Tuesday, January 16, 2007

Kara Gets Replacement Loan

TRENTON — A judge today allowed Kara Homes Inc. to replace a $2.6 million loan from an investment bank with one borrowed from a hedge fund, and he will decide later this month whether an additional $2.4 million can go to the beleaguered home builder.

Kara will use the $2.6 million to pay off investment bank Bear Stearns and to fund its operations through the end of the month.

Full story...

69 Comments:

Blogger SCProfessor said...

The first thing I’d like to applaud is the efforts by counsel to National City Bank (NCB), in raising the objections contained in their response to the Motion by the Debtor to obtain new DIP financing. Every point they make is salient to the unfairness of allowing this Debtor to continue to squander Estate resources to the exclusive benefit of existing Kara employees, Traxi employees, and bankruptcy professionals employed in this Case. You can read that objection by pointing your browser to:
http://www.app.com/assets/pdf/B357048116.PDF

Key points raised in this objection have been highlighted in past postings. They include the point raised by Anon 8:59 when he asks the Creditors Committee attorney, “was your decision to support this motion based upon what's best for the unsecured creditors of this case, or what's best to insure that you will get paid?” This poster asked for my response. There are obviously things that go better unsaid and left to conjecture. I agree with the specific point made by NCB’s attorney in the objection, pointing to the fact that this “$500,000 ... carved out for post-petition professional fees,” is included in the “cost of over $1 million in professional fees, Plaintiff’s lender charges and interest,” that is being consumed to make “available cash in the amount of $2,000,000” to keep this Debtor operating. I’m guessing that if we looked at this loan and had to accurately calculate its interest rate based upon the cost disclosures associated with computing an APR, it would shock the conscious of all except those who operate a loan shark business.

Perhaps the most entertaining phrase in this objection compares this Bankruptcy to the card game Blackjack. In Paragraph 19 of the Objection, counsel for National Bank states:

“Prospective purchasers, subcontractors, construction lien holders, mezzanine lenders and senior construction lenders all continue to wait while the Debtors ask the Bankruptcy Court to allow it to ‘double down’ on a bet based on hope. NCB submits that the time for betting on hope has passed.”

For Kara’s insiders, the bankruptcy professionals, and Plainfield (the DIP Lender), the idea of doubling down presents absolutely no risk but provides obvious pecuniary benefit. Management gets to stay employed. Traxi and the other Court appointed professionals get to continue to develop billable hours with the risk that they won’t be paid relieved as the result of this $500,000 carve out. Plainfield, through the secured loan documentation makes an extraordinary return on its investment at little or no risk. The risk of loss of course exists and falls upon those who have already lost too much. The creditors of this case.

Almost two months ago, in posting my opinions on this Blog, I wrote what I think reflects my feelings about this case. What I said then is the same as I would say now.

“My opinion has been all through this proceeding that this case is headed towards liquidation. My opinion remains that Chapter 11 liquidating plans are simply a waste of money when things could have been done faster and less expensively in a Chapter 7. Each has the same results but you would eliminate the need to have an unsecured creditors committee (and its list of professionals). You would also eliminate the need for Traxi and Kara’s management. A professional trustee, appointed by the U. S. Trustee’s Office would fill all those roles.”

Regards,

SCProfessor

Tuesday, January 16, 2007 10:07:00 PM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:36:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:39:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:39:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:40:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:41:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:43:00 AM  
Blogger Zuhdi Karagjozi said...

scprof, there are two sides to every story. I put my side up on my blog. You look like a teacher I had at ucla. He was a jerk and they fired him. Did you teach their. The way you write sounds like how this pompis ass talked.

Wednesday, January 17, 2007 12:46:00 AM  
Blogger SCProfessor said...

Please Mr. Karagjozi, you only need to hit the "login and publish" button once. Funny you would mention UCLA. I am familiar with the admissions criteria there. Based upon your writing style, I'm surprised you gained admission. I would encourage you to use spell check.

Wednesday, January 17, 2007 1:10:00 AM  
Anonymous Anonymous said...

Did you ever see one of those old "MASH" episodes where Hawkeye is desperately trying to save a patient and he's doing CRP, beating on his chest and saying, 'C'mon, live, dammit!"? He's going on and on and then one of the other doctors says, "He's gone, it's over, Hawk.", and Hawkeye just gets angrier and angrier and won't quit until the other doctors have to physically restrain him? Right now Kara Homes reminds me of that. Sad and pathetic and totally futile. Plus, Hawkeye's hair turned gray towards the end of his run, too.

