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The Zionist Gang Behind New York’s 9-11 Conference

The Zionist Gang Behind New York’s 9-11 Conference

The Denver Illuminati Zionist Connection

http://www.veteranstoday.com/author/swebb

By Christopher Bollyn and Edited and updated by Stew Webb Whistleblower

Christopher Bollyn, I want to thank you for the kind and generous words and the great work you have and are doing wish you the best.–Stew Webb

The Mizel brothers are devoted high-level Zionist agents who are national real estate moguls.  They own a real estate company called Richmond American Homes.  The Mizel brothers are deeply connected to the Silverado Savings and Loan scam and other Zionist financial crimes of our time.  Federal whistle blower Stewart Webb, who was married to Kerre Millman, a family member of the Mizel gang, has done a great deal in researching and exposing this criminal network.

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The Zionist Gang Behind New York’s 9-11 Conference

Oh, what a tangled web we weave, when first we practice to deceive. – Sir Walter Scott (1771-1832)
History is not history unless it is the truth. – Abraham Lincoln
History, facts and truth are all Divine Products, and must prevail. – Charles A. Briggs

By Christopher Bollyn

Lenny Charles Labanco is the executive producer of the conference “How the World Changed After 9/11” that was held in New York City on September 11-12.  Labanco is the owner of the tax exempt “charitable” organization doing business as INN World Report Inc.  Lenny, who is married to a Brazilian Jew, was unwilling to discuss the evidence of Israeli and Zionist involvement in the terrorism of 9/11 during his two-day conference at Tribeca’s Walker Stage.  To understand why the evidence of Israeli/Zionist involvement was not on the agenda, one need only look behind the scenes to see the super-Zionists and Orthodox Jews who own and control the Walker Stage — and Leonard Charles Labanco’s I.N.N. World News, a tax exempt non-profit television station.

The World Trade Center was pulverized using an extremely powerful explosive known as super-thermite, a nanocomposite that was applied as a coating on the interior surfaces of the Twin Towers.  Who put the super-thermite in the Twin Towers?  It certainly was not Muslim terrorists — but the terror atrocity was designed to be blamed on Muslims by the Zionist-controlled media and government in order to kick-start a pre-planned U.S.-led invasion and occupation of Afghanistan and Iraq in order to steal the region’s immense mineral wealth.

The Enron financial fraud and the plundering of Iraqi oil wealth are just two of the mega-crimes related to 9-11.  The false-flag terror of 9-11 is just one manifestation of the Zionist criminal network that controls and corrupts the U.S. government.
The Zionist criminal agenda to occupy and plunder Afghanistan and the Middle East is well known to the more politically astute 9-11 relatives, as can be seen from this relative’s sign at the U.S. Capitol in June 2002.  This is the real reason why Alvin K. Hellerstein, the Zionist judge controlling the 9-11 tort litigation, has blocked a trial for the relatives for 9 years by forcing all of them to settle out of court.  This is a most appalling travesty of justice but exactly how the Zionist-controlled judicial system works against the victims of 9-11 – and protects the Zionist terrorists behind the crime. [Photo – Christopher Bollyn]

When a supporter of Bollyn.com wrote to me recently about a 9-11 conference in Manhattan, I was interested in finding out more about the people behind the event.  The reader wrote:

My friend sent me this link about an upcoming 9-11 conference in Manhattan. I wish you were on it. Lenny Charles is putting it together.  http://www.howtheworldchanged.org/

I was initially intrigued by the fact that Lenny Charles, the “executive producer” of “How the World Changed After 9/11” seemed to share the same last name as Dan Charles, the young Jew from Colorado who took over the erstwhile Reform Party shortly after Pat Buchanan’s presidential campaign in 2000.  As a former delegate from Illinois for the Reform Party, I remember how Dan Charles ran desperately to obtain any position possible during the party’s national conference in Nashville.  He was rejected for the top three positions and finally managed to be elected Treasurer of the party.  From that position, Dan Charles soon took over control of America’s leading third party and renamed it the America First Party (AFP).  Since Charles took control the party has been completely ineffective.   To derail the movement appears to have been Charles’ mission.

