Mainly for the sake of archival consistency, we'll briefly highlight this morning's Scott Schwebke story, wherein Mr. Schwebke provides something of an Ogden River Project update. "Moneyman" Gadi Leshem has resurfaced, at least for the moment. He's furnished Mr. Schwebke a "prepared statement," wherein he reportedly offers the citizens of Ogden City his assurances that his presently embryonic River Project plans (such as they are) will be unaffected by his floor installation company Chapter 11 Bankruptcy.
Although most of this morning's article amounts to a rehash of matter earlier reported by the Standard-Examiner and other print media, there is one new tidbit worthy of note:
For the first time, Mr. Leshem represents that he's working with an unnamed pool of "other investors," and that he therefore won't be required to rely upon revenue from his Cover-All, Inc. business to move his project(s) forward. Assuming Mr. Leshem can be taken at his word, this is probably a good thing, inasmuch as his statement contains other information that is less than encouraging:
Leshem also said the future of Cover-All is uncertain because of the economy and a sharp decline in consumer purchases of flooring.Could it be, gentle readers, that Mr. Leshem contemplates converting his Chapter 11 Reorganization into a straight Chapter 7 Liquidation, thereby allowing Mr. Leshem to jettison his floundering floor company, and then apply his energy full-time as a real estate developer? There's plenty of big money to be made by Gadi and his purported investor "partners," provided they have the financial juice to weather the current recession and move their project(s) forward. Enough money, we suspect, for Gadi to satisfy his obligations to his most pesky and formidable creditors, the State of California and the IRS, and to put a little dough in his own pocket. The rest of his creditors he can probably throw overboard via a Cover-All, Inc. Chapter 7.
Stranger things have happened.
Remember you read it here first.
As for the rest of this morning's Schwebke story, we invite our readers to slice, dice and dissect it.
And remember, that to be a Godfrey-Class Schemer, ya gotta think BIG.
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