TRANSAM TAX CERTIFICATE CORPORATION, TRANSAM TAX CERTIFICATE,
L.L.C., TRANSAM FINANCIAL SERVICES, INC., DESTINY 98, ADVANTAGE 99,
etc.
These shells are all subsidiaries of Transamerica Corp, currently owned by
the Dutch company, Aegon, one of the largest, international insurance
conglomerates.
Even insurance companies with money to invest cannot resist the
temptation of tax liens, though they are careful, like most banks, to
distance themselves from the entities actually making and executing on
the lien purchases.
Since 2003, Gale has operated primarily through Reo America, and,
recently, Rebuild America. Gale also has incorporated a relatively new
entity, C.F.P. Properties, as its single officer. A 2009 case they lost can be
seen here.
Likewise, he has formed Terra Echelon, again, with Gale as sole officer.
Neither C.F.P. or Terra Echelon seem to have a web presence.
Most of these corporations are one-man outfits with the exception of REO
America which once had about four associates. Since the collapse of the
real estate market, REO America has imploded, with Tiffany Cone being the
remaining associate, listed as REO's 'asset manager'.
.
L.L.C., TRANSAM FINANCIAL SERVICES, INC., DESTINY 98, ADVANTAGE 99,
etc.
These shells are all subsidiaries of Transamerica Corp, currently owned by
the Dutch company, Aegon, one of the largest, international insurance
conglomerates.
Even insurance companies with money to invest cannot resist the
temptation of tax liens, though they are careful, like most banks, to
distance themselves from the entities actually making and executing on
the lien purchases.
Since 2003, Gale has operated primarily through Reo America, and,
recently, Rebuild America. Gale also has incorporated a relatively new
entity, C.F.P. Properties, as its single officer. A 2009 case they lost can be
seen here.
Likewise, he has formed Terra Echelon, again, with Gale as sole officer.
Neither C.F.P. or Terra Echelon seem to have a web presence.
Most of these corporations are one-man outfits with the exception of REO
America which once had about four associates. Since the collapse of the
real estate market, REO America has imploded, with Tiffany Cone being the
remaining associate, listed as REO's 'asset manager'.
.
Some names of Destiny-98
companies:
companies:
HEARTWOOD 88, LLC (a/k/a Heartwood 88, Inc.), belongs to
BankAtlantic, "Florida's most Convenient Bank," who salve
their conscience via the BankAtlantic Foundation, which,
since 1994, has distributed more than $16 million in
charatible donations. But what has their lien activities cost
the communities they operate in?
BankAtlantic, "Florida's most Convenient Bank," who salve
their conscience via the BankAtlantic Foundation, which,
since 1994, has distributed more than $16 million in
charatible donations. But what has their lien activities cost
the communities they operate in?
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
MTAG is Mooring Financial's tax lien investment arm
although as of 2010, Mooring has sold off it's tax lien
investment arm.
However, they have left a legacy of damaged
neighborhoods and shattered hopes (the video
unfortunately no longer runs).
Mooring was also instrumental in the near foreclosure
of the Tibetan Cultural Center in Bloomington, Ind. The
Center was founded by the brother of the Dalai Lama
whose visits to it have made it a pilgrimage site for US
Buddhists.
although as of 2010, Mooring has sold off it's tax lien
investment arm.
However, they have left a legacy of damaged
neighborhoods and shattered hopes (the video
unfortunately no longer runs).
Mooring was also instrumental in the near foreclosure
of the Tibetan Cultural Center in Bloomington, Ind. The
Center was founded by the brother of the Dalai Lama
whose visits to it have made it a pilgrimage site for US
Buddhists.
Last revised 01-16-2012
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 that goes back to the typical 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 favor for
price, quantity, quality and cost.
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 these and similar tactics 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 and another. 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 Gale to go to an auction, register as
Destiny-98, Advantage 99, REO America, TATCC, ad nauseum, bid on the
behalf of all the companies, but walk away with the 'separate' companies'
winning bids, all in his own hands, a single benefiting entity.
many shells that goes back to the typical 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 favor for
price, quantity, quality and cost.
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 these and similar tactics 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 and another. 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 Gale to go to an auction, register as
Destiny-98, Advantage 99, REO America, TATCC, ad nauseum, bid on the
behalf of all the companies, but walk away with the 'separate' companies'
winning bids, 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 as this page is
expanded.
investing companies and their
associated parent companies will
be posted as this page is
expanded.
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/
To their credit, Deutsche Bank and the now
semi-defunct Wachovia (having been taken over by
Wells Fargo) had the cojones to put their own company
names on tax lien certificates. Few banks and publicly
recognized investment companies are that forthright.
One still has to marvel at the chutzpah of Wells Fargo
whom I believe still invests in tax liens/deeds.
semi-defunct Wachovia (having been taken over by
Wells Fargo) had the cojones to put their own company
names on tax lien certificates. Few banks and publicly
recognized investment companies are that forthright.
One still has to marvel at the chutzpah of Wells Fargo
whom I believe still invests in tax liens/deeds.