Dan Charles of Colorado took over the Reform Party in 2001

WHO IS LEONARD CHARLES LABANCO?
Lenny Charles (who is really Leonard Charles Labanco) was a jazz guitarist living in Boulder, Colorado, in the 1980s whose name was Leonard Charles Labanco, Jr, originally from Westfield, New Jersey.  Lenny Charles is Labanco’s stage name in which he uses his first and middle names, so Dan Charles and Lenny Charles are probably not related.  In any case, my real interest was on the 9-11 conference, a two-day “symposium of critical thinkers” called “How the World Changed After 9/11” held on September 11-12, 2010, at the Walker Stage located at 56 Walker Street in the Tribeca area of Manhattan.

I called Lenny Charles to ask him about the 9-11 conference and his relationship with the WexTrust criminal scam, which evidently was connected to the building at 56 Walker Street where Lenny Charles’ I.N.N. World News network is based.  In response to the reader’s original question, I posted the following comments in my Question and Answer section a few days ago:

I was not invited to the 9-11 event being put on by Lenny Charles, owner of INN World News.  Judging from the invited speakers and panel subjects, I seriously doubt if his 9-11 event at the Walker Stage will discuss the evidence of Israeli involvement, which is the basis of my thesis about the false flag terror that precipitated the Zionist “War on Terror” and the invasion of Afghanistan.  Having spoken with Mr. Charles on September 3, I am even more inclined to believe that the question of “Who did it?” will not be delved into.  The Orthodox Jewish and Israeli gangsters (e.g. Joseph “Yossi” Shereshevsky, Amnon Cohen, and Avi Benamu) behind the WexTrust Securities scam are the Jewish criminals who financed the current (secret) owners of INN’s 56 Walker St. building.  Why are the Israeli partners in the WexTrust fraud being protected by the court and media?  Although the Israelis involved in the WexTrust scam are kept concealed and protected, this is clearly the real reason why Lenny Charles is reluctant to discuss the evidence of Israeli involvement in 9-11.  The Israeli connection is specifically meant NOT to be on the agenda.  That’s what controlled media means.  Even the alternative media is controlled.  Who controls Lenny? (The answer to this crucial question is shocking and will be subject of my next article.)

Lenny_Charles

 

 

 

 

 

 

 

 

 

 

Lenny Charles (right) of INN World Report being interviewed in 2009
Lenny_Charles_INN_News

 

 

 

 

 

 

 

 

 

Lenny Charles of INN is the front man for the mystery owner of 56 Walker Street.  Who might that be and why is his identity kept secret?  Given the fact that Lenny Charles Labanco is married to a Brazilian Jewish woman, it is probably Lenny Labanco using the name “LenBrazil” who is the real author of “The Lies of the Truth Movement”, the website where he posted an article entitled “Can William Rodriguez be believed?”  Lenbrazil is also a 9/11 “debunker” who tries to say that the chips of super-thermite found in the dust of the World Trade Center are actually paint.  Perhaps we are seeing a pattern of deception in Lenny Labanco’s 9-11 efforts?  But why would he be doing this?

MY FIRST COMMENTS

I don’t know much about Lenny Charles.  He said in a 2009 video interview that he is from New Jersey and that he was educated at the El Paso campus of the University of Texas, which is an unusual place for a kid from New Jersey.  Lenny says he was a jazz musician for 25 years before starting INN World News, which is based in a high-rent building in Manhattan’s Tribeca neighborhood.  How does Lenny manage it?  Charles is also listed as representing a company called SKG Media and as the contact person for Walker Stage, located at 56 Walker Street in Manhattan.  SKG is often used to refer to the media moguls Steven Spielberg, Jeffrey Katzenberg, and David Geffen, but are they the money behind Lenny Charles and INN?  Walker Stage is a nightclub owned by 56 Walker LLC, whoever that might be.  A search for the owner turns up a host of legal cases that involve 56 Walker LLC and people named Avroham and Joseph Shereshevsky and a sprawling octopus company called Wextrust, which has many holding companies such as WexTrust Capital LLC, doing business in Tel Aviv and Ramat Gan in Israel and operating mining operations in Africa.  How does Lenny Charles and his 56 Walker Street job fit in with all of this gang, which is clearly involved in criminal fraud?

