taxpayers billions and billions of dollars.
This is a forensic study of global fraud.
In Denver, there was M.D.C. Holdings, Inc. the parent company of Silverado Savings and Loan, Silverado Elektra, and Richmond Homes, controlled by Leonard Yale Millman, Stew Webb’s former-father-in-law.
In Phoenix, there was American Continental Corp and Lincolns Savings run by CIA Charles Keating.
And in Dallas, there was Southmark Corp and its subsidiaries headed by Gene Phillips.
When Phillips went bankrupt, he broke fourteen Savings and Loans (S&L’s) in Texas.
In 1991, while he was under bankruptcy protection and allegedly personally broke, he turned up with $200 million to buy a part of Mizel Petro Resources of Canada, an M.D.C. Holdings, Inc. subsidiary company.
Leonard Millman’s MDC Holdings, Inc. owned Silverado Savings & Loan where Neil Bush, George W. Bush’s brother was a Director, before it bankrupted and cost taxpayers Billions in frauds.
Phillips then went to work for Mizel Petro Resources as CEO, since he bought about 5% of the company.
And here’s the game they play.
MDC would sell Southmark Corp of Dallas a piece of real estate in Denver that was worth only $10 million.
Gene Phillips Southmark would hold it for about six months.
At that time, they would claim that it had doubled in value, and he would then sell it to Charlie Keating’s American Continental Corp.
After another six months had passed, American Continental would double its value through falsified appraisals. They would sell that same piece of real estate to Silverado.
Then Silverado would again sell it to a subsidiary of Southmark (Gene Phillips). Then Gene Phillips would sell it to Lincoln Savings. And then Lincoln Savings would sell it to Silverado Elektra.
This is how the circle of fraud worked. Billions of dollars of land transactions were done this way.
Its purpose was to perpetuate their fraudulent financial statements and to be able to book value. (See: below a partial list of Stew Webb’s Exclusive & Confidential Time Line) For instance, assuming MDC Holdings had a total gross sales of $500 million, the next year they would have nearly a billion dollars worth of equity. And they could continue to perpetuate the junk bond-subordinate note sales.
In other words, Michael Milken would point to the numbers and say;
“Look at MDC Holdings . It’s a company that doubled its sales in one year. American Continental doubled its sales in one year.
And so did Southmark Corp.”
And that’s how they were pumping money into these corporations — through the sales of additional junk bonds.
These were actually subordinate notes. They had no hooked value to the actual assets of the company. In other words, anybody who bought the junk bonds would find themselves defrauded and broke. The assets of the company were not subordinated to the bonds. These bonds were never sold with “sinkers.”
A sinking fund, or “sinker,” is a fund in which the assets are subordinated to a bond, a certain percentage of its income must be paid into a sinking fund over a period of years until that amount of money equals the par value of the bonds.
The bonds then were simply unsecured obligations. As the junk bond holders learned — they had no asset value at all. That is why they were known as JUNK BONDS.
During that time William Lerach Attorney from San Diego filed the lawsuit against Charles Keating. This was the suit, which finally put Charlie Keating behind bars. It happened after the US Attorney in Phoenix wouldn’t bring charges against him. (See: below US District Court Southern District of California Civil No.900856 filed June 25, 1990. William J. Boyle, Jr. vs. Larry Mizel, and others see below)
The US Attorney in Phoenix and the District Attorney in Phoenix wouldn’t touch Keating, Why?
They both were bribed.
There is another Denver-based money laundering operation with ties to Leonard Yale Millman, Federal Whistleblower Stew Webb‘s, former father-in-law. His company MDC Holdings had a subsidiary called M&L Business Machines.
In fact, M&L President Robert Joseph had documents to show the bribes they received and how those bribes were laundered. This would maintain the cover-up of the Keating connections and ensure that he wasn’t prosecuted.
Saudi European Investment Corp & B.C.C.I. What initiated the trouble for Keating was the lawsuit by Lerach against the Saudi European Investment Corp., a company with former Texas Governor John Connally, former Secretary of State James Baker III, Ghaith Pharaon on its board of directors as well as other major BCCI players.
BCCI was, of course, the Bank of Credit and Commerce International, a notorious global CIA money laundering front.
Now known as Al Queda. Yes the same 9-11 Terrorist Group-The Bush Crime Family.
Lerach thereafter sued Keating for RICO violations (racketeering).
In May 1992, MDC Holdings was in US District Court making a fraudulent settlement in Tucson Arizona.
At the time MDC Holdings had control of all the assets — Southmark Corp.,
Beverly Enterprises, and Lincoln Savings. When Lincoln Savings went down, MDC Holdings and its subsidiary company Richmond American Homes took over all of Charlie Keating’s subdivisions in Phoenix and other locations, namely American Continental Homes, etc. All those assets were absorbed into MDC Holdings.
At, one time MDC Holdings had $12 billion worth of assets, which was disclosed in SEC records. How they staged this was by having MDC buy out supposedly bankrupt companies and doing land swaps etc.
MDC Land Corp., another MDC Holdings subsidiary, declared a Chapter 9 bankruptcy on a real estate development financed through bond sales.
A chapter 9 bankruptcy is an unusual bankruptcy proceeding. It’s used in the default of certain types of bonds. The lawyers were going after the assets, and they got a $3 billion judgment against the Saudi European Investment Corp.
The judge then lowered the judgment to $2 billion. MDC was the first to settle. They claimed they were in bankruptcy, when in fact the parent company MDC Holdings had over $12 billion in assets while it fraudulently filed a Chapter 9 bankruptcy. MDC Holding paid $400.000.00 to the court to settle it’s share of the frauds committed.
At the time Lerach collected over $800 Million from accounting firms, and others, MDC settled under fraudulent conditions, therefore committed fraud to the Court. This is another case of RICO against MDC.
By the way, the purpose of Saudi European Investment Corp. was to act as a corporate front to move money offshore to the notorious BCCI.
Charlie Keating and MDC Holdings had a relationship with Saudi European. They were involved in bleeding the monies out of Lincoln Savings and other assets.
MDC Holdings, Silverado, Lincoln Savings, American Continental Corp were all stripping the people of their money through the sales of junk bonds. Lerach filed a class action lawsuit representing the bondholders.
Actor Jimmy Stewart got ripped off. One of the more memorable bondholders in the suit was the famous actor Jimmy Stewart, who had purchased Lincoln Savings & Loan’s bonds at the recommendation of his old friend and fellow actor, then President Ronald Reagan.