Wednesday, January 17, 2007 1:32:00 AM  
Anonymous Anonymous said...

http://www.app.com/apps/pbcs.dll
/article?AID=/20070117/NEWS/701170325

What a joke. How much more time & money does deadbeat Karagjozi need to "reorganize"? All these loans accomplish is funding his team of overpaid chums. Shut the clown down, auction away his assets & draw this thing to a close already.

Wednesday, January 17, 2007 12:47:00 PM  
Anonymous Anonymous said...

Zuhdi... I will pursue you to the ends of this earth to get back my life savings which you have STOLEN!!!!

It is pretty simple. I have a contract for a house which is not built. Therefore I deserve my deposit back. But you insist on hiding behind lawyers while living in a multi-million dollar home. Well enjoy it while you can because I will make sure you spend the rest of your days in prison.

Wednesday, January 17, 2007 2:55:00 PM  
Anonymous Anonymous said...

The judge must be one extremely patient and sympathetic guy because that's the only explanation that would explain why this ridiculous charade keeps dragging on. These pitiful emergency loans serve no purpose at all other than giving Zudi and his friends a place to go every morning and a paycheck to cash every week. The only thing that Kara has done for months now it show up in court with their hands out. No one wants to loan them any money or get involved in business with them. These so called bankruptcy specialists came on board and so far have accomplished nothing other than making a small fortune at the expense of the creditors. They've been there for months and have not reorganized a thing. The company is still full of people drawing a check despite having had nothing to do for three months now. The creditors and customers who were ripped off funded this outfit before they hid behind chapter 11 and now they're basically funding them again and it is an absolute crime.

Wednesday, January 17, 2007 3:38:00 PM  
Blogger SCProfessor said...

Anon 3:38, very well put. Now if you are a creditor in this case, copy the Case caption exactly as it is in the NCB objection, putting your name and address on it in the upper left hand corner, signing it and noting your are a creditor, and filing it with the Court before the final hearing on this.

What remains clear is the Unsecured Creditors Committee doesn't seem to be representing your interests so you must take the "bull by the horns" and let the Judge know.

Take care and good luck.

SCProfessor

Wednesday, January 17, 2007 4:44:00 PM  
Anonymous Anonymous said...

In the last year, the world has seen the substance behind the Zudi myth. During 2006, while his company was going down in flames, he had no answers and he hasn't offered any answers since. The company is exactly where it was in October, trying to finalize a $5 million loan from some shadowy high interest lender so they can continue to support Zudi's family and friends. Zud's mouthpiece is always talking about these potential saviors but none ever arrive. He must know Zudi very well, because promising things that never arrive is Zudi's strong suit. Ask any of his customers, or creditors, or employees. If breaking promises was an Olympic event, Zudi would be dripping with gold medals.

Wednesday, January 17, 2007 4:49:00 PM  
Anonymous Anonymous said...

The unsecured creditors committee is a joke. It takes them forever to just update their blog with any relevant information. They object to nothing and whatever their goal is, it doesn't represent any creditors I know. Whatever their lawyers get paid is way too much, they're less than useless.

Wednesday, January 17, 2007 5:45:00 PM  
Anonymous Anonymous said...

This judge must be a moron.

Wednesday, January 17, 2007 6:32:00 PM  
Anonymous Anonymous said...

Some news over at Zudi's blog about layoffs that are suppose to happen at Kara tomorrow. Maybe the inner circle is going to be smaller. No, that would make sense. Expect some low salaried employees who actually do some work get cut. Gotta leave that executive team intacted for the reorganization.

Thursday, January 18, 2007 2:14:00 PM  
Anonymous Anonymous said...

Zuhdi- how do you have time to post blogs? you should be out looking for construction financing. though the majority think it's utterly futile, the judge has granted you a small window to find funding. so stop wasting time taking shots at the prof and find the f'ing cash. until you do, stay off the Internet jackass.

Friday, January 19, 2007 7:49:00 AM  
Anonymous Anonymous said...

Do you actually think it really is Zuhdi posting on the "what is bankrupty" log? The man can't even turn on his laptop. Work with me here.

Friday, January 19, 2007 8:17:00 AM  
Anonymous Anonymous said...

whether it’s Zudhi or others in his inner circle, someone is reading and posting to this site. same message applies. stop wasting our time and money.

Friday, January 19, 2007 9:23:00 AM  
Anonymous Anonymous said...