Joseph_Shereshevsky_and Steven_Byers

 

 

 

 

 

 

 

 

 

 

 

Joseph Shereshevsky (left, son of the rabbi Chaim Shereshevsky of Brooklyn) a Norfolk resident and former COO of WexTrust Capital and Steven Byers, the company’s founder and CEO, were each hit with fraud and conspiracy charges.  When he was arrested for his part in the $100 million pyramid scheme in August 2008, Shereshevsky held a one-way plane ticket to Israel.  After they were busted, Byers made a $500 donation to Barack Obama on August 23, 2008. (Courtesy of www.vosizneias.com)

In August 2008, the Securities and Exchange Commission charged WexTrust Capital and its affiliates with fraud, alleging that the company ran a Ponzi scheme that raised at least $255 million by targeting members of the Orthodox Jewish community.  The S.E.C. said WexTrust’s principals, Steven Byers and Joseph Shereshevsky, deceived at least 1,196 investors since 2002. The defendants diverted at least $100 million to unauthorized purposes, according to the S.E.C.’s complaint.  The SEC charge against WexTrust, a Chicago-based company, can be read here.  An interactive time line of the case is here.

THE ZIONIST CRIMINAL NETWORK BEHIND THE SCENES AT THE WALKER STAGE

As a nine-year veteran of 9-11 research, I have participated in many conferences and organized several by myself.  I know that it takes a great deal of time and money to put on a conference.  The events that I put on were free symposia held at the Schaumburg public library, where the conference hall was free of charge.  Lenny’s conference, on the other hand, is not free and will be held in the Walker Stage, a nightclub in the high-rent Tribeca district of Manhattan.  Lenny is the contact person/manager of Walker Stage at 56 Walker Street, but the property is owned by an outfit called Walker Street Associates, which is listed as a partnership in court papers with only one name given – Guy Morris.
I asked Lenny if Guy Morris was the owner of the building, and he confirmed that he was.  But Morris is not the real owner.  Lenny then wrote a nasty and threatening email to me, saying:

The building is owned by 56 walker llc period, which is Mr. Morris alone.”

But that is clearly not what the records show, and the data doesn’t lie.  The records indicate that 56 Walker LLC is a partnership and that Walker Street Associates is owner of the property.  I wondered why court documents never named the other partner(s) of Walker Street Associates, whose identities were kept secret and listed as John Doe (1-10).  Why has the real ownership of 56 Walker Street been kept such a secret?  Why does the owner of Walker Street Associates hide his identity?

Job data from 2004 shows 56 Walker Street owned by Walker Street Associates

New York City “Job Work Record” documents for 2004 clearly indicate that Guy Morris is a listed owner of 56 Walker Street as a partner in Walker Street Associates (See Row 25, Especially Cells BK-BO in this spreadsheet).  The SKG Music and Media company of Lenny Charles is also listed as SG, which probably stands for “Smiling Goat, Inc.” a television sound stage that records jazz acts at 56 Walker Street.  Smiling Goat, whatever that might mean, is listed with the same phone number as Lenny’s nightclub, the Walker Sound Stage.  Lenny wrote to me saying that 56 Walker Street is owned by Walker Street, LLC.  Both Walker Street, LLC and Walker Street Associates have the same phone number and both have used Greenberg Traurig to lobby on behalf of the company.  Walker Street LLC and Associates share the same phone number, (212) 925-4023, and address at 47 Walker Street as Menashe Grossman and Elihu Lipkis and his son Mordy, owners of the Shushana Company, a legally-challenged real estate company.  Greenberg Traurig, it should be noted, is the high-power law firm behind getting George W. Bush into the White House after the fraudulent election of 2000.

When I asked Lenny who he thought was behind 9-11 he said that he would not speculate to provide an answer.  I understood from his answer that his 9-11 conference will not address the key question, “Who did it?”  Lenny’s response and the general lack of focus of his conference made complete sense when I found the mystery owner of Walker Street Associates.

THE ZIONIST MIZEL BROTHERS

As it turns out, the real owner, president, and general partner of Walker Street Associates is Steven M. Mizel of the Zionist Mizel family of Tulsa and Denver, Colorado.  Business reports in the New York Times and court documents reveal that Mizel is the sole owner of the core business of Walker Street Associates.  A SEC document from 1996 says: “Walker  Street  Investors,   Inc.  (the  “Walker  Street”),  [is] a  company wholly-owned  by Steven M. Mizel.