As a result of this investment, poor old Jimmy Stewart lost half of everything he had, half of his net worth.
What happened next is that MDC claimed they were bankrupt when in fact they had plenty of assets. They were very solvent, with assets of over $12 billion.
MDC then fraudulently filed documents claiming that they had a Chapter 9 bankruptcy in progress with MDC Land Corp. involving a revenue bond sale.
A revenue bond is simply a bond that is sold to finance the building of a specific revenue generating asset.
J. Walter Bush Securities The principal syndicating agent for MDC Holdings and other publicly traded corporations was none other than Phoenix-based J. Walter Bush Securities, located in the Lincoln Savings and Loan Plaza.
General John K. Singlaub In that same building across from J. Walter Bush Securities was the office of General John K Singlaub and his infamous World Anti-Communist League which became involved in laundering money through Lincoln Savings and Loan vis-à-vis proceeds of Oliver North’s illegal weapons transactions.
Charlie Keating had his office across the hall from General Singlaub and Walter Bush.
General Singlaub and General Secord as well as other notable Iran-Contra figures were in turn able to buy very luxurious homes in Lincoln Savings & Loan financed development in McLaren Ranch in Phoenix. They were able to buy homes for about 20 cents on the dollar.
By the way, “Reverend” Sun Young Moon also raised money for Singlaub’s Anti Communist League in South Korea through wealthy conservative South Koreans who were members of Moon’s church.
Dirty FBI-CIA Ted L. Gunderson
Another notorious figure Ted L. Gunderson, an ex-FBI Cointel-pro expert, currently working for the FBI Division #5 and CIA-Domestic Contact Services, keeping tabs on Patriot American’s, and putting out false reports as a spin Doctor when needed, was directly involved with General John Singlaub’s operations of money laundering, weapons for drugs involving the Capison Indian Reservation.
(See:Arming Afghanistan, and further see: Ted_Gunderson_Selling_Terrorist_Osama_Bin_Laden_Stinger_Missiles.htm
Ted Gunderson: http://www.stewwebb.com/Ted_Gunderson.html
Ted Gunderson still receives mail directly from General John Singlaub’s Anti-Communist League, and has direct contact with Singlaub.
So here are the connections.
MDC Holdings and Leonard Millman are in the middle, like the sun for a solar system. They connect to Richmond American Homes, Silverado Savings and Loan, Silverado Elektra, a subsidiary of Silverado where all the bad notes went.
They in turn connect to Charles Keating, Lincoln Savings, American Continental Corp., American Continental Homes, AMCOR Investments. These connect to Southmark Corp of Dallas whose principal was Gene Phillips. A close associate and fundraiser for George Bush Sr . He also connects to Beverly Nursing Homes. San Jacinto Savings of Texas was also involved, a chain of S&Ls. Also Victoria Savings and Loan of Paris, Texas all involved in land fraud. All these banks failed.
After Phillips bankrupted 14 savings and loans in Texas, he claimed to be broke, yet he used his $200 million in cash to buy into Mizel PetroResources of Canada.
This was called the junk bond daisy chain. They would keep selling the junk bonds to perpetuate their financial statements. They committed fraud by selling and reselling land to each others’ corporate entities.
For example, Silverado Electra would sell a piece of real estate for $10 million to Southmark Corp. Then, six months later, Southmark Corp, using a fraudulent appraisal, would resell it for $20 million to Lincoln Savings. Then six months later Lincoln Savings would sell it to Silverado for $30 million. So every time they’d sell it, they’d be booking double the value of the property.
Then, seemingly, all of a sudden, the land holdings went up from $500 million to $1 billion in about a year and a half .
This was done to perpetuate the junk bonds. Investors would look at this “growing company.” Michael Milken could point to MDC and claim it’s “the fifth largest home builder in the nation, and now they’ve doubled their value from a half a billion dollars to a billion dollars.
Michael Milken, who unlike Marc Rich, was not pardoned by Bill Clinton, was raising junk bond issues for MDC, Silverado, and Lincoln.
Drexel Burnham, Milken’s company was just packaging it all up, acting as syndicator then reselling it wherein it would become the prime market maker.
What was ironic about it is that Savings and Loans all across the country were selling these junk bonds. People all over the country lost a lot of money since Milken and company were paying these banks a fee to sell these junk bonds for them.
For example, when people would come in to renew their CD’s, the bank would tell them that they’ve got a “better” program for you, rather than getting 8% percent on your CD you can get two or three more points when you buy these junk bonds. They’d tell them they’re secure and safe.
It should also be mentioned that it was Keating’s Lincoln Savings and Loan which provided the bridge capital to Prescott Bush Jr., (President George H. W. Bush’s other brother) for his Korean-American Land Investment Group which later collapsed. Prescott Bush Essentially Prescott Bush absconded with about $5 million of the money. The deal collapsed and Prescott actually had his life threatened by a group of Korean investors. His brother George H. W. Bush had to give the $5 million to bail him out of it. These Koreans were evidently so upset that they were ready to whack him. The Bush Family Trust Bush Family involvement runs deep in this daisy chain fraud.
The Bush Family Trust, for example, was a substantial shareholder in Southmark. In fact, there are so many of these family trusts that it’s hard to keep track of them.
Bush Family Insider Stock Frauds When Southmark stock traded from $30 down to about $3, there were allegations that the Bushes had inside information and were able to get out before the other shareholders.
Union Bank of Switzerland Keating had set up the Saudi European Investment Corp then he set up his son in law in Union Bank of Switzerland (UBS). The money was then filtered from Lincoln Savings (over $200 million) to Union Bank supposedly for “investments” through Union Bank which were never made. In other words, they made $200 million disappear from Lincoln Savings. (See: Stew Webb BCCI archives http://www.stewwebb.com
Saudi European Investment Corp was basically a dummy company set up to launder all the stolen money from Lincoln savings.
Gaith Pharoan Head of Saudi Intelligence & Harken Energy Saudi European Director Gaith Pharoan, former head of Saudi Intelligence, also acted as registered agent for numerous Bush-controlled corporations for Bush interests in the Middle East. These involved Bahrain oil interests controlled by Richard Secord’s Mega Oil. These would then get sold back to Harken Energy. Of course most of them were worthless.
The leader of Bahrain, Prince Abdullah, was also one of the directors of the Saudi European Investment.