Let's try this again. It's someone being sarcastic.

Friday, January 19, 2007 6:33:00 PM  
Anonymous Anonymous said...

Zudi thinks a blog is something you get lumber from. To him, "the Inter-net" is the lining in his swim trunks. He tried to send an email once, but couldn't find any e envelopes. When he hears "log on", he heads for the men's room. When he hears "broad band" he thinks of the Go-Go's.

Friday, January 19, 2007 9:56:00 PM  
Anonymous Anonymous said...

Did anyone get laid off Friday??? Who is left

Saturday, January 20, 2007 2:00:00 AM  
Anonymous Anonymous said...

No one has & no one will until the money is all gone for the last time.

Saturday, January 20, 2007 3:55:00 AM  
Anonymous Anonymous said...

Hello everyone, just wanted to let you know I read this site, Thank you, Mrs.Perotti

Saturday, January 20, 2007 9:27:00 AM  
Anonymous Anonymous said...

"Terry Morrison and Nancy Seiler were residents of the New Lisbon Development Center, a New Jersey state facility for people with developmentally disabilities. On Thursday, September 7, 2006, the two moved to a two-story home on Old Main Shore Road, far away from the institutional existence both had known for much of their lives. On Friday, September 22, 2006, a ribbon cutting ceremony was held honoring the generosity of Kara Homes, a prominent developer in the region. Thos home was donated by Kara homes, who is also donating two other homes in Barnegat and one in Middletown, NJ that have not been built yet." See:
www.comop.org/pdfs/Fall.06.pdf

For those of you who want to see Mrs. Perotti’s husband, he is pictured at this ribbon cutting ceremony. So, I guess this leaves us with a few questions.

1. How many subcontractors and material suppliers unwillingly donated their labor and materials on this project?

2. What are Zudi’s plans relating to Kara’s donation of the additional 3 homes?

3. Why would a company in Kara’s shape (filing BK about 2 weeks after the ribbon cutting ceremony), be in the charity mode and not in the bill paying mode?

Saturday, January 20, 2007 10:38:00 AM  
Anonymous ExKoolAid said...

Poor Zudi. Looks like that Florida partner he has been counting on is going the route of a KARA HOMES II. You can read about them at http://www.bradenton.com/mld/bradenton/news/local/16504432.htm

Saturday, January 20, 2007 11:37:00 AM  
Anonymous Anonymous said...

re: anon 10:38:27 AM - great question. Kara couldn't even manage to pay us for working on that very date. Too bad Zudi didn't devote as much energy to making sure he balanced his books as he did with polishing that businessman/community leader image he so craves. Also too bad his charitable side doesn't apply to those who bought something from him or worked for him or loaned him money.

Saturday, January 20, 2007 3:32:00 PM  
Blogger exkoolaid said...

I am a little confused as to how someone has the same blog name as I do. Any suggestions? I just find it strange that this clown couldn't be a little more original.

Saturday, January 20, 2007 7:43:00 PM  
Anonymous Anonymous said...

RE: ribbon cutting, I guess there were no golf courses to sneak onto that afternoon.

Sunday, January 21, 2007 2:15:00 AM  
Anonymous Anonymous said...

Hey Kara Homes Inc., you'd best get on the ball with those W-2 forms because if it's not here on time, you will rue the day.

Sunday, January 21, 2007 2:25:00 AM  
Blogger exkoolaid said...

I don't think late W-2 forms is going to be first on the Kara Homes Inc. problem list. I think they come straight from checkpoint anyway.
The bottom line is the Federal gov and The AG are a little more concerned with some of the other "issues" the firm has had. Late W-2 won't even make their top 20 reasons for being in deep crap.

Sunday, January 21, 2007 8:04:00 AM  
Anonymous Anonymous said...

ExKoolAid:

Can you be more specific?

"The bottom line is the Federal gov and The AG are a little more concerned with some of the other "issues" the firm has had. Late W-2 won't even make their top 20 reasons for being in deep crap."

Sunday, January 21, 2007 10:59:00 AM  
Anonymous Anonymous said...

I hope the AG office & the feds really do go after Mr. Empty Pockets & pin something on him that sticks. He can keep begging for more money & more time, but sooner or later both will run out. Then we'll see what the genius is all about. The real Kara story is eventually going to get out, not this nonsense in the papers about "slowing markets". And when that story is known, Karagjozi will look like the crooked horse's ass he is in real life.

Sunday, January 21, 2007 11:49:00 PM  
Anonymous Anonymous said...