The New York Times reported on November 29, 1988:

WASHINGTON, Nov. 28— Walker Street Associates L.P., an investment partnership, has acquired a 7.4 percent stake in National Intergroup Inc. and said it might propose a leveraged buyout of the Pittsburgh-based holding company, which has interests in steel, oil and pharmaceuticals.
In a Securities and Exchange Commission filing, Walker Street said it ”believes that the value of Intergroup’s assets exceeds the market value of the company’s common stock.” Walker Street is owned by Steven M. Mizel, executive vice president of MDC Holding Inc., a Denver-based real estate company. It bought its 1.6 million Intergroup common shares for an average price of $16.10. Intergroup has almost 21.7 million shares outstanding. Based on today’s closing price of $18 a share on the New York Stock Exchange, the company is worth about $390 million.

MDC HOLDINGS INC.

MDC stands for Mizel Development Corporation, which is headed by Steven’s brother Larry, who is founder and dean of the Simon Wiesenthal Center.  Larry has also served on the national board of the Israeli lobby, AIPAC.  Mizel has also founded a Jewish museum and a rather bizarre propaganda institute on terrorism in Denver.

Larry A. Mizel (right) is a devoted Zionist agent.

The Mizel brothers are devoted high-level Zionist agents who are national real estate moguls.  They own a real estate company called Richmond American Homes.  The Mizel brothers are deeply connected to the Silverado Savings and Loan scam and other Zionist financial crimes of our time.  Federal whistle blower Stewart Webb, who was married to Kerre Millman, a family member of the Mizel gang, has done a great deal in researching and exposing this criminal network.

Larry’s daughter, Courtney Mizel Green, is the Founding Director and Chairman of The CELL, i.e. the Counterterrorism Education Learning Lab or the Center for Empowered Living and Learning, a nonpartisan nonprofit organization set up by her father Larry to propagandize the Denver public about terrorism through its permanent exhibit titled “Anyone, Anytime, Anywhere: Understanding the Threat of Terrorism”.  As the daughter of an ardent Zionist, she should know all about terrorism – it was the primary tactic used by Zionists to establish the Rothschild’s “Jewish state” in Palestine.  Is the 1946 bombing of the King David Hotel part of the Mizel exhibit on terrorism?  How about the Zionist false-flag terror atrocity of 9-11?
The Mizel family’s Denver-based terror CELL uses televised images to spread its Zionist propaganda, very much like the controlled media in the United States.

“The Cell” Bank Bail Out Scamster Larry Mizel and Chertoff exposed by We are change Colorado:
http://www.youtube.com/watch?v=TNrdPOLIFMg

The key point is that the devoted Zionist agent Steven M. Mizel is the owner and power behind the scenes at I.N.N. and the Walker Stage.  Lenny Charles’ 9-11 conference is just another Zionist effort to hijack the memory of 9-11 by misinterpreting the false-flag terror atrocity that changed the world without asking who really did it or discussing the evidence of Israeli/Zionist involvement.  By organizing a high-profile conference in Manhattan on the ninth anniversary of 9-11, Lenny and his Zionist criminal backers seek to hijack and control the discussion of 9-11, but all they have succeeded in doing is to expose the Zionist criminal network behind 9-11 in even greater relief and detail.

to be continued…

Sources and Recommended Reading:

Courtney Mizel Green at Michael Milken Institute, April 26, 2010

http://www.milkeninstitute.org/events/gcprogram.taf?function=bio&EventID=GC10&SPID=4819
Courtney Mizel, “Who’s Who”, Jewtopia by Bryan Fogel and Sam Wolfson

http://jewtopiaplay.com/?page_id=17
Guy Morris and 10 John Does Owners of 56 Walker Street LLC, Document from U.S. District, New York, January 15, 2010 http://docfiles.justia.com/cases/federal/district-courts/new-york/nysdce/1:2008cv06673/329968/35/0.pdf
Guy Morris and Walker Street Associates Owners of 56 Walker Street, Job Work Record (3/8/2004-3/12/2004), New York City (See Row 25)

http://www.nyc.gov/html/dob/downloads/download/foil/job031204.xls

Larry A. Mizel Relationship Map

http://www.muckety.com/Larry-A-Mizel/9717.muckety
Larry A. Mizel, Richmond American Homes

http://ir.richmondamerican.com/directors.cfm
Larry Mizel Awarded Gas Exploration Contract off Israeli Coast, June 18, 2010

http://www.offshoreenergytoday.com/israel-4-new-offshore-gas-exploration-licences-awarded/
Larry A. Mizel, Chairman of the Board and Chief Executive Officer, M.D.C. Holdings, Inc., Forbes Magazine http://people.forbes.com/profile/larry-a-mizel/50460