This entire daisy chain fraud and money laundering is actually a global fraud network because of its offshore and transnational connections.
Saudi European Investment Corp was laundering money into Union Bank of Switzerland and also into BCCI accounts. BCCI of course is the notorious worldwide CIA-criminal bank, Bank of Credit and Commerce International.
Money was also funneled out of Lincoln Savings and other S&L’s into Silverado and M&L Business Machines, through a company called Real Property Services Corp.
Real Property Services Corp. Real Property Services Corp. was originally a Keating entity. Then it ended up in the control of Leonard Millman in Denver when Keating went down. Charles Keating, Leonard Millman, Larry Mizel, Vince Burella and Norman Brownstein were all connected to it.
Real Property Services Corp. was ostensibly, on paper, a property management company and mortgage broker realtor. Essentially it laundered hundreds of millions of dollars stolen from Lincoln Savings. It was laundered through the M&L Business Machines investor accounts of Real Property Services Corp. Then the money was laundered to John Dicks and the Compendium Trust on the Isle of Jersey. Then they set up trusts in Hong Kong to bring the money back into the United States for investment.
John Dicks of Denver In other words, money was being moved in two directions. One, M&L was moving it to the Bahamas and then overseas to John Dicks on the Isle of Jersey. Two, they were laundering money out of Silverado directly into Morgan Guaranty in New York according to Robert Joseph, president of M&L. Then the money would be sent to BCCI accounts.
California based private investigator Don West had found out that Jeb Bush and his partner with Arvida Construction were shipping drugs disguised as plants shipments (palm trees, etc) to Charles Keating’s American Continental Homes subdivisions in Phoenix.
President of Disney World Florida West had also discovered that the Arvida secretary was killed when she found out about this narcotics traffic. The landscaping items, trees and so on, were just a front for the drug shipments. She was the daughter of the president of Disney World. He went to the FBI armed with information that his daughter had presented to her confidante. The FBI never acted on that information because George Bush Sr. was president at the time.
Don West was then hired to investigate it since he had written an extensive report and presented it to the FBI, showing that she had stumbled across this information and that is what had gotten her killed. Then the father, the president of Disney World, ended up dead. It was all covered up.
And the Charlie Keating subdivisions in the Phoenix area? They were all taken over by MDC subsidiary company, Richmond American Homes.
The Bush Realty Group In this time frame (1991-92), Jeb Bush’s principal real estate partner was Armando Codina. The Bush Realty Group then changed its name to Bush-Codina.
And that’s how the Junk Bond Daisy Chain works in conjunction with the Republican Cabal. This is a basic map of how the various corporate fronts and principals work together and how they’re linked together.
This Daisy Chain Fraud is actually an introduction to how the Boulder Properties deal worked.
Boulder Properties-Blackmail Boulder Properties Limited Partnership, financed by Silverado, marketed by J Walter Bush Securities, property formerly owned by MDC Corp and Leonard Millman. The property was marked up two or three times what it as actually worth, thrown into a limited partnership and this was the famous series of limited partnerships that were marketed to hostile Democrats in Congress in an effort to take them down.
Case in point: Rep. Bill Alexander of Arkansas.
And who was it that recommended that Congressman Alexander invest in the partnership? His supposed friend, General Singlaub.
Jackson Stephens Hong Kong Overseas Limited Criminal banking kingpin Jackson Stephens is also tied in with the global fraud daisy chain of junk bond money which was moved to Hong Kong. The series of trusts which were formed ended up in a Stephens’ offshore entity called Jackson Stephens Hong Kong Overseas Limited.
Worthen Bank Then the money was funneled back into the United States through the Stephens Group principal US banking entity, Worthen Bank, completing the process of laundering the looted S&L funds.
First American Bancshares & Hillary Clinton By the way, when Jackson Stephens Inc. was trying to take over First American Bancshares, he was representing BCCI and the attorney representing Jackson Stephens was Hillary Clinton of the Rose Law Firm.
And that completes the loop, mapping out the illicit flow of monies….
THIS LIST ONLY CONTAINS A PORTION OF ALL THE TRANSACTIONS
Some of my evidence, I cannot put it all to print, I would jeopardize the lives of many people who want to appear before a Federal Grand Jury:
This Document of the Securities and Exchange Commission Lawsuit Senator CIA attorney Hillary Rodenhurst Clinton was Jackson Stephens and First Americans Attorney in this case.
(See: http://www.stewwebb.com BCCI)
These documents reflect a partial amount of the actual transactions and time lines of Charles Keating, Silverado etc.
(See: http://www.stewwebb.com BCCI)
These documents reflect a partial amount of the actual transactions and time lines of Charles Keating, Lincoln Savings & Loan, Silverado Savings & Loan, MDC Holdings, Inc. of Denver, Et Al.
MDC Commits Perjury & Frauds to US District Court in Arizona
In July 1992 MDC Holdings, Inc. 3600 S. Yosemite, Denver, Colorado settled in the Charles Keating case that sent Keating to Jail under this RICO Lawsuit. MDC Fraudulently supplied the court with documents showing they were in Bankrupts, these documents were from a Bond-Land Deal out of Colorado this was a another Fraud case they were involved with. MDC itself was not under bankrupt’s protection. MDC settled with the court for $400,000, Leonard Milllman’s MDC had stolen Billions with Keating. MDC attorney CIA attorney for Millman & George H. W. Bush, Norman Phillip Brownstein pulled off the fraudulent settlement with the court, knowingly committing Fraud and Obstruction of Justice himself. MDC had over 12 Billion dollars in assets at the time of settlement.
The lawyers William Lerach suing, MDC, Charles Keating Touche Ross & CO accounting firm, Saudi’s-Saudi European Investment Group and B.C.C.I.-Bank of Credit & Commerce International players all paid a total of $800 million in settlements, to steal Billions.
(See: BCCI Stories www.stewwebb.com)
(See: www.stewwebb.com Savings & Loan Neil Bush Stories)
These are all inter-related Frauds.
This is more Frauds upon Frauds: “Frauds are U.S. at MDC.”
Players in this time Line Chart
Michael Milken Junk Bond Dealer
Sentenced 10 years for Frauds Served 2 years?
Drexel, Burnham, Lambert.
The Bush Crime Family Money Launderers
also known as the three legs of Iran-Contra.
