Someone should ask CONvey where the money went…
“In conjunction with the Company’s New Markets Tax Credit (NMTC) Loan, described in Note 7 below, an individual invested in APT Leverage Lender, LLC (APT-LL) (See discussion in Note 1), which then entered into a note receivable with an unrelated third party (“APT Investment Fund”) who was a participant in the NMTC transaction. The investor in APT-LL invested $749,975 and the company advanced $253,705 to APT-LL; the total, $1,003,680 was advanced to the third party. In February 2012, the Company advanced an additional $1,688,660 to APT-LL, which lent the funds to the third party. As such, the third party owes $2,692,340 to APT-LL. The loan bears interest of 1% p.a., which is payable monthly. Principal payments begin seven years from the second loan advance, or approximately February 2019. The note is uncollateralied.
Although the Company has no ownership interest in APT-LL, it has consolidated APT-LL as a variable interest entity because APT-LL did not have sufficient capital to conduct its operations; and because APT provided the required funding.
The note receivable and related accrued interest is reflected on the consolidated balance sheets with the caption “Other Assets”. The assets of APT-LL are not available to settle liabilities of any entity other than APT-LL. APT-LL has no liabilities other than the amounts due to the Company, as described above.”
ROTFLMAO
Birds of a feather flock together.
NO ONE who is a reputable businessman would have anything to do with the likes of the so-called Pastor.