Instead of a replacement loan maybe they should consider a replacement CEO, like someone who has a clue or two.

Monday, January 22, 2007 12:52:00 PM  
Anonymous Anonymous said...

I don't know if the Fed is looking at him but they need to, just to give the impression of concern for its citizens. Although, there may be a secret investigation...

Monday, January 22, 2007 3:26:00 PM  
Anonymous Anonymous said...

Maybe it was just incompetence, or maybe it was something more, but one thing is totally clear. A whole S-load of money went "poof" with very little to show for it on the ground. It all happened in just a few years, too. Things like that don't just suddenly "happen" because the "market slowed down", it happens because a) someone is incompetent to the point of negligence or b) it was a scam of some kind. I don't see any other local builders massively imploding due to market conditions, only one. Time will tell whether Zudi is a crook or merely an idiot.

Monday, January 22, 2007 11:06:00 PM  
Anonymous Anonymous said...

A new article appears today in the Asbury Park Press relating to the auction of developments. You can read it at:
http://tinyurl.com/ynsfjq

A Google search discloses:

DJM Asset Management and Traxi have business ties. See http://tinyurl.com/yobwyb

DJM and Sheldon Good also have ties. See http://tinyurl.com/25m9ll

So what you are seeing is one side of the "I'll scratch your back if you'll scratch mine" world of the bankruptcy professionals. As this economy slides, these guys will work together getting involved in cases and returning favors. Tough job here. All that is being done is that the banks are buying the collateral they in reality already own. I guess they are being charged for the auctioneering services. No doubt it appears on its face to be a relatively minor percentage but when that percentage is multiplied by the total auction price, well it becomes a sizeable premium given the little work involved. That is no doubt why Fenix is objecting.

So let me see if I have this right. Auctions go something like this. “I have an opening bid of $8.9 million from Magyar Bank. Going once, going twice, SOLD.” I wonder how much DJM and Sheldon Good make for that outstanding effort?

Tuesday, January 23, 2007 9:39:00 AM  
Anonymous Anonymous said...

Hey, I'm curious. got the info provided below from an Asbury Park Press article. You can find it at:
http://tinyurl.com/2emafh

Anyone have an idea what this is and whether or not it belonged to Zudi? Was located in Long Beach Township.

Seller: Betsy Karagjozi a.k.a. Lysbeth Karagjozi
1132 Eighth St.: $290,000
Buyer: Melissa Fernandez, Kevin Oneill

Tuesday, January 23, 2007 11:22:00 AM  
Anonymous Anonymous said...

Anytime you read a Kara article in the APP, notice the "related headlines" on the right side of the page. That list of headlines says it all about Kara, practically every one of them is related to Kara's inability to survive without outside help. Pitiful.

Tuesday, January 23, 2007 3:29:00 PM  
Anonymous Anonymous said...

Anonymous 11:22:20 AM

I think it should have been posted as

2901 S. Long Beach Blvd. $1,401,000

Buyer: Heidi J. Hayat, Aleem M. Hayat

Seller: Betsy Karagjozi a.k.a. Lysbeth Karagjoz

Tuesday, January 23, 2007 4:40:00 PM  
Anonymous Anonymous said...

So, Zudi and his spouse are getting rid of assets in anticipation of avoiding creditor claims. Whether or not Zudi chooses to believe it, I'm guessing that the bonding companies or anyone who has a Zudi generated personal guaranty isn't going to be too happy about this activity of getting rid of assets. Brings to mind the discussion that took place on this Blog a few months ago about his being advised by counsel to transfer assets into his wife's name alone in case he had to file bankruptcy. Thoughts?

Tuesday, January 23, 2007 6:06:00 PM  
Anonymous Anonymous said...

It'll all be over and done by the end of next week. Everyone is bailing on Kara now, as they realize there is absolutely no hope at all. There is no reason to keep the place open anymore, nothing to build, nothing to sell, nothing to do. Nice job, Zud, you really outdid yourself during your re-organizational effort.

Wednesday, January 24, 2007 11:05:00 AM  
Anonymous Anonymous said...

Why do you say it will be all over by the end of next week?

Wednesday, January 24, 2007 4:02:00 PM  
Anonymous Anonymous said...

Think about it. If they're denied next week, that's all folks, money gone, lights out. If they do get that paltry loan, big whoop. It will allow more time for the bankruptcy bunch to unload more Kara properties that will never go anywhere so long as Zudi owns them.