*Leonard Yale Millman The Denver Connection
*Carl Linder The Ohio Connection
*Jackson Stephens-Hillary Clinton-The Arkansas Connection
(See:Bush Crime Family Flow Chart)
CIA-Charles Keating Owner ACC-Keating former Attorney
for Carl Lindner Ohio Money Launderer
Keating sentenced to 10 years for Frauds served 2 years?
LSL=Lincoln Savings & Loan
ACC=American Continental Corp.
AMCOR Investments=Lincoln Savings Subsidiary
American Continental Homes
Leonard Millman=Stew Webb Federal Whistleblower former-father-in-law. Millman Owner and Founder of MDC Holdings, Inc.
MDC Holdings, Inc. 3600 South Yosemite, Denver, Colorado.
MDC Holdings, Inc. Denver
MDC Silverado Savings Parent Company
Director MDC Larry Mizel
Director MDC Convicted HUD Felon Phil Winn
Director MDCBush-Millman CIA Attorney Norman Phillip Brownstein
Director MDC James M. Lyons Whitewater Player Clinton’s Attorney
Director Silverado Neil Bush, George W. Bush’s Brother
MDC President Dave Mandarich
MDC=Silverado Savings & Loan
MDC=Silverado Elektra=Silverado Subsidiary
MDC=Richmond American Homes
MDC=MDC Land Corp.
MDC Sold Medema Homes to ACC 1980.
MDC/Richmond American Homes took over American Continental Homes
Subdivisions when Keating went to jail. ______________________________________
CONFIDENTIAL MDC TIMELINE June 5, 1990
KEY TO ABBREVIATIONS
AL Andy Ligget
BD Bruce Dickson
BH Bob Hubbard
BW Bob Wurzelbacher
CK Carol Kassick
CKII Charles Keating, Jr.
CIII Charles Keating, III
JB Jed Brunst
JG Jim Grogan
JW Judy Wischer
LD Larry Dannefeldt
MAV Mark Voigt
MEK Mary Elaine Keating
MV Mark Voigt
RF Ray Fidel
RJK Robert J. Kielty
RS Robin Symes
SS Scott Siebels
SW Sheldon Wiener
TK Tim Kruckeberg
These are the totals from the below transactions
which essential beefed up the above Company Financial Statements
in order to sell more subordinate note also known as “Junk Bonds.
Junk Bonds hold no value and are not tied to any asset of the Company
they are just what they are called Junk Bonds.
*Lincoln Savings AMCOR buys from MDC $124,595,000.00 Land
*MDC buys from ACC $46,149,253.00
*ACC loans MDC $25,575,773.52
*Richmond American Homes buys from AMCOR $60,626,335.92
*Richmond Belmont buys from AMCOR $557,325.00
*Lincoln Savings & Loan loans Richmond $31,772,340.50
*Lincoln Savings & Loan extended MDC Sept. 29, 1987
a $75,000,000.00 line of credit.
*MDC sold to Silverado & Silverado Elektra land $38,309,000.00
*MDC & Yosemite Financial sell $92,260,000.00 of Mortgage Loans
to Silverado & Silverado Elektra
*Yosemite Financial Buys $14,355,000.00 of Mortgage Loans from Silverado Savings & Loan
*AMCOR pays MDC $500,000.00 for option to buy back lots
*Lincoln Savings & Loan buys $1,332,493.00 worth of variable exchange notes from MDC $20,000,000.00
*Lincoln buys from MDC $8,391,281,75 worth of Junk Bonds
*American Founders Life buys $2,000,000.00 of MDCs Junk Bonds
TOTAL OF THE ABOVE AND BELOW TRANSACTIONS
$446,423,822.61 or approximately 1/2 of a Billion Dollars.
Note: This list only contains a portion of all the transactions.
ACC could not get money out of Lincoln Savings, so they laundered money to MDC & SouthMark to hide from State Regulators:
Silverado was basically a tool used by MDC in its funneling of money into Imperial Savings and Loan as part of Milken’s use of the S&L daisy chain “bank” for his Junks Bonds.
MDC had a $70 million credit line with Lincoln and state DSL regulators found that this money was being used to buy stock in Imperial Savings and Loan (See DSL 3526 attached). Not as a takeover move as they authorized, but simply as we know, as a part of the “daisy chain” to feed the Drexel Junk Bond Monster that was perpetually in need of money. The money was going Lincoln to MDC to Imperial to fund the junk bond purchases.
To give the appearance that MDC was making money on its Arizona land transactions, in March of 1986, MDC to Silverado-Elektra Venture, Ltd., (an affiliate of Silverado Banking) sold 248 acres of subdivision land in Continental Ranch near Tucson, land purchased from ACC/Lioncol for $7 million.
ACC/Lincoln wrapped an old note $1.2 million (which was probably close to then original purchase price and MDC undoubtedly showed a 400 per cent profit on the sale.
Silverado-Elektra also entered into a trade transaction of lots (in April of 1987) in Continental Ranch with RA Homes, which resulted in the properties being flipped and thus falsely inflating the value of the lots to $ 2 million.
MDC had taken back a note on its sale to Silverado-Elektra, so that sale provided them with an asset of the new note receivable in place of the old.
New note in place of the old 1.2 million not payable, giving them more money to use in the Junk Bond Bank.
In September of 1986, Silverado-Elektra purchased 324 acres in Ranch Acacias in California from MDC for $13.3 million, assuming existing debt on the property for six months until MDC bought the land back in March 1987.
MDC/ACC LAND SWAP
On Oct. 17, 1985, a memorandum of understanding was signed between MDC and Lincoln S&L for a land swap, the first of a series that helped upstream Lincoln cash to ACC.
One memorandum of understanding was for a sale by AMCOR to Richmond American of $10,606,000 sale of 216 lots in Anderson Springs and 215 lots in Lakewood, two AZ subdivisions. Another LSL/MDC memo was signed the same day in which LSL agrees to pay $17,611,330.00 for Colorado Tech Center, Box Elder and Cherry Hills Farm West.