Lenny Charles interview with Harold Channer, May 28, 2009

http://www.youtube.com/watch?v=XBZ-FaxqK_Y
Prince, Rob, “Silverado 8 – Larry Mizel and Spencer Browne”, Colorado Progressive Jewish News, May 9, 2010

Note by Stew Webb: Spencer Brown died in Florida after resigning from MDC as the President of the Company. Brown testified in the Silverado Savings and Loan hearing with Neil Bush Director, MDC was the Parent Company of Silverado Savings and Loan. Brown represented MDC Holdings, Inc. (MDC-NYSE) as the President after Larry Mizel suddenly came down with a Brain Tumor so he did not have to testify in the Congressional Silverado Hearing this Federal Whistleblower helped make happen. After the hearings Larry Mizel’s Brian Tumor went away and he resumed his position as President of MDC Controlled by Denver Illuminati Zionist KingPin Leonard Millman, George HW Bush’s Organized Crime partner.

http://www.stewwebb.com/S&L_whistle-blower_faces_federal_charges.JPG

http://robertjprince.wordpress.com/2010/05/09/silverado-larry-mizel-and-spencer-browne/
Securities and Exchange Commission, Restructuring Acquisition Corporation, SEC Document, May 31, 1996 http://www.secinfo.com/ds498.95t.htm

“The Mysterious Case of Lenny Charles”, RARWRITER.com, September 2010

http://www.rarwriter.com/JacoPastorius.htm
“The Pedestrians Rehearsal House and Lenny Lobanco”, Boulder Archives, RARWRITER.com, September 2010 http://www.rarwriter.com/Boulder_Archives.htm

“Walker Street Buys 7.4% of Intergroup”, New York Times, November 29, 1988 http://www.nytimes.com/1988/11/29/business/company-news-walker-street-buys-7.4-of-intergroup.html

Webb, Stew, “The Junk Bond Daisy Chain Fraud Starring Leonard Y. Millman, Larry Mizel, Charlie Keating, Gene Phillips, and the Bush Crime Family”, December 16, 2004

http://www.veteranstoday.com/2013/08/10/junk-bond-daisy-chain-frauds-the-denver-illuminati-zionist-connection/

http://www.stewwebb.com/2013/08/11/junk-bond-daisy-chain-frauds-the-denver-illuminati-zionist-connection/

May 6th Market event MDC Holdings MDC-NYSE Larry Mizel Culprit

http://www.stewwebb.com/may_6th_market_event_mdc_holdings_nyse_larry_mizel_culprit_news_05182010.htm

Webb, Stew, “Frauds Are Us at M.D.C. – A Bush Crime Family Company,” December 31, 2004

http://www.veteranstoday.com/2013/08/17/frauds-are-us-at-mdc-nyse/

http://www.stewwebb.com/2013/08/17/frauds-are-us-at-mdc-nyse-the-denver-illuminati-zionist-connection/

Webb, Stew, “When will the Feds arrest Larry Mizel?” June 3, 2010 http://www.stewwebb.com/jd_method_whistleblower_on_larry_mizel_06042010.htm

Steven Mizel Walker Street Associates

http://www.stewwebb.com/Steven_Mizel_Walker_Street_Associates_LP.htm

Click on links  below for original story by Christopher Bollyn and visit his website full fo great information and check out his books:

http://www.bollyn.com/the-zionist-gang-behind-new-yorks-9-11-conference

Christopher Bollyn
http://www.bollyn.com/home/

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Bank Bail out Fraudster Larry Mizel M.D.C. Holdings Announces 2013 Second Quarter Results

M.D.C. Holdings Announces 2013 Second Quarter Results

Larry_Mizel_20130523 Satanist-Illuminati-Baby Killer Larry Mizel

DENVER, July 30, 2013 /PRNewswire/ — M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended June 30, 2013.