So maybe "next Friday" is a bit presumptuous, although certainly possible. But this folly isn't going to go on forever. This is not like a personal bankruptcy, where the idea is to provide an individual debtor a "fresh start" by absolving them of personal debt. Chap. 11 provides a company the opportunity to demonstrate to both the court & the creditors that the business in question has the ability to become profitable and self-sustaining once again, and soon. It is not a system designed to merely prop up a failed business while it desperately seeks more ways to absorb even more debt it clearly cannot handle in the hopes that "someday" someone or something will come along to rescue it.

So long story short, the court is not going to allow emergency loans forever, nor are they likely to allow some loan shark an opening to gouge the living hell out of such a large group of creditors so one incompetent & ineffectual CEO can dream for another week or month or whatever. Time to stick a fork in Zudi, he's nearly done.

Wednesday, January 24, 2007 5:37:00 PM  
Anonymous Anonymous said...

Hear that Zuhdi? You dope.

Wednesday, January 24, 2007 6:53:00 PM  
Anonymous Anonymous said...

Anonymous 6:06 is right. They are unloading. Is there a way to check on Rose, Kelly and Jablonski to see if they are too?

One of 3 scenarios...
They're gonna skip together with the cash right after Kaos Homes falls like he was told he should have done 2 years ago by McGowan.

They need the dough to cover his very expensive attorney fees in mulitple personal fights with creditors whom he gave personal guarantees to.

Or, Betsy is moving out and saying "FU" to Z crook as he goes down in flames, which I would do if I were her in my opinion. What a great made for TV movie it could be.

Wednesday, January 24, 2007 10:21:00 PM  
Anonymous Anonymous said...

By the way, I finally found a job in modular units for Russia. It's not what I wanted but it's a living, which I am thankful for. How did everybody else fare the last couple of months? Or dare I ask?

Wednesday, January 24, 2007 10:26:00 PM  
Blogger SCProfessor said...

I figure it is about time to make what will no doubt be an unsatisfactory prediction for many of you. I simply do not see the Judge putting an end to Kara Homes anytime soon. My sense, based upon the flow of his rulings is, much as he wishes that he had pulled the plug on this sorry Debtor months ago, he fell for the line of BS and is more or less driven by his previous decisions to continue with this path of borrowing that will likely result in unsecured creditors getting nothing. The sad thing in this regard is that if this case, up front, had been converted to Chapter 7 there would have been a small dividend paid to unsecured creditors.

Key rulings that lead me to this conclusion are those that relate to home winterizing activities and the sale of projects. If the Judge stops the flow of loan funds before these activities are concluded, a Chapter 7 trustee will be appointed and that trustee will need time to determine independently whether or not the actions are in the best interests of the Estate.

What I do see as a likely result is for the case to drop into liquidating mode and for Traxi to drastically reduce payrolls by eliminating existing Kara Homes' personnel. This really makes sense given the realization we see with the disposition of projects. From a practical standpoint this approach puts collateral in the hands of the banks quicker and makes for a more orderly winding down of Kara’s affairs.

As for Zudi, I really don’t see a fun next few years for him. No doubt those bonding companies suing him are now aware of the disposition of family assets. If I were making a bet I am reasonably sure he claimed them as assets when he applied for the bonds that were issued (even though it appears he transferred his interest to his wife to keep them away from potential creditors). For a man in Zudi's position there have to be concerns relating to the possibility that he will face continued large debt after he passes through his own personal bankruptcy resulting from Court determinations of fraudulent actions that resulted in the granting of credit. Whether the nature of his actions reach a level of criminal culpability, well there just isn't enough information at this point to try to make a prediction.

Thoughts?

SCProfessor

Thursday, January 25, 2007 1:46:00 AM  
Anonymous Anonymous said...

Zudi was and is a fraud. Everything he did and said was fraudulent. With that being said, Zudi truly believed in his line of BS and when confronted with harsh realities amintained that his way was the best. He is still trying to rope in joint venture partners. Can you believe there are some that are listening?

Thursday, January 25, 2007 6:05:00 AM  
Anonymous Anonymous said...

is there deadline for traxi to secure construction funding? how long can this crap drag on before they liquidate?

Thursday, January 25, 2007 7:38:00 AM  
Anonymous Anonymous said...

SCprofessor
you seem to have quit an interest in the Kara Homes situation from California?

Thursday, January 25, 2007 9:38:00 AM  
Anonymous Anonymous said...