AMCOR/Lincoln Buys From MDC
On Oct. 24, 1985, AMCOR buys $19.8 million in properties from MDC
1,300 acres near Aurora, Colorado, of Box Elder project for $9.1 million (MDC retains option to buy 25% of developed lots & takes $1.2 million profit) $7,000.00 an acre
24 one-acre lots in Cherry Hills Village, Colorado, for $5 million (MDC takes $403,000 profit) $208,333 a lot or acre
87 acres in Louisville, Colorado, for Colorado Tech Center for $5.7 million (MDC took $4.8 million profit) $65,517 an acre
MDC Buys From ACC & ACC Loans MDC
And on the same date, MDC &/or its subsidiaries buys $14,365,000 worth from ACC, and ACC loans $11+ million
571 lots near Denver, Colorado called Torrey Peaks 1, 2, & 3 for $6,724,000, and ACC loans $4,034,000
$11,775.83 a lot $2,690,000 Paid
72 lots near Denver, Colorado called Silver tree for $1,562,000, and ACC loans $937,200.00
$21,694.44 a lot $624,800.00 Paid
87 lots near Denver, Colorado called Kelly Creek #2 for $1,764,000, and ACC loans $1,058,400
$20,275.86 a lot $705,600 Paid
CONFIDENTIAL MDC/ACC LOAN SWAP SUMMARY
97 lots in Kelly Creek #4 for $970,000
$10,000 per lot
4 lots in Arapahoe Estates near Denver, Colorado for $200,000.00, ACC loaned $120,000.00
$50,000 per lot $80,000 Paid
48 lots in Cottonwood #’s 1 & 7 for $1,008,000.00, and ACC loans $604,000.00
$21,000.00 per lot $404,000 Paid
93 lots in The Meadows for $2,790,000, and ACC loans an amount not discovered as yet
$30,000 per lot $?????Paid
Not until the next day, Oct. 25, 1985 did the AMCOR Investments Board of Directors officially authorize purchase of $19.8 Million worth of Colorado properties (cherry Hills Farms, Box Elder & Colorado Tech Center) from MDC.
The deal was believed to have been arranged by CKII on July 15, 1985 when he meet in Denver with MDC president Dave Mandarich.
The Oct. 24, transaction was followed three weeks later by another multi-million swap between AMCOR & ACC & MDC of $32 million worth of properties and the purchase by MDC Land Corp. of 250 acres of Continental Ranch for $2 million.
MEETING KEATING & MDC July 15, 1985
CKII, CIII, C Wischer, Jeff Murray, Grogan, Ligget, Tim Murray, Sue Graham, Jeff Carlson, Susan Gavin, Mary Joe, Carol to Denver meetings, meet with Greg Armstrong, Dave Mandrich (MDC) in Englewood.
AMCOR/Lincoln Buys from MDC AUG. 1, 1985
AMCOR buys 4,014 acres for Phase I of Estrella for $14.2 million
$3,537.62 an acre
AMCOR buys 5,237 acres for Phase II of Estrella for $17.2 million
$3,284.32 an acre
AMCOR buys 1,288 acres in Rainbow Valley for Estrella project for $3.4 million.
$2,639.75 an acre
AMCOR buys 640 acres in Hiddeen Valley for 1.6 million.
$2,500.00 an acre
Oct. 17, 1985 Memorandum of understanding signed on sale by AMCOR to Richmond American of $10,606,000 sale of 216 lots in Anderson Springs and 215 lots in Lakewood, two AZ subdivisions; and memo between LSL and MDC in which LSL agreed to pay $17,611,330.00 for properties in Colorado Tech Center, Box Elder-Denver Airport Land and Cherry Hills.
$24,607.00 per lot.
AMCOR-Lincoln Savings and Loan buys from MDC
Oct. 23, 1985 CKII, CIII, JW, Carol Kassick & Mary Jo Colucci meet in Dallas with Gene Phillips of Southmark (JW had arrived the nigh before)
Oct. 25, 1985 AMCOR Investments Board of Directors authorize purchase of $19. 8 million worth of Colorado properties (Cherry Hill Farms, Box Elder & Colorado Tech Center) from MDC
Nov. 15, 1985 AMCOR buys $32,423,000 worth of land from MDC:
A 125 parcel of Colorado Tech Center for $10.7 million
$85,600 per acre
An 8.6-acre commercial site Summit Park, Aurora, Colorado for $2.2 million
$255,813.95 per acre
Profits? AMCOR Lincoln Savings buys from MDC
119 developed lots for Country Lane project in Aurora, Colorado for $3.4 million.
$28,571.43 per lot
573 acres for the Plantation project near Sanford, Florida for $8.4 million (enabling MDC to book $4.4 million profit)
$14,659.69 per acre
AMCOR Lincoln Buys from MDC
3 acre office site in Denver for Valley Plaza project from for $2.6 million (which was later appraised at $1 million)
Paid $866,666,66 per acre
Appraised $333,333,33 per acre
AMCOR Linclon Buys from MDC
160 lots Sunset subdivision in Phoenix, AZ for $1,080,000.00
$6,750.00 per lot
100 lots Brandywyne subdivision in Phoenix, AZ for $2.5 million
$25,000 per lot
MDC buys $31,132,000.00 worth of land from ACC;
ACC loans MDC $20,164,097.00 at Prime plus 1%
Quail Run, lots for 277maufactured units-mf in Aurora, Colorado for $3,977,000.00; Acc loans MDC $2,386,200.00
$14,357.40 per lot Pad $1,590,800.00
Crown Point, lotd for 192 mf units in Aurora, Colorado for $2,495,000.00; ACC loans MDC $2,701,200.00
$12,994.79 per lot Paid $206,200.00
Autumn Chase, lots for 308n mf units in Westminster, Colorado for $2,680,000.00; ACC loans MDC $1,072,213.52
$8,701.30 per lot Paid $1,607,786.48
Highpoint 12, 41-lot sf subdivision in Aurora, Colorado for $820,000.00; ACC loans MDC $492,000.00
$20,000.00 per lot Paid $328,000.00
Georgetown, lots for 58 town homes in Arapahoe, County, Colorado for $1,276,000.00; ACC loans MDC $765,000.00
$22,000.00 per lot Paid $511,000.00
Lantern Hill, a 160 lot Multifamily and Single Family subdivision in Arapahoe County, CO., for $2,940,000.00; ACC loans MDC $1,764,000.00
$18,375.00 per lot Paid $1,176,000.00
Kelly Creek #2 unplanted land planned for 326 MF units in Aurora, CO. for $2,608,000.00; ACC loans MDC $1,564,000.00 Paid $1,044,000.00
Willow Park, 243 sf lots in Fort Collins, CO, for $3,625,803.00; ACC loans MDC $1,564,800.00
$14,921.00 per lot Paid $2,061.000.00
Oak Valley, an undev. Parcel planned for 190 mf units in Colorado Springs, CO, for $760,000.00; ACC loans MDC $456,000.00
$4,000 per lot Paid $304,000.00
Meadows, 50 sf lots in Jefferson City, CO. for $1,864,950.00;
ACC loans MDC $1,118,970.00
$37,299.oo per lot Paid $ 745,980.00
Shadow Ridge, 90 sf lots in Thorton, CO. for $1,467,360.00;
ACC loans MDC $880,416.00
$16,304.00 Paid $586,944.00
Dakota Station #1 & #3, 167 dev mf lots in Littleton, CO.