2013 Second Quarter Highlights and Comparisons to 2012 Second Quarter

— Net income of $224.9 million, or $4.56 per diluted share vs. net income

of $10.6 million, or $0.22 per diluted share

 

— Net income included a $187.6 million, or $3.80 per diluted share,

tax benefit related to the reversal of a substantial portion of

the deferred tax asset valuation allowance

 

— Excluding the impact of the reversal of the deferred tax asset

valuation allowance, net income was $37.3 million*, or $0.76* per

diluted share

 

— Pretax income of $38.0 million, up 292% from $9.7 million

 

— Homebuilding pretax income of $29.8 million vs. $3.0 million

 

— Home sale revenues of $400.3 million, up 56%

 

— Homes delivered of 1,183, up 37%

 

— Average selling price of $338,400, up 14%

 

— Gross margin from home sales of 18.1% vs. 14.2%, a 390 basis point

increase

 

— 70 basis point improvement vs. 17.4% in 2013 first quarter

 

— SG&A expenses as a percentage of home sale revenues of 13.0% vs. 15.3%, a

230 basis point improvement

 

— Monthly net home order absorption pace of 3.2 homes per active community,

up 23%

 

— Net new orders of 1,351 homes, down 4%; dollar value up 12% to

$485.5 million

 

— Backlog dollar value of $784.2 million, up 19%; units up 3% to 2,095

homes

 

— Acquired 2,776 lots in 69 communities, including 32 new communities

 

— Total land acquisition spend of $185.1 million

Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “I am pleased to announce a second quarter profit of $4.56 per diluted share, our sixth consecutive quarterly operating profit, with net income improving by $214.3 million over the prior year. Our favorable results were significantly impacted by a $187.6 million tax benefit related to the reversal of a portion of our deferred tax asset valuation allowance, stemming from our return to consistent profitability and an improving housing market. Additionally, our homebuilding results again improved significantly, as volume and gross margin gains drove both year-over-year and sequential improvements in our homebuilding pretax operating margin to 7.4%.”

Mr. Mizel continued, “During the second quarter of 2013, the pace of our new home sales remained strong. Our monthly absorption rate of 3.2 net new home orders per active community was up 23% year-over-year and at our highest level since 2006, even as we increased prices in most of our subdivisions to regulate the pace of sales and maximize profitability. And although interest rates rose significantly toward the end of the quarter, we believe that the impact of increasing interest rates on new homes sales can be offset by the positive influence of other factors impacting new home demand, including low existing home inventories, attractive levels of overall affordability, and continued improvements in employment levels and consumer confidence.”

Mr. Mizel concluded, “Our active community count steadied in the second quarter, increasing slightly after five consecutive sequential quarterly declines. We continue to believe that we are poised to increase our active community count by at least 10% from current levels by the end of the year. Our confidence in achieving this goal is rooted in the success we have experienced in acquiring new land over the past year. During the 2013 second quarter alone, we purchased approximately 2,800 lots, our highest level of land acquisition activity since 2006. We ended the quarter with more than 14,700 lots controlled, an increase of 16% from the end of the 2013 first quarter and 44% year-over-year. We believe that we control enough lots to drive meaningful gains in both net orders and closings volume for 2014, provided that market conditions remain favorable for the industry.”

Homebuilding

Home sale revenues for the 2013 second quarter increased 56% to $400.3 million compared to $256.5 million for the prior year period. The increase in revenues resulted from a 37% increase in homes delivered to 1,183 homes as compared to 861 in the prior year and a 14% increase in the Company’s average selling price to $338,400. The increase in average selling price was largely due to price appreciation and lower incentives in many of our markets.

Gross margin from home sales for the 2013 second quarter increased to 18.1% from 14.2% for the year-earlier period. On a sequential basis, our 2013 second quarter gross margin from home sales was up 70 basis points as compared to 17.4% for the 2013 first quarter. The increase was attributable to the Company’s continued focus on increasing pricing and decreasing incentives as its markets improved since the start of 2012.

SG&A expenses as a percentage of home sales revenues decreased by 230 basis points to 13.0% for the 2013 second quarter versus 15.3% for the same period in 2012. The improvement was the result of operating leverage created by the Company’s 56% year-over-year increase in home sale revenues, which far outpaced a year-over-year increase in the Company’s absolute level of SG&A expenses, and was slightly offset by a year-over-year increase in legal expenses driven by various significant legal recoveries in the 2012 second quarter which did not recur in the 2013 second quarter.