Hey Anon 9:38
Did you just land on this planet from Mars? SCProf has addressed this topic at least 6 times already. Go back and read past postings if you want the reasons why he is interested in KH case!

Thursday, January 25, 2007 10:06:00 AM  
Anonymous Anonymous said...

Beazer Homes USA Inc. reported Thursday a first-quarter loss and said it sees little proof pointing to "meaningful" recovery in the nation's housing market. Given the current market conditions (and not to mention their inept management), Kara has no shot at recovering. Pull the plug already, so we can all get on with our lives.

Thursday, January 25, 2007 10:10:00 AM  
Anonymous Anonymous said...

Yes I did just land on this planet. I saw something strange a coralation between Kara Homes and another BK case whereasin money was filtering out through fraud, actually changing the names of payees on checks and a wiring scam--I had no knowledge of Kara Homes up until a couple months ago when I found a document that had Zuhdi's name all over it-- trying to figure out what is really going on

Thursday, January 25, 2007 11:15:00 AM  
Anonymous SCProfessor said...

Anon 9:38, the short answer is I'm developing a course on Fraud Examination while on sabbatical. Somehow the words "fraud" and "bankruptcy" often go hand-in-hand. Kara Homes may present an interesting case study for the course and I was actively involved in a professional capacity with developer related bankruptcies in my former profession. Something about "big egos" and "fraud" that also goes hand-in-hand.

Thursday, January 25, 2007 11:45:00 AM  
Anonymous Anonymous said...

Interesting piece of news about the potential purchase of one Kara project to preserve the land as open space.

See: http://www.thnt.com/apps/pbcs.dll/article?AID=/20070124/NEWS/70124017

Thursday, January 25, 2007 12:09:00 PM  
Anonymous Anonymous said...

scprofessor
your first name would not be arthur would it?

Thursday, January 25, 2007 12:10:00 PM  
Blogger SCProfessor said...

Anon 12:10, it could be. Why do you ask?

Thursday, January 25, 2007 12:20:00 PM  
Anonymous Anonymous said...

anon 11:15:40 AM- anything more specific you can share?

Thursday, January 25, 2007 12:38:00 PM  
Anonymous Anonymous said...

cohen

Thursday, January 25, 2007 12:56:00 PM  
Anonymous Anonymous said...

or is it really Sam Miller

Thursday, January 25, 2007 1:13:00 PM  
Anonymous Anonymous said...

anno 12:38:06
I am not sure? This is very bazarre; appears Blatant no fear no respect---did you work for Zuhdi and what can you share?

Thursday, January 25, 2007 1:16:00 PM  
Anonymous Anonymous said...

anon 12:09:

my favorite quote from that article:

"It's by sheer luck Kara Homes went bankrupt."

Thursday, January 25, 2007 1:19:00 PM  
Anonymous Anonymous said...

anon 1:16:30 PM, I did work for him & I can say with certainty that he is a lying sleazebag who would go to any lengths to avoid paying his debts. For examples, please refer to Kara's encyclopedia of fraud aka the chapter 11 filing.

Thursday, January 25, 2007 3:53:00 PM  
Anonymous Anonymous said...

Judge Kaplan was a trustee before being appointed. He really is a pretty bright guy. I would be shocked if Zudhi's mom and uncle's claims stick. Is this guy sharp or stupid enough to hire somebody to steal the money? I was embezzled in 04 by my trusted accountant--so I know how you guys feel. It's extremely odd that Hecktor had to loan him money in 04 without repayment at a rate of 20%---that's more like a partner than an investor.

Thursday, January 25, 2007 5:30:00 PM  
Anonymous Anonymous said...

I wrote what I know to the trustee. After firing a financial guy I found all of Kara's info in a steneo pad this was early 05-presumed to be written around 8/04-We supboned their records through Roberta who claimed no knowledge--We went round and round and got no where. When I found out about the BK it was right up this guys alley.Can a screan name and I will forward what I have. This certainly does seem to be criminal and frankly I am a little afraid.

Thursday, January 25, 2007 5:36:00 PM  
Anonymous Anonymous said...

For any of the 300 families duped by Kara, go to the following link and petition Gregory Paw at State AG’s Office, Department of Criminal Justice. Kara intentionally lied about their financial stability and consequently defrauded many of us. We’ll likely never get our money back, so at least we can make sure these crooks get what's coming to them.

http://www.state.nj.us/lps/dcj/tips.htm

Monday, January 29, 2007 9:25:00 AM  

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