for $2.7 million; ACC loans MDC $1,707,090.00
$16,167.66 per lot Paid $992,910.00
Rampart Station, 161 undev sf lots & 296 dev mf lots in
Parker, CO, for $3,351,000.00; ACC loans MDC $2,010,600
$11,320.95 per lot Paid 1,340,000.00
Jan 15, 1986 MDC purchases Wood Brothers Construction Co. in Tucson, AZ.
Jan. 21, 1986 AMCOR Investments sells Richmond American Homes acreage in Continental Ranch for $2 million & reports a $203,015 profit
10.151% Paid $800,000.00
Lincoln Financial loans $1.2 million to Richmond American to fiance purchase of Continental Ranch Acreage
Jan. 24, 1986 AMCOR Investments sells two Anderson Springs Parcels to Richmond American Homes for $6,090,000.00 & reports $1,427,254 profit
LSL loans Richmond American $4,567,500.00 for Anderson Springs
AMCOR Investments sells Lakewood Parcel 5 to Richmond American Homes for $4,422,705.00 & reports a $2,514,479.00 profit
LSL Loans Richmond American Homes $3,317,208.00 for Lakewood Parcel
March 31, 1986 AMCOR-LINCOLN SELLS
AMCOR Investments sells Continental Homes Lakewood Parcel 12 for $2,673,196.00 & reports a $1,518,495.00 profit
March 31, 1986 Lincoln loans MDC
LSL loans Richmond American $1,775,812.50 for Lakewood
March 31, 1986 MDC sells to Silverado
MDC sells 248 acres mf Continental Ranch to Silverado-Elektra, a joint venture of Silverado S&L and Elektra Fiance, for $7 million, booking a profit of $5.8 million.
MDC sells 132 sf lots in Hobby Horse project, Tucson, AZ. to Silverado-Elektra for $1.39 million.
April 30, 1986 Meeting
CKII & Susan Hughes fly to Denver & meet w/ the Kipps, Randy & Amy Ecklund, Doug Champion, Susan Roller, Martin Lighterlink.
May 15, 1986 MDC Junk Bonds
MDC issues $506 million in 11.25% Sr. subordinated notes (Junk Bonds)
due May 15, 1996, $471,951,000 of which was used to retire debt.
May 30, 1986 Lincoln
LSL buys 333 acres of vacant land for mixed use dev. in El Paso County, Colorado, for Forest Lakes project for $7.5 million.
June 1, 1986 Denver Airport Land and Silverado Savings
MDC sells to Silverado Banking for $16,619,000.00 the common stock of Chambers Towers #1 that includes 250 acres in the Uplands, Colorado, project, and 150 acres in the Rincon Ranch in Tucson, AZ.
MDC buys $14 million of Silverado’s 15% subordinated capitol notes, which Silverado prepaid $3.57 million in interest.
MDC sells to Silverado Banking $33,215,000 of Mortgage loans, sold net of $12,618,000 of underlying debt owed Silverado.
June 4 & 10, 1986 AMCOR Lincoln sells to MDC-Richmond
AMCOR sells 4 Sunset Village Estates lots to MDC’s Richmond American Homes for $192,146.00 and books a $11,945.00 (6%) profit.
June 16, 1986
AMCOR sells Country Lane to Richmond Belmont, an MDC joint venture for $85,866 & books a $5,954.00 (6.5%) profit
June 30, 1986
AMCOR sells two Sunset Village lots to Richmond American for $38,710.00 & books a $2,572.00 (6.9%) profit.
July 7-8 & 9 1986 AMCOR-Lincoln sells to MDC-Richmond
AMCOR sells three Sunset Village lots back to Richmond American Homes for $58,206.00 & books a $4,146.00 (7.1%) profit.
July 18, 1986
AMCOR sells one Sunset Village lot back to Richmond American Homes for $19,454.99 & booked a $1,434.00 (7.37%) profit.
July 27, 1986 Meeting
CKII, CIII, BB, TM, MAV, JB, Debbie Francis & Pat Severance to Denver to meet w/ Joe Knopinski, Doug Champion & Glen Smith about Colorado projects.
July 31, 1986 MDC buys Ponderosa Homes
MDC buys Ponderosa Homes in Southern California
Aug 1, 1986
AMCOR sells one Sunset Village Lot back to Richmond American Homes for $19,573.00 & books a $5,040.00 loss.
Aug 15, 1986
AMCOR sells a Garden Lakes parcel to Richmond American Homes for $633,135.00 & BOOKS A $224,145.00 (35.4%) PROFIT.
AMCOR sells Brandywyne lots 561-568 back to Richmond American Homes for $218,074.00 & books a $17,834.00 (8.18%) profit.
Sept. 22, 1986
AMCOR sells Country Lane #4 lots 17-22 back to Richmond Belmont LP for $471,459.00 & books a $43,557.00 (9.24%) profit.
Sept. 30, 1986
MDC sells to Silverado Elektra a 324-acre sf project, Ranch Acacias in Rancho California, CA., for $13.3 million.
Yosemite Financial, an MDC subsidiary Company, sells m$1,419,000.00 in mortgage loans to Silverado Elektra.
Yosemite sells Silverado Banking $13,527,000 in mortgage loans.
Yosemite buys from Silverado subsidiary $3,527,000 worth of a junior interest in a 1986 loan pool at Silverado Banking.
Home American Mortgage Corp., an MDC Subsidiary, agrees to acquire $10 million worth of mortgage loans from Silverado Banking in 1986 & 1987.
(As part of this deal, Home American & Yosemite sold $6,851,000 and $1,195,000 worth of the mortgages to Silverado Banking)
Yosemite, as part of the deal, buys $1,099,000 of the Silverado Banking commercial loan pool.
Oct. 15, 1986
AMCOR sells one Sunset Village lot back to Richmond American for $19,986 & books a $1,966 (9.84%) profit.