Net new orders for the 2013 second quarter decreased 4% to 1,351 homes, compared to 1,402 homes during the same period in 2012, largely due to a 21% decrease in the Company’s active average community count. However, the Company’s monthly sales absorption rate for the 2013 second quarter rose 23% to 3.2 per community, compared to 2.6 per community for the 2012 second quarter and 3.0 for the 2013 first quarter. The Company’s cancellation rate for the 2013 second quarter was 19% versus 20% in the prior year second quarter and 18% in the 2013 first quarter.

The Company ended the 2013 second quarter with 2,095 homes in backlog, with an estimated sales value of $784.2 million, compared with a backlog of 2,028 homes with an estimated sales value of $657.5 million at June 30, 2012, a 19% increase in dollar value.

At June 30, 2013, the Company had 140 active subdivisions, which was up slightly from 139 at March 31, 2013, and represented a reversal of its previous trend of sequential quarterly decreases in community count. In addition, as a result of the significant increase in our land acquisition activity in the latter half of 2012 and the first half of 2013, the Company’s lots owned and under option increased by 44% year-over-year and 16% since March 31, 2013 to more than 14,700 lots. The Company believes that these significant increases in lots owned and under option will further increase its active community count during the second half of 2013.

Financial Services

Income before taxes from our financial services operations for the 2013 second quarter was $8.2 million, compared to $6.7 million for the 2012 second quarter. The increase in pretax income primarily reflected a $1.1 million increase in our mortgage operations pretax income to $6.9 million for the 2013 second quarter, compared to $5.8 million in the 2012 second quarter. The improvement in our mortgage profitability was driven primarily by year-over-year increases in the volume of loans locked and originated due to increases in new home deliveries from our homebuilding operations.

Income Taxes

During the 2013 second quarter, we realized a $187.6 million income tax benefit related to the reversal of a substantial portion of the Company’s deferred tax asset valuation allowance. Our remaining deferred tax asset valuation allowance at June 30, 2013 was $39.7 million and related to (1) the remaining interim periods of 2013 during which a portion of the remaining valuation allowance will be reversed as pretax income is realized as required by U.S. GAAP and (2) various state net operating loss carryforwards where realization is more uncertain at this time due to the more limited carryforward periods that exist in certain states.

About MDC

Since 1972, MDC’s subsidiary companies have built and financed the American dream for more than 170,000 homebuyers. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville, Orlando, South Florida and Seattle. The Company’s subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of the Company’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; and (16) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Form 10-Q for the quarter ended June 30, 2013, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.

* Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.

 

M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

 

Click on link below to read full report:

http://online.wsj.com/article/PR-CO-20130730-905702.html?mod=googlenews_wsj

Related:

Larry Mizel Mortgage Backed Securities Frauds

Stew Webb SEC Whistleblower Filing against Larry Mizel and Len Millman M.D.C. Holdings, Inc. MDC-NYSE who created mortgages on house never built and duplicated mortgages and sold them worldwide that lead to bank bailout and tarp bail out. Then derivative those mortgage backed securities using Norman Brownstein as Vice President at Deutouch Bank of Canada. U.S. Attorney Eric Holder and new strike force including Denver US Attorney know this and are covering it up. $100 Trillion of fake mortgages were created. 12.5 million People have had their home stolen from them who were paying their mortgages to xyz mortgage co. and they sent their dirty attorneys in claiming they owned the mortgages to steal Peoples equity. Kentucky’s Attorney General is going after them right now for this illegal theft. They also sole over 5,000 Trillion worth of derivatives that have caused the worldwide financial meltdown.

http://www.stewwebb.com/Larry_Mizel_Mortgage_Backed_Securities_Frauds_and_Bank_Bailout_Frauds_03122012.htm

Illuminati Human Sacrifice Busted

http://www.stewwebb.com/2013/06/29/illuminati-council-of-13-busted-human-sacrifice-denver-june-21-witching-hour/

Letter to NY Attorney General US Attorney SEC Attorneys (Stew Webb Official Whistleblower Filing)

http://www.stewwebb.com/Letter_to_NY_Attorney_General_US_Attorney_SEC_Attorneys_20121005.htm

Whistle blowers US Intel Breaking News
http://www.stewwebb.com

stewwebbradionetwork-com-2015-09-24

stewwebbradionetwork-com-2015-09-24

 

 








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