TRANSAM TAX CERTIFICATE CORPORATION, TRANSAM TAX CERTIFICATE,
L.L.C., TRANSAM FINANCIAL SERVICES, INC., DESTINY 98, ADVANTAGE 99,
etc.
And Reo America, Rebuild America.
These shells are all subsidiaries of TransAmerica Corp, currently owned by
the Dutch company, Aegon, one of the largest, international insurance
conglomerates.
L.L.C., TRANSAM FINANCIAL SERVICES, INC., DESTINY 98, ADVANTAGE 99,
etc.
And Reo America, Rebuild America.
These shells are all subsidiaries of TransAmerica Corp, currently owned by
the Dutch company, Aegon, one of the largest, international insurance
conglomerates.
Some names of Destiny-98
companies:
companies:
HEARTWOOD 88, LLC (f/k/a Heartwood 88, Inc.), Belongs to
BankAtlantic
BankAtlantic
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MTAG is Mooring Financial's.
Last revised 05-28-2010
All blue highlighted text links to
additional notes and information
All blue highlighted text links to
additional notes and information
"Just because something is
legal, doesn't mean it's
right..."
legal, doesn't mean it's
right..."
Here is why...
This page is
incomplete and still
being worked on...
incomplete and still
being worked on...
There is a tactical reason for a single company having so
many shells in the tax lien business that goes back to the rules governing
many tax lien/deed auctions.
At some auctions, to speed up the process, the bidding may be given, or the
bids are awarded, in turns or revolutions. The details vary but the essential
result is that if one agency can, by whatever means possible, be represented
by more than one bidder, then that agency can bias the bids in their favour.
This was the tactic used that resulted in this lawsuit alleging (correctly) that a
Cook County, IL, auction was fixed in this manner.
Municipalities recognize this and have put in place rules to control it. Some
are as simple as not allowing a participant to register more than once as a
bidder. But all solutions rely on some definition that establishes an arm's
length separation from one bidding entity to another and ALL can be
circumvented. Having multiple incorporations - who coincidentally have the
same corporate officers(!) - represented and registered at the auction as
separate companies is one way this can still legitimately be done in some
jurisdictions.
This, for instance, would allow Doug Gale to go to an auction, register as
several "separate" companies, Destiny-98, Advantage 99, REO America,
TATCC, ad nauseum, bid on the behalf of all the companies, but walk away
with all the bids won, all in his own hands, a single benefiting entity.
many shells in the tax lien business that goes back to the rules governing
many tax lien/deed auctions.
At some auctions, to speed up the process, the bidding may be given, or the
bids are awarded, in turns or revolutions. The details vary but the essential
result is that if one agency can, by whatever means possible, be represented
by more than one bidder, then that agency can bias the bids in their favour.
This was the tactic used that resulted in this lawsuit alleging (correctly) that a
Cook County, IL, auction was fixed in this manner.
Municipalities recognize this and have put in place rules to control it. Some
are as simple as not allowing a participant to register more than once as a
bidder. But all solutions rely on some definition that establishes an arm's
length separation from one bidding entity to another and ALL can be
circumvented. Having multiple incorporations - who coincidentally have the
same corporate officers(!) - represented and registered at the auction as
separate companies is one way this can still legitimately be done in some
jurisdictions.
This, for instance, would allow Doug Gale to go to an auction, register as
several "separate" companies, Destiny-98, Advantage 99, REO America,
TATCC, ad nauseum, bid on the behalf of all the companies, but walk away
with all the bids won, all in his own hands, a single benefiting entity.
A larger listing of tax lien/deed
investing companies and their
associated parent companies will
be posted when complete.
investing companies and their
associated parent companies will
be posted when complete.
Flickr site of photographs of
1960 S Maple by John Baird:
http://www.flickr.com/photos/jo
hnbaird/491830437/
http://www.flickr.com/photos/jo
hnbaird/494269401/
1960 S Maple by John Baird:
http://www.flickr.com/photos/jo
hnbaird/491830437/
http://www.flickr.com/photos/jo
hnbaird/494269401/