Oct. 18, 1986
AMCOR sells a Garden Lakes parcel to Richmond American for $687,534 & books a $244,903 (35.63%) profit.
Oct. 20, 1986 Castle Meadows incorporates.
Yosemite sells $2,292,000 worth mortgage loans to Silverado Banking as payment for lots purchased at Clark Farms.
Dec 31, 1986
MDC sells all outstanding capitol stock in Yosemite Financial to MDC Asset Investors, Inc. a publicly traded REIT that gives MDC a management contract to run it.
(Asset Investors is run by Convicted Felon Phil Winn who during the 1990’s is indicted and convicted involving The HUD Scandal after Congressional hearing in 1989 that Stew Webb caused. Winn never serves his convicted term in prison as a result of Denver Federal Judge Sherman Finesilver, who was taking bribes from Millman and MDC. Winn is given a Presidential Pardon by Bill Clinton. Clinton’s attorney James M. Lyons is an MDC Director. MDC Director Norman Brownstein who also was a Director for another Millman Company Chubb Insurance Company of Denver, pays Bill Clinton’s legal expenses relating to Paul Jones and Clinton’s Impeachment. Winn had to resign as Ambassador to Switzerland in 1989 as a result of the Congressional Investigations of the HUD Frauds. Winn serves as an MDC Director.)
Feb. 26, 1987
AMCOR sells Garden Lakes parcels 10 & 19 to Richmond American for $2,115,918 & books a $264,335 (12.5%) profit.
Feb. 27, 1987
AMCOR sells eight Brandywyne lots to Richmond American for $231,376 & books a $31,206 (13%) profit.
Silverado Banking agrees to buy up to $30 million in mortgage notes receivable from Yosemite ($29,359,000 is actually purchased)
March 10, 1987
AMCOR sells two Country Lane parcels back to Richmond American for $66,068 and books a $8,710 (13%) profit.
March 31, 1987
MDC buys the Ranch Acacias property back from Silverado-Elektra.
April 2, 1987
AMCOR sells four Brandywne lots back to Richmond American for $116,773.92 & books a $16,609 (14%) profit.
April 3, 1987
AMCOR sells two Sunset Village lots back to Richmond American for $378.441 & books a $54,078 (14%) profit.
April 8-9 1987
CKII, MAV, JB, TM, BW, Jor Moroney, Frank Dubasik, Alan Van Loo, Jim Farney & group meets in Denver Re: Forest Lakes, Box Elder, Colorado Tech & West Meadows properties with Knopinski & D. Champion. Also tour Castle Rock.
May 5, 1987
AMCOR sells four Brandywyne lots back to Richmond American for $117,962 & books a $17,078 (15%) profit.
Silverado Banking agrees to purchase $25 million in mortgage notes receivable from Yosemite. ($24,990,000 is purchased)
June 1, 1987
AMCOR sells four Brandywyne lots back to Richmond American for $118,983 & books a $10,898 (16%) profit.
June 6, 1987
AMCOR sells four Brandywyne lots back to Richmond American for $119,970 & books a $19,986 (17%) profit.
Aug. 3, 1987
AMCOR sells four Brandywyne lots back to Richmond American for $121,022 & books a $20,937 (17%) profit.
Aug. 31, 1987
AMCOR Investments sells 963 Hidden Valley acres to Richmond American Homes for $16,9 million & reports $12.6 million (74.56%) profit.
Lincoln Savings & Loan loans Richmond American $20,912,000 for Hidden Valley.
Lincoln Saving & Loan loans Hamilton Homes 15 million.
Richmond American Homes sells 51.3 acres of Rancho Acacias to Hamilton Homes for $15 million cash (which is furnished Hamilton by Lincoln Saving & Loan)
Silverado Banking agrees to purchase participation in four Yosemite commercial loan pools of $25 million each.
Yosemite as part of the deal agrees to participate in up to $20 million of a junior interest in a Silverado commercial loan pool. (During 1987, Yosemite sold $64,500,000 in pools of mortgage loans to Silverado, while Yosemite bought $14,355,000 from Silverado)
Sept. 1, 1987
Funds for down payment on Hidden Valley purchase by Richmond American wired to AMCOR by First American Title (as trustee for ?)
Sept. 2, 1987
AMCOR sells four Brandwyne lots back to Richmond American for $122,040 & books a $21,956 (18%) profit.
Sept. 29, 1987
Lincoln Savings & Loan extends a $75 million line of credit to MDC Holdings, Inc.
Sept. 30, 1987
AMCOR buys $16 million worth of projects from MDC:
122 acres near Tucson for Mission West subdivision project for $4.2 million from MDC.
15 acre Settler’s Park in Mesa, AZ. for $1,626.000 from MDC (MDC-Wood, Inc.)
9.96 acres in Stellar Air Park, Chandler for $2,172,000.
75 acres in Willow Grove, a Lewisville, TX. subdivision, from MDC (Richmond-A, Texas) for $8,117,000. (Included agreement MDC would
re-purchase 15 lots per quarter).
90 developed lots in Stonebridge, 75th Ave & Cactus, Peoria, for $1.6 million.
AMCOR pays $500,000 to MDC for option to buy back lots in Box Elder and agrees to indemnify AMCOR in flood plain dispute.
AMCOR Investments sells $13,570,232 in properties to MDC’s Richmond American Homes:
630 acres of Hidden Valley for $11,021,546 & reports an $8,355,113 profit.
32 lots of GoldenMeadows single family project in Fort Collins, Colorado for $848,668.
5,700-sf home in Vail, Colorado for $1.7 million.
Oct. 5, 1987
AMCOR sells four Brandywyne lots back to Richmond American for $123,029 & books a $22,945 (19%) profit.
Nov. 2, 1987
AMCOR sells eight Brandwyne lots back to Richmond American for $249,085 & books a $48,396 (19%) profit.
Nov. 30, 1987
CKII, Kipps, Champion, Kassick tour Dallas projects– Stoneridge, Dabney & Willow Grove.
Dec. 2, 1987
CKII, CK, Joe Knopinski, Libby Kirschner, MAV, BW, CIII, Van Loo & Jim Farney to Denver for tours of Denver area projects.
Jan 12, 1988
AMCOR sells four Brandywyne lots back to Richmond American for $126,057 & books a $25,372 profit.
Jan 21, 1988
CKII notifies Bassam Abounkhater (son of Toufic) that he is hired for two years (from Jan. 4, 1988) @ $100,000 a year as Exec. Vice President of Medema Homes of Utah to do financial services for American Continental Corp. in London.
Feb. 5, 1988
CKII, BW, MV, CE meet in Denver with US West Real Estate Division–Jack McAllister. Jerry Johnson, Chuck Lillis, Howard Doerr, Win Wade, Dick McCormick–re: Estrella Investment.
Feb. 10, 1988
AMCOR sells nine Willow Grove lots back to Richmond American for $212,706 & books profit of $0
AMCOR sells four Brandywyne lots back to Richmond American for $127,077 & booked $26,992 in profits.
AMCOR sells six Stonebridge lots back to Richmond American for $115,490 & books $25,379 in profits.
March 31, 1988
AMCOR sells four Willow Grove lots back to Richmond American & books $4,048 profit.
April 10, 1988
AMCOR sells four Brandywyne lots back to Richmond American for $129,106 & books profit of $43,319.
AMCOR sells five Willow Grove lots back to Richmond American for $111,162 & books profit of $5,487.
April 12, 1988
Lincoln Savings & Loan buys $2 million worth of MDC Holding Co. exchangeable variable notes originally issued in June 1984 for $1,332,493.
May 31, 1988
AMCOR takes title to nine lots in the Meadows at no cost.
June 10, 1988
AMCOR sells four Brandywyne lots back to Richmond American for $132,170 & books profit of $29,219.
July 10, 1988
AMCOR sells four Brandywyne lots back to Richmond American for
$132,170 & books profit of $29,219.
July 15, 1988
JW issues orders halting all Lincoln Savings & Loan funding to MDC.
July 29, 1988
CKII’s meet w/Kipps re: Louisiana and Denver properties.
Aug. 8, 1988
CKII dines with Larry Mizel of MDC at Charles Keatings to discuss possible joint ventures in AZ. & Colorado, and CO Holdings.
Hamilton Homes sells 51.3 acres of Ranch Acacias to Gascon Development, Inc. & Gascon assumes $15 million note.
Aug. 10, 1988
AMCOR sells four Brandywyne lots back to Richmond American for $137,118 & books profit of $30,851.
AMCOR sells two Willow Grove lots back to Richmond American for $47,000 & books profit of $4,006
Aug 25, 1988
Lincoln Savings & Loan buys 51,500 of MDC’s 11.25% Senior subordinated notes (Junk Bonds) (face value $97.10) due May 19,1996 for $3,070,687,50 plus $170,593.75 or a total of $3,241,281.75, bought OTC from Merrill Lynch.
Aug. 31, 1988
Lincoln Financial buys $5,150,000 in 11.25% MDC Senior sub debt.
American Founders Life buys $2 million in 11.25% MDC Sr. sub debt.
Feb 10, 1989
ORPOS staff is briefed by SEC California DSL on questionable real estate deals between Lincoln Savings & Loan and MDC Holdings, Inc.
Feb 29, 1989
Richmond American holds a $3,369,000 mortgage note payable to Silverado Elektra collateralized by Ranch Acacias property.
ONE OF SEVERAL JUNK BOND LAWSUITS
US District Court Southern District of California
Class Action Complaint for Violations of the Federal Securities Laws
and Pendent State Law Claims
Filed June 25, 1990.
by: William S. Lerach Attorney
William J. Boyle, Jr.
Steven M. Mizel,
Michael H. Feinstein,
Marshall A. Abrahams,
Norman Phillip Brownstein,
Michael A. Feiner,
Raymond T. Baker,
Lambert Brussels Groupe Bruxelles Lambert S.A.,
Pargesa Holding S.A., Jeffery Beck,
Frederick H. Joseph,
Robert E. Linton,
William T. Brown,
Richard E. Bruce,
Isaac W. Burnham II,
Maurits E. Edersheim,
Michael E. Gellert,
Anthony M. Lamport,
David Meadow, Sylvan Schefler,
Joseph A. Vitanza,
Peter J. Schild,
John H. Kissick,
John D. Ciffin,
George C. Anderson,
Haig M. Casparian,
Hercules A. Segalas,
Alexander E. Chapro,
Aaron R. Eshman,
Stephen D. Weinroth,
Andrew nR. Morse,
Burton M. Siegel,
Joseph M. Murphy,
David G. Kay,
Herbert J. Bachelor,
Eugene J. Glaser,
Richard J. Wright,
Allan L Sher,
Jean E. Lanier,
Leon D. Black,
M.D.C. Holdings, Inc.,
Michael J. Milken,
Touche Ross & CO.
1. All allegations made in this Complaint are based on information and belief, except those allegations which pertain to the named plaintiff and his coucil, which are based on personal knowledge. Plaintiff’s information and belief is based, Interlaid, on the investigation made by and through his attorneys.
NATURE OF THE CASE
2. This is a securities class action on behalf of all persons, other than defendants, who purchased or otherwise acquired the securities of M.D.C. Holdings, Inc. (“MDC” or “the Company”) formerly known as M.D.C. Corporation, between April 1, 1985 and April 6, 1989 (the “Class Period”), seeking to pursue remedies under the federal securities laws and pendent state law claims. MDC is engaged in the real estate development, sales and financing business through its wholly owned subsidiaries.
During the Class Period, the defendants caused or permitted MDC, the individual defendants, Drexel Burnham Lambert, Inc., (“Drexel”) and Touche Ross & CO. (“Touche”), to issue a series of favorable public statements in annual and quarterly reports to shareholders, press releases, prospectuses, registration statements and other documents, regarding MDC, its business, management, financial performance and condition, future business prospects, and business acquitions, which were materially false and misleading, and took steps during the Class Periods to manipulate or support the market in MDC securities, which operated to inflate artificially the market price of MDC securities and make possible the public offerings of securities during the Class Period. These positive statements, to the effect that MDC was an industry leader; that MDC was profitable and successful, well-managed and controlled, and growing and diversifying; that MDC’s operations were improving; and that MDC would achieve increasing levels of profitability in future years and continue to pay dividends were materially false and misleading and operated to artificially inflate the market price of MDC securities.
3. In fact, each of MDCs financial statements that was publicly reported during the Class period materially misrepresented and overstated MDCs financial performance and condition. Etc.
Copyright Stew Webb
Your kind contributions are very much appreciated thank you Stew Webb.